Beta release. Please submit your feedback here. Free for a limited period.OverviewThroughout the past week, Bitcoin's spot price explored the upper boundaries of a newly formed air gap between $104k and $114k, with price retracing after tagging its all-time high. This pullback triggered a market-wide cooldown, with mixed signals across key sectors.In the Spot Market, momentum has eased as the RSI fell sharply from 74.4 to 51.7, indicating buyer exhaustion. Spot volume declined to $8.6B, showing weaker participation, though Spot CVD improved notably, suggesting some dip-buying has returned.The Futures Market remains elevated, with Open Interest rising slightly to $45.6B, holding above the high band. Long-side funding payments also increased, reinforcing leveraged optimism, while Perpetual CVD showed reduced selling pressure, pointing to cautious stabilization.In the Options Market, Open Interest pulled back 2.2%, but the volatility spread jumped 77%, implying rising expectations of price swings. The 25 Delta Skew flipped from negative to slightly positive, showing diminished demand for downside protection and a shift toward neutral to mildly bullish sentiment.The ETF Market saw a steep decline in flows, with net inflows down 80% to $496M and trade volume dropping to $18.7B. Yet, ETF MVRV remains elevated at 2.4, indicating strong unrealized gains and potential for profit-taking.On-chain activity softened: active addresses fell to 708k, and transfer volume dropped 23%. However, fees rose and Realized Cap Change surged to 6.6%, suggesting persistent capital inflows despite the cooldown.Capital rotation shows slightly higher speculative presence, with the STH/LTH ratio and Hot Capital Share both ticking upward, though still within normal bounds.Across Profit and Loss metrics, most holders remain in the green, with 96.9% of supply in profit. NUPL and the Realized P/L Ratio both dipped, signaling reduced profit-taking as sentiment cools.In sum, the market has cooled after its ATH, entering a reassessment phase. With signs of seller exhaustion building, a bounce is possible, though fragility remains if negative catalysts emerge.Off-Chain IndicatorsOn-Chain IndicatorsAccess full report [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.