According to Glassnode’s latest Weekly Market Pulse report, Bitcoin was trading around $75,000 on Monday after a turbulent week that saw the leading cryptocurrency briefly push above $80,000 before rapidly giving back those gains. The price closed more than 4% lower than the previous Sunday and marked its weakest finish since August.
The midweek rally above $80,000 reversed the very next day, and selling resumed over the weekend, with ETF investors playing a clear role in the pressure. Glassnode data shows the funds posted outflows on four of five trading days, delivering the heaviest weekly total since early July. ETF MVRV has now slipped below its lower band, indicating that the profit cushion for these holders is thinning.
Derivatives markets reflected caution rather than full capitulation, with perpetual futures traders sold aggressively into Thursday’s drop and again on Sunday as long liquidations rose.
Open interest, however, remains in the upper part of its range, and long positions continue to pay elevated funding rates. Options traders are still paying for protection, with the 25-delta skew above its high band, even as the volatility spread retreated into its normal range once realized moves caught up.
Spot buyers failed to step in meaningfully, and cumulative volume delta turned negative despite rising volume. Notably, on-chain activity told a similar story of repositioning, with transfer volumes and active addresses both climbing above their upper bands while fees increased, Glassnode noted.
Supply has continued to shift into newer hands, as the short-term-to-long-term holder supply ratio and the share of hot capital remain elevated. Short-term holders now sit near break-even, and realized losses clearly outweigh profits.
The combination of persistent ETF selling and fragile short-term holder positions is weighing on price. At the same time, some leverage has been flushed from the system, and recent momentum no longer strongly supports further downside. Traders are now actively watching to see whether the market can stabilize or if another leg lower is still ahead.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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