Bitcoin (BTC) extended its weekly downtrend below $68,000 before rebounding to roughly $67,000 by the weekend, as on-chain data from Glassnode showed ETF flows reversing into net outflows and spot trading volume falling 8.4% — signs that the market may be shifting from active selling toward a more neutral footing.
Glassnode BTC Data
The analytics firm's weekly Market Pulse report, published Mar. 30, outlined a broad cooling across Bitcoin's spot, derivatives and ETF segments.
Spot trading volume dropped from $6.99B to $6.40B, while the RSI fell sharply from 56.2 to 35.5 — nearing the lower statistical band at 30.6. That decline points to intensifying bearish pressure, though Glassnode noted it may also signal seller exhaustion.
U.S. spot Bitcoin ETF netflows swung from a $56M inflow to a $50.2M outflow over the week, a shift of roughly $106M.
Trade volume in those products also fell, declining 5.2% to $14.18B. The ETF MVRV ratio — a gauge of unrealized profit for ETF holders — slipped 9.6% to 1.07, edging closer to breakeven.
On the futures side, open interest ticked up 1.8% to $30.1B, while funding rates jumped 294% from $158.2K to $624.1K. That spike suggests growing appetite for long positions even as spot indicators softened. Options open interest, meanwhile, contracted 31.9% from $38.7B to $26.4B.
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BTC On-Chain Metrics
On-chain fundamentals painted a mixed picture. Active addresses fell 3.4% to 601,035, and total fee volume declined 15.6% to $149.9K — both indicating reduced network engagement. Transfer volume, however, rose 9.3% to $6.1B, suggesting that larger capital movements continued even as smaller participants stepped back.
Profitability metrics deteriorated. The share of supply in profit fell from 58.3% to 56.3%, while net unrealized profit/loss deepened to -22.1%.
The realized profit-to-loss ratio dropped sharply from -0.4 to -1.1, a 158% decline that reflects growing loss realization among holders.
Capital flow indicators offered a faint positive signal. Realized Cap Change improved from -0.8% to -0.6%, and the Hot Capital Share eased slightly from 21.9% to 21.1%.
Both figures remain in contraction territory, but the pace of outflows appears to be slowing.
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