Glassnode: Bitcoin Rebound Shows Weak Spot Demand as Trading and On-Chain Activity Decline

Bitcoin has rebounded after a recent sell-off, but the move appears to be a low-volume recovery with limited spot buying support, according to Glassnode’s latest Bitcoin Weekly Market Pulse report. According to ChainCatcher, weekly spot trading volume fell 21.5% to $4.1 billion, while spot cumulative volume delta turned negative to -$58.8 million, indicating weaker breadth of buying. On the institutional side, U.S. spot Bitcoin ETFs returned to weekly net inflows of $161.3 million, but ETF trading volume declined 11.97% week over week to $8.4 billion. On-chain indicators also weakened. Active addresses dropped 7.6% to 599,000, on-chain transfer volume fell 16.1% to $4.0 billion, and total fees declined 13.9% to $168,400. In derivatives markets, futures funding rates rose 13.4% to $1.9 million, while perpetual contract cumulative volume delta fell 81.7% to $83.9 million. In options, the 25-delta skew increased to 18.87%, which Glassnode said suggests investors maintained strong demand for downside protection during the rebound.