The blockchain analytics firm Glassnode shared its weekly report, which features various key metrics and on-chain data related to the leading cryptocurrency.<\/p>\n
Spot Metrics<\/h2>\n
The spot price rebounded<\/a> strongly over the past week, after re-testing the sub-$114,000 level and climbing back towards $121,000. This brought momentum back into the spot market, with several sectors showing signs of renewed user activity, although a close eye is to be kept on the conditions.<\/p>\n The Relative Strength Index (RSI), which measures the speed and change of price movements by calculating the average gains & losses over (usually) 14 days, has increased to 47.5, marking a 14.5% gain. This signals a strengthening investor interest and a potential bullish shift; however, as the RSI is below the midpoint, it warrants caution as the momentum needs to hold to confirm the trend.<\/p>\n Meanwhile, Spot Volume decreased from $7.3 billion to $5.7 billion, representing a 22% reduction, which indicates reduced market engagement and fewer participants compared to previous weeks.<\/p>\n Open Interest, the benchmark that measures the total number of active positions, has decreased to $44.1 billion from $44.6 billion, indicating a slight reduction in leveraged trading, likely due to profit-taking or liquidations.<\/p>\n The Funding Rate (fees paid by longs to shorts, allowing them to maintain their positions) specifically for long positions declined by 2% to $2.9 million. While this hints at a cooling bullish sentiment, the demand for these positions remains high.<\/p>\n Open interest in the options market has increased compared to futures, reaching $42.4 billion. This represents a 6.74% increase from last week and can be attributed to growing market engagement, driven by speculative positions and various trading strategies.<\/p>\n The Volatility Spread (measures whether options overprice risk; higher readings indicate greater fear) has dropped to 10.45% from 31.97% last week, signaling that traders are expecting less volatility.<\/p>\n It\u2019s looking good on the ETF markets, with the weekly net flows (the difference between money going in and out of the funds) rising over 54% from -$686 million to -$311 million, which is a significant reduction in outflows. This could lead to the start of a new wave of accumulation.<\/p>\n By contrast, the Trade Volume (overall trading activity over a specific period) has experienced a 27.7% drop to $13.7 billion, which could indicate a consolidation phase within the market or seller exhaustion.<\/p>\n The daily active address count has risen to 793,000, indicating elevated user engagement on the network, likely driven by recent price movements. If this keeps up, a more active phase may be on the horizon.<\/p>\n On-chain transfer volume, a metric that tracks the total amount of transactions conducted directly on the blockchain, has dropped slightly from $8.6B to $8.5B, but remains steady. This follows a recent sharp decline, suggesting renewed interest.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nFutures Metrics<\/h2>\n
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Options Metrics<\/h2>\n
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US Spot ETFs<\/h2>\n
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Fundamental Metrics<\/h2>\n
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