Bitcoin's $69K Rally Hides Weak Spot Exchange Volume and On-Chain Activity
Bitcoin has reclaimed the $69,000 level, but Glassnode's weekly report shows that the rally may not be as strong as it seems. The analytics firm's market pulse rated spot indicators as rising at moderate intensity, while on-chain fundamental and capital flow metrics were declining.
The 14-day RSI jumped 62% from 30.3 to 49.1, and Spot CVD flipped from negative $47.8 million to positive $27.9 million, indicating renewed buying pressure. However, centralized exchange volume dropped 13% from $6.1 billion to $5.3 billion, suggesting fewer participants are backing the move higher.
In derivatives, futures open interest slipped 2% to $29.7 billion and funding rates fell 13.1%, indicating reduced leverage. Options markets told a more cautious story, with open interest falling 12.5% from $31.3 billion to $27.4 billion.