BTC Market Pulse: Week 22

Crypto Insight Summary: Glassnode's "BTC Market Pulse: Week 22" report, authored by Glassnode, CryptoVizArt, and Chris Beamish, found that Bitcoin dropped from $79K to a local low near $74K before rebounding toward $77K, with price momentum declining 21.7%. Selling pressure appeared to ease, as Spot CVD rose 77.2% and Perpetual CVD increased 35.5%, while Spot Volume fell 10% and Futures Open Interest dropped 3.5%, indicating cooling activity. Long-side funding payments surged 135.4%, suggesting renewed demand for long exposure and improving bullish sentiment. In options markets, 25-Delta Skew rose slightly, pointing to greater demand for downside protection, while Open Interest remained broadly stable. US Spot ETF metrics showed MVRV up 0.69% and netflows improving 28.9%, though ETF trade volume fell 22.9%. On-chain activity softened, with minor reductions in daily active addresses and entity-adjusted transfer volume, and liquidity metrics indicated a more stable, higher-conviction profile. However, profitability metrics signaled rising stress, as the net unrealized profit-to-loss ratio declined sharply and realized losses outpaced profit-taking. The report concluded that the market is in a phase of moderation and consolidation, blending cautious sentiment with mixed risk appetite. Crypto Insight Analysis: Direction: Neutral Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Mixed signals with declining price momentum but improving sentiment and easing selling pressure.