Updated Sep 28, 2026, 03:17 PM
Sentiment sits in greedy territory at 69, supported by positive ETF flows on both BTC (+$134.50M) and ETH (+$87.00M) and mild positive funding. Yet futures open interest has fallen 7.4% over the week and futures volumes are down 18.7%, suggesting leverage is being trimmed rather than added despite the upbeat tone.
Liquidity looks stable: stablecoin supply is $311.60B, up 0.7% over 30 days, with an SSR of 5.441 and a Bitcoin/M2 ratio of 0.538. CEX reserves rose 3.1% to $295.24B, Binance holding 60.7%. Macro oscillators remain modest, and fundraising of $634.32M was down 72.7% month over month.
On-chain valuation reads neutral-to-cheap. BTC MVRV Z-Score of 0.934, NUPL of 0.365 and aSOPR of 0.993 sit in neutral bands, while Reserve Risk flags undervalued against a $53,499 realized price. ETH looks weaker, with MVRV Z-Score of -0.453 and NUPL of -0.161 described as bottom or undervalued. Miners remain a watch point, with 8.7% unprofitable and a shutdown price near $45,552.
Overall, flows and valuation are constructive while declining leverage and weak fundraising suggest caution. The picture is one of steady accumulation rather than broad speculative expansion, with volatility metrics still historically low.
Auto-generated by AI from current dashboard data, for reference only; not investment advice.