MICA Daily｜Glassnode: Spot Market Conditions Remain Fragile

2026-01-13 03:55:47

According to the Glassnode report, trading volume in the crypto market has rebounded slightly from the weekly low, indicating initial signs of liquidity rebuilding. However, the spot market remains fragile. The spot CVD (Cumulative Volume Delta) shows deterioration, suggesting an increasing dominance of sellers and a more defensive short-term stance.
Bitcoin has entered consolidation after being blocked at the $90,000 level. As the 14-day RSI (Relative Strength Index) falls back into the neutral zone, momentum has cooled, and the price remains range-bound between the mid-$80,000s and low-$90,000s, reflecting a market reassessment of confidence in the future direction.
Derivatives positions show mixed performance: futures open interest has slightly increased, indicating a mild recovery in speculative activity. Meanwhile, long funding rates have surged significantly, showing that investors are more willing to pay for bullish exposure. In contrast, perpetual contract CVD has turned deeply negative, highlighting strong selling pressure from leveraged traders.
The net inflow into US spot ETFs has shifted to a severe net outflow, exceeding statistical extremes, signaling that institutions are engaging in significant de-risking operations. Despite this, ETF trading volume has increased, reflecting active portfolio rebalancing. ETF holders’ profit levels remain high, maintaining a relatively elevated risk of profit-taking.

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