preferred on
Points of Focus
- Bitcoin ETF net inflows jumped to nearly $2.7 billion over the week.
- Perpetual CVD flipped to minus $261.5 million as derivatives sellers stepped in.
- Bitcoin trades below the $84,000-$85,000 long-term holder supply zone as leverage cools.
Bitcoin (BTC) traded at $82,961.84 as exchange-traded fund (ETF) demand strengthened while derivatives traders moved the other way.
Glassnode’s latest report showed weekly US spot Bitcoin ETF netflow rising to nearly $2.7 billion, up 367.95% from $575.3 million a week earlier.
At the same time, perpetual cumulative volume delta (CVD) fell 137.1% to minus $261.5 million, showing aggressive sell-side pressure in perpetual futures. The split leaves strong ETF demand facing short-term derivatives selling as Bitcoin struggles to hold above $85,000.
Bitcoin ETF inflows meet $261 million in perp selling
ETF buyers carried the week, but other demand measures weakened. Glassnode reported spot CVD falling 86.5% to $17.3 million, while long-side funding payments dropped 53.2% to $1.2 million.
The contrast matters because negative perp CVD doesn’t mean $261.5 million of Bitcoin left the market. The metric tracks the imbalance between aggressive taker buys and sells, showing that sell-side traders became more dominant even as ETF capital entered.
Glassnode also put dollar-denominated futures open interest at $38.9 billion, up 2.1%. Funding cooled at the same time, suggesting futures exposure remained elevated while the long bias weakened.
$84,000-$85,000 Bitcoin supply zone blocks follow-through
Glassnode said in a Sept. 29 X post that more long-term holder coins sit between $84,000 and $85,000 than at any other price band. The company said BTC needs to break through and hold above that zone for the rally to continue.
bitcoin:native has stalled under its heaviest supply cluster.
More long-term holder coins sit at $84k–$85k than at any other price on the chart.
Price needs to break through and hold above this level for the rally to continue. pic.twitter.com/9lPrDhs4P4
— glassnode (@glassnode) September 29, 2026
At $82,961.84, Bitcoin remains below that cluster. ETF inflows have helped absorb supply, but the price has yet to reclaim and hold the $84,000-$85,000 band.
Bitcoin leverage reset adds a counterpoint
K33 Research head Vetle Lunde said in a Sept. 29 X post that combined CME and perpetual open interest fell by about 49,000 BTC in seven days, the largest weekly decline since October 2025. Lunde said the move looked closer to active profit-taking than a forced liquidation event.
BTC derivatives are having a rare calm reset.
CME + perp OI fell 49k BTC in 7 days, the biggest drop since Oct 2025, amid low volatility and falling funding rates.
Every larger OI drop came with liquidations, whereas this one resembles good ol' profit realization. pic.twitter.com/57eG0ipN4D
— Vetle Lunde (@VetleLunde) September 29, 2026
The K33 reading doesn’t conflict with Glassnode’s $38.9-billion futures figure because the two measure exposure differently. Glassnode tracks dollar-denominated futures open interest, while K33 cited combined CME and perpetual open interest measured in BTC.
The K33 data tempers the bearish perp signal. Aggressive taker flow has turned negative, but fewer leveraged positions are left vulnerable to forced unwinds than a week earlier. At $82,961.84, Bitcoin remains about $1,038 below the lower edge of Glassnode’s $84,000-$85,000 long-term holder supply cluster.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
Share
Most read articles
