Bitcoin has climbed more than 4% to roughly $69,100 as broader risk assets steadied following a retreat in oil prices from their recent spike. Market analytics firm Glassnode noted in a weekly report that Bitcoin’s internal metrics suggest early signs of stabilization, with a modest uptick in futures open interest and ETF inflows. However, the recovery remains fragile, characterized by subdued trading volumes and limited network activity.
Bitcoin’s market structure is showing early signs of stabilizing after weeks of pressure, according to a new market note from on-chain analytics firm Glassnode. The cryptocurrency’s price climbed more than 4% to around $69,100 as risk assets steadied following an oil price retreat tied to Middle East tensions. In its weekly market pulse published Monday, Glassnode said the crypto’s internal metrics suggest the worst of the recent stress may be easing, though the recovery remains “tentative.”
Crude prices surged on Monday on fears the conflict could disrupt shipments through the Strait of Hormuz, but retreated after President Donald Trump suggested the war involving Iran might soon de-escalate. U.S. equities swung sharply in recent sessions, with major indexes slipping as investors weighed the inflationary impact of higher oil prices and the risk of prolonged geopolitical conflict. Modest uplifts were observed late in the U.S. trading session following Trump’s comments, with the S&P 500 closing 0.8% higher on the day.
Ryan Kirkley, co-founder & CEO of Global Settlement Network, noted “These markets are more correlated, more leveraged, and faster than the infrastructure connecting them.” He added, “Settlement systems built on T+1 or T+2 cycles cannot absorb shocks that propagate in real time across asset classes, currencies, and geographies.” Analysts at QCP Capital wrote in an investor note that Bitcoin’s practical use case as a “digital escape hatch” is becoming “increasingly relevant,” despite its long-term trajectory remaining uncertain.
Glassnode observed that futures open interest has increased, suggesting a modest build-up of leverage, while aggressive buying in perpetual derivatives markets points to renewed trader interest. U.S. spot Bitcoin ETF inflows have risen about 20% to roughly $934 million compared to the week prior. Still, other indicators suggest the recovery remains fragile as spot trading volumes remain subdued and network activity has waned. The firm’s report noted, “Capital flows remain soft,” indicating broader conviction has yet to fully return.
