Glassnode: BTC rebound likely temporary, lacks volume support

Glassnode assessed in its weekly report that Bitcoin's recent rebound is likely temporary and lacks the support of significant trading volume. The report noted that weekly BTC spot trading volume fell by 21.5% from the previous week to $4.1 billion, and the spot Cumulative Volume Delta (CVD) indicator turned negative, suggesting that buying pressure remains limited. On-chain metrics also continued to show weakness, indicating a persistent slowdown in network activity: - The number of active BTC addresses decreased by 7.6% to 599,000. - On-chain transaction volume fell by 16.1% to $4 billion. - Total transaction fees dropped by 13.9% to $168,000. Glassnode also explained that in the options market, investors are maintaining positions to hedge against downside risk, despite the recent price recovery.