Bitcoin Surges Past $69K on Thin Volume

Bitcoin (BTC) surged past $69,000 but despite this price momentum, on-chain activity and exchange volume remain weak. According to a recent Glassnode report, spot exchange volume dropped 13% from $6.1 billion to $5.3 billion, indicating fewer participants are backing the move higher.

The report also notes that futures open interest slipped 2% to $29.7 billion and funding rates fell 13.1%, suggesting reduced leverage in derivatives markets.

On the other hand, perpetual CVD reversed sharply from negative $412 million to positive $460.7 million, a 211.8% swing, indicating aggressive buy-side re-entry in futures markets.