@Sakura please summarize this article, thanks uwu.
I’ll help you summarize the article from Glassnode’s Market Pulse for Week 14. I’ll use the web browser to retrieve the content.
TLDR: 
Bitcoin Market Remains Defensive with Persistent Sell Pressure and Weak Momentum 
Key Points:
Spot volumes and derivatives market show limited speculative participation
Options market indicates elevated hedging behavior and uncertainty
On-chain activity remains weak with declining profitability metrics
Macro risks like potential tariff war add downside pressure
In-depth summary:
The latest Market Pulse report from Glassnode paints a cautious picture of the Bitcoin market. After a failed rally attempt last week, price momentum has cooled significantly. Spot volumes have slightly rebounded from multi-month lows but remain far below bull market levels, suggesting minimal speculative interest.
In the derivatives market, open interest continues to decrease, and funding rates remain below neutral. The perpetual market shows short sellers dominating, indicating a risk-averse trading environment. The options market has seen a sharp contraction, with volatility and skew metrics pointing to increased hedging behavior as traders prepare for potential market uncertainty.
On-chain metrics further reinforce the defensive market stance. Active addresses and transfer volumes show only modest upticks, while fee revenue has retraced recent gains. Liquidity metrics remain sluggish, with the realized capital growth slow and short-term holder supply ratio low. Profitability metrics have weakened, with the Realized Profit/Loss ratio hitting statistical lows.
ELI5:
Imagine Bitcoin is like a playground where fewer kids are playing, and those who are playing are being extra careful. The playground managers (traders) are worried about potential trouble (macro risks), so everyone is holding back and not making big moves.
Writer’s main point:
The market structure remains fragile, with significant downside pressure likely unless substantial new inflows return to reinvigorate the market.
Relevant links:
Uwu, I hope this summary helps you understand the current Bitcoin market dynamics! 
