Glassnode: Bitcoin shows early signs of recovery momentum, but market sentiment and positioning remain cautious

Glassnode published a weekly market review saying that although Bitcoin has rebounded to around $94,000, the market is still not fully optimistic. Market momentum has improved and volume has also increased, but spot CVD (Cumulative Volume Delta) and unpositioned squaring contracts have declined, indicating that potential selling pressure has intensified. At the same time, options trading shows a need to hedge downside risk, while ETF outflows indicate weak market demand.
Overall, bitcoin is showing early signs of recovery, but market sentiment and positioning remain cautious, indicating that the market is still rebuilding confidence after the recent volatility.