Bitcoin Leveraged Markets Flashing Bullish Signal as One Metric Shoots Up ‘Aggressively,’ Says Analytics Firm Glassnode – But There’s a Catch

The blockchain data and intelligence firm Glassnode says that indicators show buying interest in Bitcoin (BTC) leveraged markets as the flagship crypto asset pulls back from $74,000.

In its  weekly BTC Market Pulse published on March 9th, Glassnode says that the Cumulative Volume Delta (CVD) indicator is showing signs of renewed buy-side interest.

CVD serves as a tool for analyzing market order flow by tracking the difference between buying and selling volumes over a specific time. An increasing CVD means that more people are buying aggressively.  The analytics firm says that perpetual CVD, which measures the buying and selling volume in perpetual futures, is flashing the bullish signal.

“Futures open interest increased, signalling modest leverage build-up, while long-side funding turned sharply negative, reflecting stronger demand for short exposure. Perpetual CVD rose aggressively, suggesting buy-side activity is returning in leveraged markets, though conviction remains limited…Options markets have become less defensive.”

But investors remain cautious. Despite the development, Glassnode says that demand is still weak.

“Overall, conditions are stabilizing, with momentum, ETF demand, and profitability metrics improving modestly. However, capital flows remain soft, speculative participation is limited, and broader conviction has yet to fully return.”

Bitcoin is currently trading for $69,953, up by 1.19% over the past 24 hours. 

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