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.
Bitcoin ETF Outflows Narrow
U.S. spot ETF net outflows narrowed 94.6% in a single week, from negative $405 million to negative $22 million. The improvement suggests institutional selling pressure is fading.
However, ETF trading volume dropped 29.5% from $13.6 billion to $9.6 billion, pointing to less urgent participation among traditional finance investors. The ETF MVRV ratio rose from 1.10 to 1.16, pushing holders further into unrealized profit and raising the prospect of near-term profit-taking.
On-Chain Activity Remains Weak
On-chain data painted a more subdued picture. Active addresses rose modestly by 2.4% to 617,017, but transfer volume fell 8.3% to $5.4 billion and fee revenue declined 5.1% to $146,600. Those numbers suggest the network is stabilizing without yet attracting meaningful new capital.
Realized cap change slipped from negative 0.6% to negative 0.7%, confirming that net capital continues to leave.
The short-term to long-term holder supply ratio edged down from 16.1% to 16.0%, and hot capital share dropped from 21% to 20.1%. Long-term holders continue to anchor the supply structure.
Glassnode analysts @CryptoVizArt and @ChrisBeamish_ concluded that the rebound looks constructive but needs confirmation. Stronger follow-through in volume, capital inflows and network activity will be required for the rally to prove durable, the report said.
Steven Zeiler is Chief Evangelist at Yellow, working with builders to create real-time, non-custodial trading infrastructure using the Yellow SDK. A programmer, technologist, and entrepreneur, he previously worked for Ripple, where he helped architect peer-to-peer interbank payment prototypes and contributed to decentralizing the XRP Ledger through consensus tracking software.
