Darius Baruo
Dec 08, 2025 16:29
Bitcoin stabilizes near $91K after a rebound, with mixed signals from on-chain, derivatives, and ETF indicators, according to Glassnode’s latest analysis.
Bitcoin has shown signs of recovery, stabilizing near $91,000 after rebounding from the mid-$80,000 region, according to an analysis by Glassnode. This comeback sets a cautiously constructive tone following the previous week’s downturn, with buyers actively engaging at lower price levels. However, broader market confidence remains uneven across various signals including on-chain metrics, derivatives, and exchange-traded fund (ETF) indicators.
Market Overview
The momentum in the Bitcoin market has firmed, as evidenced by the 14-day Relative Strength Index (RSI) climbing from 38.6 to 58.2. Spot trading volume also saw an increase of 13.2% to $11.1 billion. Despite these positive signs, the Spot Cumulative Volume Delta (CVD) weakened from -$40.8 million to -$111.7 million, indicating stronger underlying selling pressure.
In the derivatives market, cautious sentiment prevails. Futures open interest has decreased to $30.6 billion. Perpetual CVD showed slight improvement, and funding rates turned more supportive with long-side payments reaching $522.7K. The options market exhibited mixed signals, with steady open interest at $46.3 billion, a sharply negative volatility spread at -14.6%, and a high 25-delta skew of 12.88%, suggesting a demand for downside protection.
ETF and On-Chain Dynamics
ETF flows have presented a clear headwind for Bitcoin. Net flows reversed from a $134.2 million inflow to a $707.3 million outflow, implying profit-taking or waning institutional interest. Yet, ETF trade volume increased by 21.33% to $22.6 billion, and the ETF Market Value to Realized Value (MVRV) ratio rose to 1.67, indicating higher holder profitability and potential distribution.
On-chain activity showed signs of mild stabilization. The number of active addresses increased slightly to 693,035, hovering near the lower band. Entity-adjusted transfer volume rose by 17.1% to $8.9 billion, suggesting healthier throughput, while fee volume decreased by 2.9% to $256,000, reflecting reduced block-space demand.
Supply dynamics remain cautious. The Realized Cap Change fell to 0.7%, signaling softer capital inflows. The Short-Term Holder (STH) to Long-Term Holder (LTH) ratio increased to 18.5%, and the Hot Capital Share remained high at 39.9%, indicating a market still dominated by short-term participants. The Percent Supply in Profit increased modestly to 67.3%, aligning with early-stage recovery. Net Unrealized Profit/Loss (NUPL) improved to -14.6% but remains deeply negative, while Realized Profit to Loss slipped to -0.3, indicating ongoing loss realization.
Overall, Bitcoin is showing early signs of recovery momentum, but sentiment and positioning remain cautious, highlighting a market still in the process of rebuilding confidence after recent volatility.
For the latest insights, visit the full report on Glassnode.
Image source: Shutterstock
Source: https://blockchain.news/news/bitcoin-btc-recovery-cautious-market-sentiment
