Analytical platform Glassnode has released its latest Bitcoin Market Pulse report dated July 13, warning investors about the fragility of the leading cryptocurrency's recent price rally. Despite the technical rebound of Bitcoin quotes toward the $64,000 mark, experts note that this movement is not supported by fundamental demand and is characterized by critically low liquidity. A key indicator of this weakness is the approximately 21.5% drop in spot trading volume, which fell from $5.2 billion to $4.1 billion. Furthermore, the cumulative spot volume delta has shifted into negative territory, registering at -$58.8 million compared to the previous positive $17.2 million. A similarly concerning dynamic is observed in the perpetual futures market: the volume delta has plummeted from $457.5 million to just $83.9 million. This rapid depletion of net buying volume directly indicates that aggressive buyers are losing their momentum, and the market balance is gradually shifting toward increasing selling pressure.

Additional confirmation of the market consolidation phase can be found in derivatives and institutional product data. Open interest in futures shows only a slight decrease from $31.4 billion to $31.3 billion, remaining within a normal statistical corridor, which suggests traders' reluctance to close positions amid a lack of clear conviction about the future trend direction. The options market also exhibits restraint: although open interest showed moderate growth, its absolute value of $28.1 billion remains significantly below the lower statistical bound of $31.1 billion. Regarding the institutional segment, a paradoxical picture emerges: net inflows into spot Bitcoin ETFs formally surged by over 1,100% over the past week, amounting to approximately $161 million. However, the total weekly trading volume for these funds decreased by 12% to $8.4 billion, also signaling a period of quietness. On-chain metrics complete this cautious puzzle: the number of active addresses on the Bitcoin network dropped by 7.6%, directly pointing to a decline in user activity and guarded sentiment among holders.

Summarizing the findings, Glassnode analysts draw a clear conclusion: the current price of Bitcoin is recovering significantly faster than actual market activity is growing. A rally that is not backed by broad-based demand and high liquidity cannot be considered a reliable confirmation of the start of a new, sustainable upward trend. Without the return of aggressive buyers and a rise in on-chain activity, any further upward movement will remain highly vulnerable to sharp corrections. It is crucial to remember that the cryptocurrency market, by its very nature, remains a high-risk asset class subject to sudden volatility. The information provided is strictly for informational and educational purposes and does not constitute direct investment advice or a financial recommendation. Before making any trading decisions, investors are strongly advised to conduct their own independent research (DYOR) and consider all macroeconomic factors that could impact the volatility of digital assets.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.