Beta release. Please submit your feedback here. Free for a limited period.OverviewLast week, Bitcoin moved away from the midline of its recent trading range toward the upper level near $110K. This breakout was supported by strengthening momentum, as the 14-day RSI climbed toward overbought territory and Spot CVD, while still negative, showed improving buy-side stability. However, spot trading volumes remained subdued and below their low statistical band, highlighting that broader participation has yet to fully return.In the futures market, open interest declined modestly, indicating a slight reduction in speculative leverage, while funding payments turned sharply positive, suggesting renewed demand for long exposure. Perpetual CVD, however, flipped negative, hinting that short-term traders may be taking profits or hedging after the rally.Options markets showed a mild rise in the 25-Delta Skew, pointing to demand for downside protection, while volatility spreads remained steady. Options open interest fell following a large expiration, reflecting a reset in positioning but still maintaining historically strong engagement.ETF flows contracted sharply from the prior week’s highs, while ETF MVRV edged higher, suggesting elevated unrealized gains among institutional holders. ETF trading volumes also declined modestly, indicating a wait-and-see stance among TradFi investors.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.