Speculative activity in the Bitcoin market is showing signs of recovery even as spot market participation remains subdued, according to Glassnode’s latest findings.
The analytics firm said spot trading activity continues to lack conviction, as Spot Volume fell below the lower statistical band of $4.5 billion, which was indicative of persistently weak liquidity and muted investor participation. Such low trading volumes typically accompany periods of consolidation, where markets struggle to build enough momentum for a decisive breakout.
At the same time, Spot Cumulative Volume Delta (CVD) showed that aggressive taker selling has eased compared to the previous week. Although the metric remains in negative territory, the narrowing deficit signals that sellers are becoming less aggressive. The reading is now sitting comfortably within its statistical range as traders reassess their market direction.
While spot markets remain quiet, derivatives data points to a gradual return of speculative appetite.
Derivatives Activity Picks Up
Futures Open Interest, for one, has climbed to $32 billion. Glassnode said the steady increase indicates traders are gradually re-establishing leveraged positions, which has led to higher participation across the futures market.
Long-Side Funding Payments, however, have declined to $1.7 million and are now close to the upper statistical threshold. According to the report, this suggests bullish positioning is still dominant, but traders are paying a smaller premium to maintain long positions. This means that aggressive bullish conviction has moderated compared to recent sessions.
Meanwhile, Perpetual CVD has recovered sharply and has reversed from a net selling bias to a positive $123.2 million. The move into positive territory points to a shift in taker behavior, as aggressive buyers are now exerting greater influence on price action than sellers.
Options Positioning Shifts
Activity in the options market has also strengthened. Options Open Interest rose to $30 billion, as capital committed to derivatives positions increased, although the figure remains slightly below the lower statistical band of $30.3 billion. Glassnode said the trend suggests traders are actively opening new positions. This potentially raises the chances of volatility around major options strike prices.
Simultaneously, the Volatility Spread has narrowed sharply and now sits comfortably within its statistical range, which indicates that implied volatility has largely aligned with realized market movements and that options traders are demanding a smaller risk premium.
This trend was also evident in the Options 25-Delta Skew, which has retreated significantly amidst weaker demand for protective put options and a moderation in bearish hedging activity as sentiment becomes more neutral.
El puesto Bitcoin’s Spot Market Remains Sluggish, but Derivatives Tell a Different Story apareció por primera vez en CryptoPotato.













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