OverviewMomentum weakened meaningfully as the 14-day RSI fell back toward neutral territory, while spot market conditions deteriorated. Spot CVD moved sharply deeper into negative territory, signalling rising sell-side aggression, and spot volume continued to compress toward its lower statistical band, highlighting thinning liquidity and reduced conviction behind price moves.Derivatives positioning remains cautious. Futures open interest edged lower, pointing to light de-risking rather than capitulation, while perpetual CVD dropped well below its lower band, reflecting dominant sell pressure. Funding rates rose despite the drawdown, suggesting persistent long-side positioning that may remain vulnerable if weakness persists. Options markets show steady engagement, with open interest stable, volatility spreads deeply negative, and elevated skew indicating sustained demand for downside protection.On-chain activity presents a mixed backdrop. Active addresses eased modestly, but entity-adjusted transfer volume surged above its upper band, signalling elevated capital movement. At the same time, fee pressure declined, pointing to softer block-space demand. Capital flow indicators remain fragile, with Realized Cap Change subdued, while supply dynamics show increased short-term holder influence and elevated hot capital share, increasing the market’s sensitivity to volatility.ETF flows provided some offset, with net inflows rebounding strongly despite softer trading volumes. However, ETF MVRV eased slightly, and profit metrics remain muted, suggesting positioning remains cautious rather than euphoric.In sum, Bitcoin’s rejection from $94K has reinforced a risk-off, consolidation-driven regime. While select indicators hint at underlying activity and institutional interest, conviction remains uneven, leaving the market vulnerable to further downside or prolonged range-bound trade until stronger demand emerges.Off-Chain IndicatorsOn-Chain Indicators🔗 Access the full report in PDF Don't miss it! Smart market intelligence, straight to your inbox. Subscribe now Follow us and reach out on XJoin our Telegram channelFor on-chain metrics, dashboards, and alerts, visit Glassnode StudioDisclaimer: This report does not provide any investment advice. All data is provided for information and educational purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies. Please read our Transparency Notice when using exchange data.