Bitcoin Market Pulse

BTC pulled back to $107k last week, testing the short-term holder cost basis - a level that often defines near-term sentiment.

Spot signals weakened with RSI in oversold territory and volumes down, while futures OI contracted and options skew surged, showing stronger demand for downside protection. ETF flows turned positive with $396M inflows, but participation remains selective.

On-chain activity stayed subdued: active addresses fell to 690k, fees remain weak, and realized cap inflows slowed. Transfer volumes spiked to $10.8B, reflecting large entity repositioning rather than broad participation.

We also cover holder rotation, ETF MVRV trends, and how fading unrealized profits are reshaping sentiment: https://glassno.de/41wP6aE