Bitcoin Stabilizes, But Glassnode Warns Spot Demand Is Still Weak

Bitcoin shows signs of stabilization after its pullback from $74,000, but Glassnode warns that spot demand remains weak despite some positive signals. While ETF inflows continue to strengthen and derivatives activity increases, spot market participation and capital flows remain subdued, suggesting the recovery lacks conviction for a decisive bullish turn.

• →Bitcoin's 14-day RSI improved from 45.2 to 47.7, but spot CVD worsened to negative $97.6 million indicating sell-side pressure.
• →US spot ETF inflows rose to $934 million weekly with trading volume jumping to $23.1 billion, remaining the strongest market segment.
• →Futures open interest climbed 5.1% to $29.4 billion while funding rates turned sharply negative, showing mixed leveraged trader sentiment.
• →On-chain metrics show modest improvement with supply in profit rising to 56.8%, but hot capital share remains below statistical bands.
• →Market structure appears steadier but lacks the spot demand needed for a convincing bullish reversal according to Glassnode.