According to @glassnode, off-chain metrics show improving sentiment, with spot CVD up 94% toward neutral, perpetual futures CVD up 88%, and crypto ETF net outflows narrowing 55% to -$312 million; @glassnode also reports that spot trading volume fell 22% week over week, signaling broad participation has not yet returned. This divergence between stabilizing derivatives and ETF flows versus weak spot liquidity was highlighted by @glassnode as key for traders to monitor.