Is the crypto market cooling down?

🧊 According to Glassnode, the crypto market is going through a moment of reevaluation. There’s less euphoria in the air and more cold calculation. What do the numbers say? Is euphoria giving way to caution? Let’s try to figure it out.

Key signs of market cooling:

▪️ Sellers have become more active, their pressure is increasing: Spot CVD and Perp CVD (cumulative volume deltas) clearly show sellers are on the hunt. Selling volumes are rising, especially in derivatives. This might be a sign that traders are taking profits or fearing further decline.

This means the market is under pressure, but it’s not capitulation yet. Sellers are active, but buyers aren’t giving up just yet.
▪️ ETF inflows have dropped by 24.9%. Institutional investors, large funds, and professionals are slowing down. If before they poured money into Bitcoin ETFs like water into a pool on a hot day, now it seems the water temperature doesn’t suit them.

So, ETFs are a barometer of the “big money” sentiment. And if they’re slowing down — it means the market doesn’t inspire full confidence yet.

▪️ Interest in hedging is growing: the 25 Delta Skew indicator rose to 5.51%. This means traders are buying more options to protect against downside rather than upside. Behavior typical for a nervous environment.

In trader’s terms: people fear falling more than hope to rise. And fear is, as we know, an expensive companion in the market.
▪️ Bitcoin network activity is slowing down. Despite the growing number of active addresses, the number of transfers and fees are decreasing. This may mean people are holding coins more than trading them. Less network activity = less speculation. The market has entered a waiting mode.
▪️ The number of profitable BTC decreased. Now, 93.6% of all bitcoins are profitable. Not long ago, this figure was above 97%. That means more people bought at the top and now regret it a little. Some holders start exiting positions, taking even small profits before it gets worse.
▪️ RSI = 35.8 RSI (Relative Strength Index) shows Bitcoin is oversold. Usually such levels lead to a rebound, especially if good news appears. But remember, RSI isn’t a crystal ball. It shows sentiment but doesn’t guarantee a reversal. Confirmation is needed.

▪️ Sellers are tiring out. Despite overall cooling, there are signs that sellers’ pressure is decreasing. This may create conditions for a short rally or at least stabilization. The main thing is that no new bad news have appeared.

What does this mean? This doesn’t look like a crash. It’s a search for a new equilibrium point. Investors stopped blindly believing in growth. Now they assess risks, hedge, read analytics — not just memes.

⚖️ Sometimes this phase is the healthiest. It means the market is maturing. It learns to breathe steadily, not only in ups and downs. Because we know that often the calm before the storm is the time to think, not to panic.