Bitcoin is trading around $79,100, up approximately 0.7% over the week, as Glassnode identifies opposing market forces. Institutional demand, capital inflows and rising futures leverage are supporting the market, while spot momentum has weakened. Spot momentum fell approximately 30% to 54.6 and returned to the middle of its statistical bands. Spot volume was largely unchanged at about $3.5 billion, while spot cumulative volume delta (CVD), which measures net buying and selling pressure, improved from negative $84.9 million to negative $29.6 million. Glassnode said the improvement reflected easing selling pressure rather than strong buying demand. Futures open interest increased 1% to $37.1 billion, while funding payments fell 32.8% to $1.3 million. Open interest in perpetual futures, contracts without an expiry date, rose 2.1% to $40.1 billion. Options indicators also pointed to bullish positioning, with the volatility spread falling to negative 20.9% and 25-delta skew declining from 0.79% to negative 2.05%, suggesting strong demand for call options and relatively low implied volatility compared with actual volatility. U.S. spot Bitcoin ETF net inflows accelerated to $681.2 million from $247.8 million, while assets under management increased 19.2% to approximately $12.1 billion. On-chain activity was calmer: asset-adjusted transfer volume fell 12.8% to $5.0 billion, transaction fees declined 4.8% to $213,000 and active addresses stayed near 635,000. Monthly realized market capitalization growth accelerated to 0.8%, and the share of hot capital rose to 30.1%, indicating that short-term, price-sensitive capital continues entering the Bitcoin network even as its price remains broadly flat. This is not investment advice.