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# BTC Market Pulse: Week 6
- URL: https://research.glassnode.com/btc-market-pulse-week-6/
- Published: 2026-02-02T18:30:08.000Z
- Updated: 2026-02-02T18:30:08.000Z
- Description: Bitcoin has fallen to $74K after losing the November lows, with momentum collapsing as 14D RSI plunges into oversold territory. Spot volume has rebounded, but looks reactive, reflecting churn during downside continuation rather than confident dip buying.
- Author: Chris Beamish
- Tags: Market Pulse

## Overview

Bitcoin has fallen to $74K after failing to hold the November lows,  
with momentum collapsing as the 14-day RSI plunges into deeply  
oversold territory. Spot volume has rebounded, but the rise looks  
more reactive than constructive, reflecting churn during downside  
continuation rather than confident dip buying.  
  
Spot conditions remain weak, with Spot CVD breaking to new lows  
and confirming sustained sell-side dominance. While ETF net  
outflows have eased slightly, overall positioning still points to  
ongoing distribution pressure, even as trade volume spikes  
suggest active risk rotation rather than decisive buying.  
  
Derivatives markets continue to lean defensive. Futures open  
interest has eased, signalling a modest reduction in leverage, while  
funding rates have cooled as long appetite fades. Perpetual CVD  
has deteriorated further, highlighting aggressive sell pressure from  
leveraged traders and reinforcing downside conviction.  
  
Options markets are de-risking. Open interest has contracted  
below its lower band, reflecting position closures and reduced  
engagement, while the volatility spread has compressed,  
indicating a fading fear premium. 25-delta skew has softened  
marginally, suggesting hedging demand remains elevated but no  
longer accelerating  
  
On-chain activity remains subdued. Active addresses and fee  
volumes have improved modestly, however transfer volume  
remains low and realised cap continues to contract, signalling weak  
net capital inflows. Profitability has deteriorated further, with  
supply in profit falling and unrealised losses deepening, while  
realised losses continue to dominate, consistent with a market  
under stress.  
  
Overall, conditions have shifted into a clear risk-off regime  
across spot, derivatives, ETFs, and on-chain indicators. With  
price now below key cost bases and profitability compressed,  
near-term stabilisation likely depends on sell pressure  
exhausting and demand returning to defend the $74K region.

## Off-Chain Indicators

![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/02/offchain--15-.png)

## On-Chain Indicators

![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/02/onchain--14-.png)

## [🔗 Access the full report in PDF](https://www.papermark.com/view/cml5hlmkm000ci50464afimbd)

## 

![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2025/03/banner-MP-2-2.png) 

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