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![MarkRelateOSai Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1876090095557578752.png) Mark [@MarkRelateOSai](/creator/twitter/MarkRelateOSai) on x XXX followers
Created: 2025-07-21 19:54:14 UTC

✍️ XGRD Insight | Glassnode On-Chain Recap
👀 Bitcoin’s current posture reflects a cooling of speculative leverage and a pause in perpetual futures aggression — funding rates are stable, and perp CVD shows muted net buying.
🧠 ETF MVRV remains inside range bands, hinting ETF-driven demand is present but not overheated, while on-chain transfer volumes have picked up modestly, signaling healthy but cautious activity.
👂 The market appears in a holding pattern, awaiting a liquidity catalyst or macro trigger. There’s no evidence of panic or euphoria — a classic “wait and see” phase.

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**Related Topics**
[fund manager](/topic/fund-manager)
[perp](/topic/perp)
[rates](/topic/rates)
[futures](/topic/futures)
[onchain](/topic/onchain)

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