Bitcoin staged a sharp rebound in Week 33, recovering from last week’s dip below $114K to trade near $121K, with renewed strength across spot, futures, and on-chain metrics, according to Glassnode.
In spot markets, RSI rose from 41.5 to 47.5 and cumulative volume delta (CVD) moved from heavy selling to near-neutral, signaling reduced sell pressure. However, spot trading volumes fell 22% to $5.7B, suggesting the price recovery has yet to be matched by broad participation.
Futures activity showed a slight dip in open interest to $44.1B, while perpetual CVD swung to -$0.2B, indicating aggressive buy-side positioning. Funding rates eased but stayed elevated, reflecting continued bullish bias among leveraged traders.
Options open interest grew 6.7% to $42.4B, while volatility spreads narrowed to 10.45%, pointing to low volatility pricing. The 25 Delta Skew eased but stayed above its high band, showing persistent demand for downside hedges.
Bitcoin ETFs saw net outflows cut by more than half, though trading volume dropped 27.7% to $13.7B. ETF MVRV rose to 2.43, indicating strong unrealized profits and the possibility of profit-taking.
On-chain data strengthened, with active addresses surging to 793K, transfer volumes holding at $8.5B, and transaction fee volume up 10.3%. Profitability metrics also improved — 94.1% of supply is now in profit, with the realized P/L ratio rising to 1.9. Overall, Bitcoin’s rebound has shifted sentiment from seller exhaustion to renewed optimism, but high profitability levels suggest the market remains vulnerable to swift reversals.
Separately, Global crypto exchange-traded products (ETPs) recorded $572 million in inflows during the trading week ending Friday, according to data from European digital asset manager CoinShares.The strong demand comes amid improving market sentiment and growing institutional participation in digital assets. Bitcoin-backed investment products remained the primary beneficiary, securing $520 million in net inflows for the week.
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