Glassnode: BTC’s rebound is still a low-volume recovery. Although ETFs have resumed net inflows, on-chain activity continues to weaken

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Mars Finance news: According to the latest “Bitcoin Weekly Market Pulse” report published by glassnode, although BTC has rebounded after a recent sell-off, this leg of the rally still looks more like “a low-volume repair.” The report shows that spot trading volume fell 21.5% week-on-week to $4.1 billion, while spot CVD shifted from positive to negative to -$58.8 million, indicating that market buy-side breadth remains weak. In terms of institutional funds, US spot BTC ETF weekly net inflows returned to $161.3 million, but ETF trading volume is still down 11.97% quarter-on-quarter to $8.4 billion. On-chain data shows that the number of active addresses fell 7.6% to 599k, on-chain transfer volume dropped 16.1% to $4.0 billion, total network fees decreased 13.9% to $168.4k, indicating that on-chain activity continues to weaken. In derivatives, the futures funding rate rose 13.4% to $1.9 million, but perpetual contract CVD plunged 81.7% to $83.9 million. Meanwhile, in the options market, 25-Delta Skew rose to 18.87%, suggesting investors still maintain strong downside protection demand during the rebound.
BTC-2.16%
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