Glassnode flags weak spot demand as Bitcoin stabilizes after pullback
Headline: Glassnode: Bitcoin stabilizes, but spot demand stays weak; US spot ETFs log $934M weekly inflows
Bitcoin is stabilizing after the pullback from $74,000. Glassnode says the rebound lacks decisive spot demand, keeping the market fragile (Glassnode Weekly Market Pulse, Mar 9).
Spot looks soft. The 14‑day RSI rose from 45.2 to 47.7, but spot CVD slipped to −$97.6M from −$84.4M, and spot volume fell to $9.1B from $9.8B (Glassnode).
Derivatives are active, not aligned. Futures open interest rose 5.1% to $29.4B, and perpetual CVD jumped 201.7% to $172.6M. Funding flipped sharply lower to −$391.7K, below Glassnode’s low band, showing stronger short demand (Glassnode; leverage context via NewsBTC).
Options look less defensive. OI climbed from $32.8B to $34.1B. The volatility spread narrowed from −25.78% to −17.64%. 25‑delta skew eased from 16.51% to 11.72% (NewsBTC; Glassnode).
ETF flow is the bright spot. US spot ETFs saw weekly net inflows rise to $934M from $776M; trading volume jumped to $23.1B from $16.0B (NewsBTC). Yet ETF MVRV fell from 1.07 to −0.53, putting the average holder underwater, which Glassnode calls “capitulation‑like” (Glassnode).
On‑chain is quiet. Active addresses fell 2.0% to 649.3K. Fees dropped 5.1% to $170.5K. Transfer volume rose 23.7% to $5.9B. Realized cap change improved from −2.4% to −1.9%. Hot capital share slid to 23.3%, below the low band—older capital dominates (Glassnode).
Profitability improved modestly. Supply in profit rose from 54.6% to 56.8%. NUPL improved from −31.9% to −26.7%. The realized P/L ratio lifted from −0.8 to −0.7 (NewsBTC; Glassnode).
At press time, Bitcoin traded at $70,755.
