[DigitalToday reporter Yoonseo Lee (이윤서)] An analysis said on-chain activity and profitability indicators in the Bitcoin market improved at the same time, suggesting the market structure is gradually recovering.

CoinPost, a blockchain outlet, reported on May 12 that on-chain analytics firm Glassnode said in a weekly report that multiple indicators in the Bitcoin market improved together, including on-chain activity, profitability and investor holdings.

The key point of the report is that not only did prices rebound, but network use and investor profit conditions also improved. Glassnode said daily active addresses, entity-adjusted transfer volume and total fee revenue all rose. That means network activity is picking up. Market profitability also shifted from unrealised losses to unrealised gains.

Improvement was also seen in the spot market. A sharp rise in cumulative volume delta (CVD) and higher trading volume appeared together, suggesting broader investor participation and bullish sentiment. Bitcoin rose gradually last week from the upper $77,000 range to as high as the lower $82,000 range at one point, and bargain-hunting also persisted.

The report presented both optimism and caution regarding investor profit zones. Glassnode said the share of supply in profit has not yet reached levels that previously saw large-scale profit taking. That suggests the market has moved out of a loss zone, but has not reached an overheating stage.

In the futures market, signs emerged that risk appetite has increased. Open interest rose and the CVD of perpetual futures also climbed rapidly. By contrast, funding costs for long positions fell. Glassnode said it also saw some signs that attention is shifting toward short positions.

In the options market, demand for hedges to protect against downside risk fell, but volatility spreads widened. That suggests participants are defending downside risk less aggressively, while still remaining wary of market uncertainty itself.

The report also said it is difficult to view the market as being in a phase of continuously strengthening upside momentum. Glassnode cited signs of slowing price momentum and mentioned the possibility that the market could move from a buy-dominant phase to a stabilisation stage where buying and selling pressures balance out.

That trend is also evident in capital inflows. In its overall assessment, Glassnode cited both slowing capital inflows and cautious investor sentiment. It said the market’s overall structure is improving, but new capital is not flowing in strongly. It assessed that the market remains sensitive to changes in risk appetite.

The current Bitcoin market appears to have entered a recovery phase in which price, on-chain indicators and derivatives indicators are improving together. But the pace of capital inflows and investor sentiment are still insufficient to confirm it as a strong trending market. Key points to watch will be whether spot buying persists, whether futures positioning changes, and whether an expansion in profit zones leads to actual profit taking.

$BTC climbed from the high-$77Ks to low-$82Ks as spot demand and futures activity strengthened. Momentum cooled near highs, while options markets continued pricing elevated uncertainty. Read this week’s Market Pulsehttps://t.co/mdFc3ZKa4Z pic.twitter.com/aPjhOOo3PV