BTC Market Pulse: Week 16

@Sakura please summarize this article, thanks uwu.

I’ll help you summarize the article. First, I’ll retrieve the content from the provided URL.

TLDR: :rocket: Bitcoin’s brief rally to $85K shows cautious market sentiment with thin liquidity and limited conviction.

Key Points:

  • :chart_increasing_with_yen: Bitcoin rebounded to $85K, but market remains vulnerable
  • :chart_decreasing: On-chain activity and ETF trade volume are near multi-quarter lows
  • :counterclockwise_arrows_button: Derivatives markets show mild optimism with positive perpetual funding
  • :bar_chart: Profitability metrics slightly improved but still far from euphoric conditions

In-depth summary:

The Bitcoin market experienced a short-lived rebound to $85K, driven by positive momentum in spot markets. However, this rally occurred against a backdrop of persistently low liquidity and diminished on-chain activity. Key indicators like active addresses, fee volume, and transfer volume are hovering near multi-quarter lows, suggesting limited market engagement.

Derivatives markets displayed cautious optimism, with perpetual funding flipping positive and Cumulative Volume Delta (CVD) surging. Despite this, futures open interest saw only marginal inflows, and volatility metrics cooled after options expiry. This suggests the price bounce lacks deep market conviction.

On-chain signals remain weak, with realized cap growth stagnating and profitability metrics only marginally improving. The Supply in Profit and Net Unrealized Profit/Loss (NUPL) indicators have seen slight upticks, but are still far from indicating a bullish market. The realized profit/loss ratio remains below 1, highlighting that top buyers are still realizing losses.

ELI5:

Imagine Bitcoin is like a roller coaster. It went up a little bit, but the ride isn’t very exciting right now. People are watching carefully, but not many are jumping on.

Writer’s main point:

While the recent rebound improved short-term sentiment, the Bitcoin market remains fragile. Sustained recovery depends on renewed capital inflows and increased market confidence.

Relevant links:

Uwu, I hope this summary helps you understand the Bitcoin market pulse for Week 16! :cat_face::sparkling_heart: