BTC Market Pulse: Week 51
Overview
Momentum weakened meaningfully as the 14-day RSI fell back toward neutral territory, while spot market conditions deteriorated. Spot CVD moved sharply deeper into negative territory, signalling rising sell-side aggression, and spot volume continued to compress toward its lower statistical band, highlighting thinning liquidity and reduced conviction behind price moves.
Derivatives positioning remains cautious. Futures open interest edged lower, pointing to light de-risking rather than capitulation, while perpetual CVD dropped well below its lower band, reflecting dominant sell pressure. Funding rates rose despite the drawdown, suggesting persistent long-side positioning that may remain vulnerable if weakness persists. Options markets show steady engagement, with open interest stable, volatility spreads deeply negative, and elevated skew indicating sustained demand for downside protection.
On-chain activity presents a mixed backdrop. Active addresses eased modestly, but entity-adjusted transfer volume surged above its upper band, signalling elevated capital movement. At the same time, fee pressure declined, pointing to softer block-space demand. Capital flow indicators remain fragile, with Realized Cap Change subdued, while supply dynamics show increased short-term holder influence and elevated hot capital share, increasing the market’s sensitivity to volatility.
ETF flows provided some offset, with net inflows rebounding strongly despite softer trading volumes. However, ETF MVRV eased slightly, and profit metrics remain muted, suggesting positioning remains cautious rather than euphoric.
In sum, Bitcoin’s rejection from $94K has reinforced a risk-off, consolidation-driven regime. While select indicators hint at underlying activity and institutional interest, conviction remains uneven, leaving the market vulnerable to further downside or prolonged range-bound trade until stronger demand emerges.
Off-Chain Indicators
On-Chain Indicators
🔗 Access the full report in PDF
Don't miss it!
Smart market intelligence, straight to your inbox.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
X-Art turns XRP Ledger’s creation into sitcom parody with “The One Without Mining”
US Stocks Lower Pre-Bell as Traders Await Chinese President's US Visit, Monitor Iran War Developments
KB Home Lowers Full-Year Housing Gross Profit Margin Guidance; Shares Down Pre-Bell
London is no longer the sole stage for central bank rate meetings! The Bank of England is set to "move north" to Leeds, and the market bets on returning to the rate hike path in November.
Starting next year, the Bank of England's Monetary Policy Committee will share its responsibilities with Leeds, and the nine committee members will travel to the North to make interest rate decisions. This move coincides with Prime Minister Andy Burnham's push to prioritize the development of Northern England, and aligns with the bank's longstanding connections to Leeds, where it opened its first branch in 1827.
Crypto prices
More
