Bitcoin touches $86k as spot buyers lead weekly rally

Bitcoin closed Week 39 above $86k, marking a gain of more than 10% from Sunday's close, according to Glassnode Insights. It was the first time the asset traded above $80k in nearly two weeks.

Spot and perpetual buyers drove the rally rather than short-covering alone. Exchange taker flow changed direction from net selling to net buying, accompanied by higher volume and positive momentum. Although Monday’s upward move coincided with a wave of short liquidations, underlying demand indicated genuine accumulation.

Leverage rose during the advance. Futures open interest exceeded its high band, and funding rates for longs remained elevated above their band. Perpetual taker flow reversed from heavy net selling to net buying.

Options market activity showed a disconnect from spot price action. Open interest climbed to near $41B, above its high band, while the volatility spread dropped below its low band. This indicated that option traders expected less price movement than the market actually delivered. Skew shifted slightly toward puts but remained within its normal range.

ETF participation did not match the price gains. Weekly netflow stayed negative at roughly $300M, below its low band, even as ETF trading volume increased and holders moved deeper into profit.

On-chain metrics suggested renewed activity within normal parameters. Transfer volume and active addresses increased, while fees stayed flat. The monthly change in realized cap was above its high band, signaling that new money entered at higher prices. Hot capital share remained near the top of its range. Two-thirds of the Bitcoin supply was held in a profit position, unrealized gains sat above their band, and realized profit-taking exceeded its threshold.