Bitcoin is showing tentative signs of stabilization after its pullback from 
$74,000, but Glassnode says the recovery still lacks the ingredients of a 
decisive bullish turn. In its March 9 Weekly Market Pulse, the analytics firm 
described a market that is improving at the margins even as spot 
participation, capital flows and broader conviction remain subdued. 
Glassnode’s overview is cautiously constructive, but only up to a point. The 
firm wrote, “ETF activity remains a relative area of strength. Net inflows 
accelerated and trading volumes picked up.” In the same breath, though, it 
stressed that “overall, conditions are stabilizing” while “capital flows 
remain soft,” a framing that captures the report’s central tension: some 
internals are healing, but the market still looks fragile rather than fully 
re-energized. Glassnode Sees Bitcoin Market Stabilizing That fragility is most 
visible in spot markets. Glassnode said the 14-day RSI rose from 45.2 to 47.7, 
a modest improvement in momentum that points to firmer buyer activity without 
suggesting the move is overheated. But the more important spot signals moved 
the other way. Spot CVD fell from negative $84.4 million to negative $97.6 
million, indicating heavier sell-side pressure from aggressive traders, while 
spot volume dropped from $9.8 billion to $9.1 billion. The report said 
participants are showing less urgency as they wait for stronger directional 
cues, leaving sellers with an outsized role in price discovery. Related 
Reading: 43% of Bitcoin Supply Is In Loss As Market Nears Bear Territory 
Derivatives paint a more complicated picture. Futures open interest climbed 
5.1% to $29.4 billion, showing leverage and speculative engagement are 
rebuilding, while perpetual CVD surged 201.7% to $172.6 million, a sign of 
aggressive buy-side activity in leveraged markets. At the same time, funding 
flipped sharply lower to negative $391.7K, falling below Glassnode’s 
statistical low band and signaling stronger demand for short exposure. In 
other words, leveraged traders are active again, but they are not aligned on 
direction. Options markets, by contrast, looked less defensive. Open interest 
rose from $32.8 billion to $34.1 billion, the volatility spread narrowed from 
negative 25.78% to negative 17.64%, and 25-delta skew fell from 16.51% to 
11.72%. Glassnode’s interpretation was that fear is moderating and demand for 
downside protection is easing, leaving options positioning more balanced than 
it was a week earlier. Related Reading: Bitcoin Exchange Reserves Fall To 2019 
Levels As ETFs And Corporate Treasuries Accumulate The clearest area of 
strength remains the US spot ETF complex. Weekly net inflows rose from $776 
million to $934 million, while trading volume jumped from $16.0 billion to 
$23.1 billion. But even there, the signal is not cleanly bullish. ETF MVRV 
dropped from 1.07 to negative 0.53, pushing the average ETF holder underwater. 
Glassnode said that shift is “consistent with capitulation-like conditions,” 
suggesting institutional-style demand is still coming in even as existing 
positioning remains under stress. On-chain data tells a similar story of 
stabilization without renewed heat. Active addresses slipped 2.0% to 649.3K 
and fee volume fell 5.1% to $170.5K, both signs of a quieter network backdrop, 
even as transfer volume rose 23.7% to $5.9 billion. Realized cap change 
improved from negative 2.4% to negative 1.9%, suggesting outflows are easing, 
but hot capital share fell to 23.3% and remained well below the statistical 
low band. That points to a market still dominated by older capital, with 
little evidence yet of fresh speculative churn. Profitability metrics improved 
modestly, with supply in profit rising from 54.6% to 56.8%, NUPL improving 
from negative 31.9% to negative 26.7%, and the realized profit-to-loss ratio 
lifting from negative 0.8 to negative 0.7. That eases some of the pressure 
built up during the decline. Still, Glassnode’s broader message is hard to 
miss: Bitcoin’s market structure looks steadier than it did a week ago, but 
until spot demand returns in force, the rebound remains more tentative than 
convincing. At press time, Bitcoin traded at $70,755. Featured image created 
with DALL.E, chart from TradingView.com

Bitcoin Stabilizes, But Glassnode Warns Spot Demand Is Still Weak

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