Glassnode published a weekly market commentary indicating that despite Bitcoin bouncing back to around $94,000, the market is still not fully optimistic. Market momentum has improved and trading volume has increased, but the spot CVD (Cumulative Volume Delta, its primary role is to measure the net difference in trading volume between buyers and sellers in the market) and open futures contracts have decreased, indicating potential increased selling pressure. Meanwhile, options trading shows demand for hedging against downside risks, while ETF flows indicate weak demand in the market.
Overall, Bitcoin shows early signs of recovery momentum, but market sentiment and positions remain cautious, suggesting that the market is still rebuilding confidence after recent volatility.
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