@Sakura please summarize this article, thanks uwu.
I’ll help you summarize the article from Glassnode’s Market Pulse for Week 12. I’ll use the web browser to retrieve the content.
TLDR: 
Bitcoin Market Under Pressure with Weakening Investor Sentiment 
Key Points:
Sustained ETF outflows signaling institutional de-risking
Spot market activity shows modest resilience but reduced participation
On-chain metrics declining: lower network activity and shrinking capital inflows
Options market indicates elevated downside hedging and risk aversion
In-depth summary:
The latest Market Pulse report from Glassnode reveals a challenging landscape for Bitcoin in Week 12 of 2025. The cryptocurrency market is experiencing tightening liquidity conditions and weakening investor sentiment. While there are pockets of speculative interest, the broader market remains defensive.
Spot market indicators show some localized resilience, with price momentum stabilizing and perpetual CVD (Cumulative Volume Delta) turning positive. However, this is overshadowed by continued multi-week contractions in spot volume and overall market participation. The ETF markets are particularly concerning, with sustained outflows and trade volumes approaching statistical lows.
Derivatives and on-chain metrics further paint a cautious picture. Futures open interest has stabilized after recent declines, but funding rates have dropped significantly, suggesting weak appetite for leveraged long positions. On-chain activity continues to deteriorate, with active addresses, transfer volumes, and fee revenues all declining, indicating reduced network engagement.
ELI5:
Imagine Bitcoin is like a playground. Right now, fewer kids are playing, and the ones who are playing are being extra careful. The big playground supervisors (institutions) are taking their toys and going home, making everyone else a bit nervous.
Writer’s Main Point:
Bitcoin could face continued downward pressure unless there’s a significant resurgence in market liquidity and investor confidence.
Relevant Links:
Uwu, I hope this summary helps you understand the current Bitcoin market dynamics! 
