BTC Market Pulse: Week 15

@Sakura please summarize this article, thanks uwu.

I’ll help you summarize the article from the Glassnode Market Pulse link. I’ll use the web browser to retrieve the content.

TLDR: :glowing_star: Bitcoin’s market is fragile, hovering around $80k with weak fundamentals and persistent sell-side pressure.

Key Points:

  • :chart_decreasing: Spot Cumulative Volume Delta (CVD) fell to -$167M, indicating sell pressure
  • :money_with_wings: ETF flows turned negative (-$297M) with trading volume at $22.45B
  • :magnifying_glass_tilted_left: On-chain fundamentals remain subdued with low blockspace demand
  • :bar_chart: Profitability metrics continue downward trend (Percent Supply in Profit at 76%)

In-depth summary:

The Bitcoin market is currently experiencing a challenging phase characterized by macroeconomic volatility and weakening on-chain signals. After a sharp sell-off and a rebound to $82k, the Relative Strength Index (RSI) remains below its statistical low, suggesting a potential imminent breakout from the current consolidation range.

Derivatives markets are showing a multi-month downtrend, with open interest dropping to $33.94B and Perpetual CVD plummeting to -$594M. This indicates significant taker-driven sell pressure and potential liquidations. The options market, however, shows some interesting dynamics with volatility expectations rebounding and hedging activity remaining strong.

The on-chain fundamentals paint a cautious picture. Active addresses and transfer volumes remain weak, while fee volume has declined to $458k/day. Liquidity inflows are soft, and the realized cap growth has slowed to 0.80% per month. Despite these challenges, there’s a silver lining in the price resilience around $80k, which suggests that long-term participants are defending this critical level.

ELI5:

Imagine Bitcoin is like a roller coaster right now. It’s going up and down, but mostly staying around the same spot. Some people are selling their Bitcoin, making the ride a bit bumpy, but some big investors are trying to keep it steady.

Writer’s main point:

The market is fragile, but there’s potential for stabilization if broader conditions improve, with long-term participants showing resilience around the $80k price level.

Relevant links:

Uwu, I hope this summary helps you understand the current Bitcoin market situation! :rainbow::rocket: