Stronger

Bitcoin ETF

Flash

Arthur

Bitcoin<a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">(BTC)</a> reclaimed the $69,000 level, but a Glassnode weekly report published Apr. 6 shows that spot exchange volume, on-chain activity and <a href="https://yellow.com/research/bitcoin-etf-outflows-price-impact" rel="noopener noreferrer nofollow">ETF trading all declined</a> even as price momentum and futures positioning improved sharply.
<h2 id="glassnode-report-details">Glassnode Report Details</h2>
The analytics firm's weekly market pulse <a href="https://www.papermark.com/view/cmnn9ez7a000ml704yydmln3f" rel="noopener noreferrer nofollow">rated</a> 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.
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 But centralized exchange volume dropped 13% from $6.1 billion to $5.3 billion, a sign that fewer participants are backing the move higher.
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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.
Also Read:<a href="https://yellow.com/news/arthur-hayes-reveals-the-hidden-threat-that-could-tank-bitcoin-below-60k" rel="noopener noreferrer nofollow">Arthur Hayes Reveals The Hidden Threat That Could Tank Bitcoin Below $60K</a>
<h2 id="bitcoin-etf-outflows-narrow">Bitcoin ETF Outflows Narrow</h2>
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.
<h2 id="on-chain-activity-remains-weak">On-Chain Activity Remains Weak</h2>
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.
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 Realized cap change slipped from negative 0.6% to negative 0.7%, confirming that net capital continues to leave.
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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.
Read Next:<a href="https://yellow.com/news/ethereum-derivatives-bullish-signal" rel="noopener noreferrer nofollow">Ethereum Derivatives Flash $104M Bullish Signal For The First Time In 3 Years</a>

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

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