Rebeca Moen
Mar 30, 2026 17:50
Glassnode analysis reveals BTC stabilizing near $65K-$67K range with declining sell-side pressure, though ETF outflows and weak spot volume signal fragile recovery.
Bitcoin’s week 14 saw price action extend its downtrend before catching a bid near $65,000, according to Glassnode’s latest market pulse report. The leading cryptocurrency broke below $68,000 mid-week, tested support at $65,000, then bounced modestly to roughly $67,000 heading into the weekend.
The pattern of lower highs remains intact, keeping short-term momentum fragile.
Spot Markets Quiet, Derivatives Show Cautious Longs
Trading volume declined across spot markets, with participation described as “subdued” in the report. Investors aren’t showing much conviction at these levels—neither panic selling nor aggressive accumulation.
The derivatives picture looks slightly more constructive. Futures open interest ticked higher while funding rates firmed up, pointing to traders leaning long. Meanwhile, perpetual swap markets saw easing sell-side pressure, suggesting bears are backing off rather than pressing their advantage.
Options traders appear complacent. Open interest contracted sharply, and with volatility spreads previously negative, there’s limited hedging activity. Nobody’s paying up for protection right now.
ETF Flows Flip Negative
Institutional appetite cooled during the week. Spot Bitcoin ETFs recorded net outflows after prior weeks of inflows, with trading volume also declining slightly. The capital rotation that drove earlier rallies has slowed.
On-Chain: Pressure Remains But Stabilizing
Glassnode’s on-chain metrics paint a market still under stress but potentially finding its footing. Profitability metrics have declined and loss realization accelerated—holders are taking pain. Activity metrics weakened as well.
However, capital outflows are easing. That’s the silver lining in an otherwise cautious dataset.
What Comes Next
The report characterizes current conditions as a transition “from active distribution towards a more neutral footing.” Translation: the aggressive selling phase may be winding down, but buyers haven’t stepped up with conviction yet.
For BTC to confirm a sustained recovery, stronger demand needs to materialize. The $65,000 level held as support this week—whether it holds on a retest could determine if this is genuine stabilization or just a pause before another leg down. Traders watching the $68,000 resistance overhead for any sign the pattern of lower highs is breaking.
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