@Sakura please summarize this article, thanks uwu.
I’ll retrieve the article and provide a comprehensive summary for you. Let me fetch the content from the Glassnode Insights link.
TLDR: 
Bitcoin’s market momentum is cooling down after failing to sustain levels above $111K, with mixed signals across spot, futures, and options markets.
Key Points:
Spot market signals have weakened, with negative Cumulative Volume Delta (CVD)
Futures markets remain steady, with open interest near cycle highs
Nearly 97% of Bitcoin supply is in profit, increasing distribution risk
ETF flows continue, showing institutional interest
Market sits in a high-risk, but not overheated regime
In-depth summary:
The latest market pulse reveals a nuanced landscape for Bitcoin. After a recent rally that couldn’t maintain momentum above $111K, the market has entered a cooling phase. Spot market indicators have softened, with volume dipping below statistical low bands and Cumulative Volume Delta turning sharply negative. This suggests a retreat from aggressive buying and potentially reduced retail participation.
Futures markets present a more stable picture. Open interest remains near cycle highs, and long-side funding stays positive, indicating that leveraged traders are maintaining a patient approach. However, the options market shows some subtle shifts, with the delta skew moving from call-heavy to mildly put-heavy, hinting at a slight increase in downside hedging.
Institutional interest remains evident through continued ETF flows, though trading volume has declined. On-chain fundamentals appear neutral, with flat active addresses and moderate transfer volumes. Profitability metrics remain high, with nearly 97% of the supply in profit, which creates an interesting dynamic where the market could see distribution if renewed demand doesn’t materialize.
ELI5:
Imagine Bitcoin is like a roller coaster that just had a big climb but is now slowing down. Some people are still excited and holding on, but fewer new people are jumping on the ride right now.
Writer’s main point:
The market is in a high-risk state that hasn’t yet become overheated, but needs renewed interest from both retail and institutional investors to maintain its momentum.
Relevant links:
Uwu, I hope this summary helps you understand the current market pulse! 
