Bitcoin Rallies Past $69K On Thin Volume, Glassnode Reports

Bitcoin (BTC) reclaimed the $69,000 level, but a Glassnode weekly report published Apr. 6 shows that spot exchange volume, on-chain activity and ETF trading all declined even as price momentum and futures positioning improved sharply.

Glassnode Report Details

The analytics firm's weekly market pulse rated spot, futures, options and ETF indicators as rising at moderate intensity, while on-chain fundamental and capital flow metrics were declining.

On the spot side, the 14-day RSI jumped 62% from 30.3 to 49.1, and Spot CVD flipped from negative $47.8 million to positive $27.9 million. Both readings point to renewed buying pressure.

But centralized exchange volume dropped 13% from $6.1 billion to $5.3 billion, a sign that fewer participants are backing the move higher.

In derivatives, futures open interest slipped 2% to $29.7 billion and funding rates fell 13.1%, suggesting reduced leverage. Perpetual CVD reversed sharply from negative $412 million to positive $460.7 million — a 211.8% swing that signals aggressive buy-side re-entry in futures markets.

Options markets told a more cautious story. Open interest fell 12.5% from $31.3 billion to $27.4 billion. Implied volatility moved above realized volatility, and the 25-delta skew climbed from 15.08% to 16.88%, reflecting greater demand for downside protection.