BTC Market Pulse: Week 28

Overview

Last week, Bitcoin moved away from the midline of its recent trading range toward the upper level near $110K. This breakout was supported by strengthening momentum, as the 14-day RSI climbed toward overbought territory and Spot CVD, while still negative, showed improving buy-side stability. However, spot trading volumes remained subdued and below their low statistical band, highlighting that broader participation has yet to fully return.

In the futures market, open interest declined modestly, indicating a slight reduction in speculative leverage, while funding payments turned sharply positive, suggesting renewed demand for long exposure. Perpetual CVD, however, flipped negative, hinting that short-term traders may be taking profits or hedging after the rally.

Options markets showed a mild rise in the 25-Delta Skew, pointing to demand for downside protection, while volatility spreads remained steady. Options open interest fell following a large expiration, reflecting a reset in positioning but still maintaining historically strong engagement.

ETF flows contracted sharply from the prior week’s highs, while ETF MVRV edged higher, suggesting elevated unrealized gains among institutional holders. ETF trading volumes also declined modestly, indicating a wait-and-see stance among TradFi investors.

Off-Chain Indicators

On-Chain Indicators

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