Glassnode’s latest weekly deep dive into the crypto-verse is here, unpacking key metrics and on-chain data that paint a vivid picture of Bitcoin’s current landscape.
Spot Metrics
After a brief dip below $114,000, the spot price has roared back to life, surging towards $121,000 and injecting fresh energy into the market. This resurgence has sparked renewed activity across multiple sectors, signaling a potential shift in momentum. While the rebound is encouraging, vigilance remains crucial as we monitor market conditions closely.
The Relative Strength Index (RSI), a compass pointing towards momentum shifts by averaging 14-day price fluctuations, now reads 47.5 – a notable 14.5% surge. This spike hints at building bullish energy, like a coiled spring ready to uncoil. Caution: though improved, this indicator lingers south of the neutral zone. Sustained upward thrust is vital to confirm the bullish trajectory and launch beyond mere potential.
Spot trading cooled off significantly, with volume plummeting 22% from $7.3 billion to $5.7 billion. This sharp drop suggests traders are taking a breather, signaling less market buzz and fewer players in the game than we’ve seen recently.
Futures Metrics
Open Interest dips. The leveraged landscape shifts. Active positions, once towering at $44.6 billion, now stand at $44.1 billion. Was it a strategic profit-grab? Or a swift liquidation wave? The market’s subtle tremor hints at a cooled-down trading frenzy.
Long positions are getting less lucrative, with funding rates – the cost to maintain them, paid to shorts – dropping 2% to $2.9 million. Bullish fervor may be waning, but demand stubbornly persists.
Options Metrics
Options are heating up! Open interest just surged to $42.4 billion, outpacing futures and marking a 6.74% jump in a single week. What’s fueling this frenzy? A potent mix of speculative bets and savvy trading strategies are drawing more players into the options arena, making it a market to watch closely.
The fear gauge just took a nosedive. Last week, the Volatility Spread – Wall Street’s anxiety barometer – screamed panic at a reading of 31.97%. Now? A mere 10.45%. Translation: traders are exhaling, betting that the market’s wild ride is calming down.
US Spot ETFs
ETF markets are showing signs of life! Outflows are shrinking dramatically, plummeting 54% week-over-week from a concerning -$686 million to a much milder -$311 million. Could this be the turning of the tide? The potential for a new accumulation phase is brewing.
However, market winds have shifted. Trade volume plunged 27.7% to $13.7 billion, whispering tales of a market in quiet contemplation – either bracing for its next big leap or hinting at sellers finally running out of steam.
Fundamental Metrics
Network buzzing! Daily active addresses surge to 793K! Is this the spark igniting the next big bull run? Recent price jolts have users flocking to the network like bees to honey. If this energy sustains, prepare for lift-off!
Blockchain whispers tell a tale of resilience: After a precipitous plunge, on-chain transfer volume is holding its ground. While dipping a hair from $8.6 billion to $8.5 billion, this steadiness hints at a market catching its breath, perhaps even gearing up for another run. Is this the calm before the storm, or the foundation for a new surge?
Thanks for reading Bitcoin Bounces Back This Week But Glassnode Sees Trouble Ahead
