Key Notes
- Bitcoin ETF inflows fell 80% last week amid post-ATH cooldown.
- Glassnode notes that the derivatives market is still elevated, showing leveraged optimism.
- On-chain metrics still show 96.9% of the BTC supply in profit.
Glassnode’s latest weekly report suggests that Bitcoin BTC $117 490 24h volatility: 0.7% Market cap: $2.34 T Vol. 24h: $41.39 B rally has entered a “reassessment phase” after briefly touching its all-time high on July 14. The pullback led to a general cooldown across markets, but several indicators suggest the possibility of a price bounce in the near term.
In the spot market, momentum has softened with the RSI indicating signs of buyer fatigue. While the trading volumes dropped to $8.6 billion, an uptick in cumulative volume delta (CVD) hints at renewed dip-buying interest.
The derivatives market hints even more optimism, with futures open interest climbing to $45.6 billion. This suggests that traders are still willing to take leveraged bets. Glassnode reports a significant rise in funding rates on the long side and a decline in perpetual CVD, indicating reduced sell pressure.
Options markets saw a 2.2% dip in open interest, but the volatility spread surged by 77%. Several other indicators suggest diminishing bearish sentiment and a tilt toward mild bullishness.
However, spot Bitcoin ETFs recorded a steep drop in activity, with weekly net inflows plunging 80% to $496 million. However, Glassnode noted that ETF MVRV still remains high, signaling strong unrealized profits that could support further upside.
#Bitcoin ETF inflows dropped 80% last week.
But derivatives positioning remains elevated and on-chain data shows nearly all $BTC supply is still in profit.
This week’s Market Pulse unpacks the shifting balance of conviction across market participants: https://t.co/4LBrKjNh0f pic.twitter.com/NavS6wo7nI
— glassnode (@glassnode) July 29, 2025
Importantly, 96.9% of the BTC supply remains in profit. Though metrics like NUPL and Realized P/L Ratio dipped, this likely reflects reduced profit-taking rather than deep pessimism. Overall, the market appears to be digesting gains post-ATH, with signs of seller exhaustion beginning to surface.
BTC Price Stable, Analyst Eyes $150k
At the time of writing, Bitcoin is trading around $118,968, with no loss or gains over the past 24 hours. The largest cryptocurrency remains 3.4% below its $123,000 peak as investors rotate capital to new crypto coins .
Popular crypto analyst Ali Martinez pointed to a rise in the “cumulative value days destroyed – Bottom & Up” metric on X. He suggests the next possible Bitcoin peak could be as high as $149,679.
The next Bitcoin $BTC top could be at $149,679! pic.twitter.com/knZXTdjKve
— Ali (@ali_charts) July 29, 2025
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