OverviewIn the spot market, RSI eased from overbought levels, CVD fell sharply, and volumes slipped near the low band, signaling weakening demand and fragile participation despite recent strength.The futures market showed mixed dynamics. Open interest held steady near highs, while funding rose modestly, pointing to cautious optimism. Yet, perpetual CVD plunged into heavy negative territory, reflecting aggressive sell-side pressure and distribution from leveraged traders.In the options market, open interest broke above its high band, highlighting stronger participation. Volatility spreads widened sharply, showing rising uncertainty, while skew edged higher, reflecting mild downside hedging. Together, these point to heightened expectations for volatility but without strong bearish conviction.US spot ETFs cooled after strong prior inflows. Netflows dropped sharply, trade volumes held steady, and MVRV eased slightly, signaling tempered institutional demand. Confidence remains intact, but the sharp slowdown hints at a pause in accumulation from TradFi participants.On-chain fundamentals showed mixed signals. Active addresses and transfer volume improved, signaling stronger engagement and rising capital flows. In contrast, fees declined, pointing to lower congestion and subdued speculative demand, suggesting participation is rising but with lighter transactional urgency.Capital flows remained steady but cautious. Realized cap change eased slightly, STH/LTH ratios rose modestly, and hot capital share edged above range, signaling growing short-term activity. While the structure remains balanced, elevated short-term flows raise the risk of higher volatility.Profit and loss states improved further. Supply in profit, NUPL, and realized P/L all climbed, reflecting broad investor profitability and active profit-taking. Sentiment appears resilient and cautiously bullish, though rising realization hints at growing risk of demand exhaustion.In sum, the overall structure resembles a buy-the-rumor, sell-the-news pattern. Momentum carried Bitcoin higher into the Fed narrative, but weakening spot flows, heavy futures distribution, and softer ETF demand now weigh on the market. While profitability and engagement remain supportive, the risk of further cooling looms unless demand strengthens to absorb selling pressure.Off-Chain IndicatorsOn-Chain Indicators🔗 Access full report [PDF] Don't miss out! Smart market intelligence, straight to your inbox. Subscribe now Follow us for timely market updates 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.