- Spot trading volume has fallen by about 21.5%, from $5.2 billion to $4.1 billion.
- Weekly spot ETF net flow rose by a gigantic 1108.89%, recording inflows of $161 million.
- Daily active addresses fell by 7.6%, signaling weaker user and transaction demand.
Glassnode’s Bitcoin Market Pulse report from July 13 states that spot buying hasn’t returned in force despite Bitcoin recovering toward $64,000. Spot trading volume has fallen by about 21.5% (from $5.2 billion to $4.1 billion), and the spot cumulative volume delta (CVD) has gone negative, from $17.2 million to -$58.8 million. This points to a rally with thin liquidity rather than a wave of strong, widespread buying.
Glassnode reports that perpetual CVD also dropped by a big margin, decreasing to $83.9 million all the way from $457.5 million. The metric remains within normal statistical bands, but the fast drop in net volume shows buyers are losing their edge. That suggests less confidence among aggressive buyers, which could mean the market is shifting toward selling pressure.
On a more positive note, futures open interest is relatively stable, showing only a slight decline. To be more precise, it dropped from $31.4 billion to $31.3 billion. It’s a sign of consolidation, considering that the futures open interest is sitting right between the statistical upper and lower bands. Judging by this metric, traders are seemingly holding their leverage without any strong conviction on direction.
Related: Bitcoin Enters Consolidation as Glassnode Sees Lower Selling Pressure
Options open interest has grown, showing a modest increase in derivatives activity. Still, at $28.1 billion, it’s well below the lower statistical band of $31.1 billion.
Institutional Inflows but Lower ETF Trading
As for institutions, Glassnode says that the spot ETF net flow rose by a gigantic 1108.89% over the last week. This translates to a positive net inflow of roughly $161 million. However, weekly spot ETF trading volume went the other way, falling by almost 12%, which again points to a period of consolidation. Currently, the total trading activity is at $8.4 billion.
On-chain indicators also showed declines across some metrics. Glassnode reports that the daily active addresses fell by 7.6%, pointing to a drop in user activity and transaction demand. It could mean that sentiment across the Bitcoin network is turning more cautious.
Taken together, all of these metrics show price bouncing back quicker than market participation. As such, it seems that the rally still hasn’t drawn the kind of widespread buying that usually confirms a real uptrend.
Related: Fidelity Says Bitcoin May Be in Accumulation Zone
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