Bitcoin bounces back this week, but Glassnode sees problems for the bow

The Blockchain Analytics company Glassnode shared its weekly report, with various important statistics and data on chains with regard to the leading cryptocurrency.

Spot statistics

The bargain price repair Strong strong in the past week, after re -testing the level of $ 114,000 and returned to $ 121,000. This brought Momentum back to the spot market, with various sectors that showed signs of renewed user activity, although a closely eye must be kept on the circumstances.

The relative strength index (RSI), which measures the speed and change of price movements by calculating the average profit and losses over (usually) 14 days, has increased to 47.5, which marks a profit of 14.5%. This indicates a reinforcement of investor’s interests and a potential bullish shift; However, since the RSI is below the center, this caution justifies because the momentum has to hold to confirm the trend.

In the meantime, the spot volume fell from $ 7.3 billion to $ 5.7 billion, which represents a reduction of 22%, indicating reduced market involvement and fewer participants compared to previous weeks.

Futures -Statistics

Open interest, the benchmark that measures the total number of active positions, has fallen to $ 44.1 billion of $ 44.6 billion, indicating a slight reduction in lever trade, probably as a result of profit or liquidations.

The financing percentage (reimbursements paid by longs to shorts, allowing them to maintain their positions) specifically for long positions by 2% to $ 2.9 million. While this indicates a cooling bullish sentiment, the demand for these positions remains high.

Options Statistics

The open interest in the option market has increased compared to futures and reaches $ 42.4 billion. This represents an increase of 6.74% compared to last week and can be attributed to the growing market involvement, driven by speculative positions and different trade strategies.

The volatility distribution (measuring or options The risk about Price; higher measurements indicate greater anxiety) fell to 10.45% of 31.97% last week, indicating that traders expect less volatility.

Our spot ETFS

It looks good on the ETF markets, with the weekly net streams (the difference between money that goes in and out of the funds) that increases more than 54% from -$ 686 million to -$ 311 million, which is a significant reduction in outflow. This can lead to the start of a new wave of accumulation.

The trade volume (total trading activity during a specific period), on the other hand, experienced a decrease of 27.7% to $ 13.7 billion, which could indicate a consolidation phase in the market or the seller’s exhaustion.

Fundamental statistics

The daily active address number has risen to 793,000, which points to increased user involvement on the network, probably powered by recent price movements. If this keeps track of, a more active phase can be on the horizon.

Transfer volume on-chain, a metric that follows the total number of transactions that is carried out directly on the blockchain, has fallen slightly from $ 8.6 billion to $ 8.5 billion, but remains stable. This follows a recent sharp fall, which suggests that renewed interest.