TLDR:ETF inflows plunge 80% to $496M while volumes fall to $18.7B.Futures open interest holds strong at $45.6B with bullish bias.On-chain activity cools as active addresses drop to 708K.96.9% of Bitcoin supply remains profitable despite market slowdown.Bitcoin just came off a record run. Now the market looks tired. ETF inflows collapsed, trading activity shifted, and on-chain data shows fewer hands moving coins. Futures traders still hold strong positions, but spot market momentum has faded. This week, the market is testing conviction while prices hover just below the peak.Bitcoin ETF Inflows Take a Sharp HitData from Glassnode showed Bitcoin ETF inflows plunged 80% last week, falling to $496 million. Trading volumes in these funds slid to $18.7 billion. Yet, ETF holders remain deep in profit, with unrealized gains still high. That mix of strong positions and weaker buying tells a story of hesitation after the recent rally.The spot market has cooled. Bitcoin’s RSI dropped from 74.4 to 51.7, a sharp move showing fading buying strength. Spot volumes slid to $8.6 billion. Even so, dip-buying is returning in small bursts, as spot CVD showed a slight uptick.#Bitcoin ETF inflows dropped 80% last week.But derivatives positioning remains elevated and on-chain data shows nearly all $BTC supply is still in profit.This week’s Market Pulse unpacks the shifting balance of conviction across market participants: https://t.co/4LBrKjNh0f pic.twitter.com/NavS6wo7nI— glassnode (@glassnode) July 29, 2025Derivatives traders remain active. Futures open interest rose to $45.6 billion, holding near its high range. Funding rates leaned positive, showing traders still favor long positions. Options markets added to the picture, with volatility expectations jumping 77% and skew turning neutral to mildly bullish.Bitcoin On-Chain Activity SlowsOn-chain metrics confirm the cooldown. Active Bitcoin addresses fell to 708,000, and transfer volumes dropped 23%. Fees climbed, suggesting network demand persists even in quieter trading. Realized capital inflows rose 6.6%, a sign that fresh money is still entering the market despite slower momentum.Almost all Bitcoin supply remains profitable. Glassnode reported that 96.9% of coins sit in the green. Profit-taking has slowed, as NUPL and the realized profit-loss ratio dipped. Traders appear to be waiting rather than rushing to sell.Per CoinGecko, Bitcoin trades at $118,897, down 0.06% in 24 hours but up 1.01% for the week. Trading volume jumped 22.4% in the same period, hinting at growing activity despite a cooling price.BTC price on CoinGeckoFor now, the market holds its breath. Bitcoin is near the top, but conviction is split. If sellers stay quiet, a bounce might be next. The post Bitcoin ETF Inflows Drop 80% as Market Cools Near All-Time High appeared first on Blockonomi.