Bitcoin’s spot market remains subdued, with trading volumes falling below $4.5 billion and aggressive selling easing, according to recent data. However, derivatives activity is showing signs of recovery: futures open interest has climbed to $32 billion, perpetual contract buying has reversed to a net positive $123.2 million, and options open interest has reached $30 billion. Long-side funding payments declined to $1.7 million, suggesting bullish positioning persists but at a lower premium. The options volatility spread has narrowed, and bearish hedging activity has moderated, indicating a shift toward more neutral sentiment.
Spot trading activity in the Bitcoin market continues to lack conviction. Glassnode reported that the Spot Volume fell below the lower statistical band of $4.5 billion, indicating persistently weak liquidity and muted investor participation. Such low volumes typically accompany periods of consolidation where markets struggle to build momentum for a breakout.
The Spot Cumulative Volume Delta (CVD) showed that aggressive taker selling has eased compared to the previous week. Although the metric remains negative, the narrowing deficit signals that sellers are becoming less aggressive, and the reading now sits within its statistical range.
While spot markets remain quiet, derivatives data points to a gradual return of speculative appetite. Futures Open Interest has climbed to $32 billion, as stated, indicating traders are gradually re-establishing leveraged positions.
Long-Side Funding Payments have declined to $1.7 million, now close to the upper statistical threshold. According to the report, this suggests bullish positioning is still dominant, but traders are paying a smaller premium to maintain long positions, meaning aggressive bullish conviction has moderated.
Meanwhile, Perpetual CVD has recovered sharply, reversing from a net selling bias to a positive $123.2 million. This shift points to aggressive buyers now exerting greater influence on price action than sellers.
Activity in the options market has also strengthened. Options Open Interest rose to $30 billion, slightly below the lower statistical band of $30.3 billion, as traders actively open new positions. The Volatility Spread has narrowed sharply, indicating implied volatility has aligned with realized market movements.
The Options 25-Delta Skew has retreated significantly amidst weaker demand for protective put options. This moderation in bearish hedging activity reflects a more neutral sentiment.
