Bitcoin Surges In Strongest Weekly Gain Since 2023 – But This One Key Trading Metric Is Drawing Attention

CryptoQuant analyst Darkfost said the bull-bear cycle indicator "has just shifted into the early bull regime," while cautioning it is "not a perfect signal."

• Bitcoin rose over 23% week-over-week in its strongest weekly gain since 2023, while the S&P 500 fell 1.43% and MSCI World fell 1.19%.
• Open interest fell by 42,907 BTC over the same seven days to 319,896 BTC, against a seven-day average of 335,409 BTC.
• Short-term holder supply in profit jumped from 26.1% to over 74%, but the cohort's exchange-flow indicator crossed Adler's +25K threshold to +28.6K BTC.

Bitcoin’s (BTC) rally last week caught everyone’s attention. The cryptocurrency edged toward the $78,000 range on Monday after closing the week over 23% higher: its strongest weekly gain since 2023, while the S&P 500 (SPX) fell 1.43% and MSCI World both declined. However, beneath this rally, one key trading metric is moving in the other direction, with open interest falling rather than rising. This has raised questions in the industry about whether Bitcoin’s latest surge is a start of a broader mega run or a positioning reset. 

Bitwise European Head of Research André Dragosch said on X that Bitcoin was up over 23% week over week while the S&P 500 (SPX) fell 1.43% and MSCI World fell 1.19%. Ethereum (ETH) led the week at 31.48%, and gold rose 5.18%. "Very rare to see such a big performance spread," Dragosch said. "The decoupling is real."