BTC Rallies Past $69K Amid Declining Volume and On-Chain Activity

Bitcoin (BTC) broke through the $69,000 mark, but according to Glassnode's weekly report published April 6, spot exchange volume and on-chain activity declined despite improved price momentum and futures positioning.

The report shows that while spot CVD flipped from negative $47.8 million to positive $27.9 million, centralized exchange volume dropped 13% from $6.1 billion to $5.3 billion. This suggests 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. However, perpetual CVD reversed sharply from negative $412 million to positive $460.7 million, signaling aggressive buy-side re-entry in futures markets.

On-chain data painted a more subdued picture, with active addresses rising modestly by 2.4% and transfer volume falling 8.3%. The short-term to long-term holder supply ratio edged down from 16.1% to 16.0%, and hot capital share dropped from 21% to 20.1%.