Spot volume remains weak and below Glassnode’s lower statistical band, while futures, perpetuals and options data point to a gradual recovery in speculative positioning.
Bitcoin market activity is showing a wider divergence between weak spot trading and improving derivatives positioning. Glassnode said spot volume fell below the lower statistical band of $4.5 billion, signaling soft liquidity and muted participation that typically accompanies consolidation. Spot Cumulative Volume Delta remained negative, but the deficit narrowed from the previous week, suggesting aggressive taker selling has eased. At the same time, derivatives metrics point to a gradual return of speculative appetite. Futures open interest climbed to $32 billion, indicating traders are rebuilding leveraged positions, while long-side funding payments fell to $1.7 million, implying bullish positioning remains dominant but with less aggressive conviction. Perpetual CVD turned positive at $123.2 million, reflecting a shift from net selling to stronger taker buying. Options activity also strengthened, with open interest rising to $30 billion, though still slightly below the lower statistical band of $30.3 billion. Glassnode said the narrowing volatility spread and a sharp retreat in 25-delta skew indicate implied volatility is aligning more closely with realized moves, while demand for protective puts and bearish hedging has moderated toward a more neutral sentiment backdrop.