Glassnode: BTC Market Momentum Weakens, Selling Pressure Intensifies, Options Market Shifts to Defensive Mode

According to Glassnode’s weekly report, Bitcoin’s momentum has noticeably weakened following its rally from the $60K level to a local peak of $82K; the price has since pulled back to the $77K range, with sellers regaining short-term control of the market. In the spot market, the Cumulative Volume Delta (CVD) plunged 848.7%. Although spot trading volume rose modestly by 4.2%, this overall reflects heightened trading activity—not bullish sentiment. In the futures market, open interest declined by 2.9%, and perpetual contract CVD dropped 278.7%, indicating shrinking leverage demand and intensifying selling pressure. Meanwhile, long funding payments rose逆势 by 136.6%, suggesting that some traders continue to hold bullish positions. In the options market, the 25-Delta skew increased by 42.75%, signaling traders’ clear shift toward downside protection; the volatility skew widened by 124.52%, reflecting rising market expectations for future price volatility. On the traditional finance front, the MVRV ratio of U.S. spot ETFs fell 6.1%, while net inflows deteriorated significantly—indicating weakening institutional confidence. On-chain active addresses declined, yet entity-adjusted transfer volume rose, suggesting continued large-capital movements. Both NUPL and the Realized Profit/Loss Ratio weakened, pointing to a more defensive market sentiment. Overall, Bitcoin’s market structure is beginning to soften. However, the proportion of long-term holders continues to rise, and liquidity conditions remain relatively stable—providing some underlying support to the market.