ME News reports that, on May 19 (UTC+8), Glassnode’s weekly report indicated that after Bitcoin rebounded from the $60,000 high to above $82,000, short-term momentum has weakened, and the price is now retreating toward the $77,000 range. Selling pressure in the spot market has significantly increased, with Spot CVD declining by 848.7% and Perpetual CVD dropping by 278.7%, indicating that sellers are dominating both the spot and perpetual futures markets. Meanwhile, the 25-Delta Skew in the options market rose by 42.75%, suggesting traders are increasing downside protection. Although spot trading volume saw a modest 4.2% increase, net inflows into U.S. Bitcoin spot ETFs deteriorated sharply, and the MVRV ratio fell by 6.1%, signaling weakening institutional confidence. While long-term holder dominance continues to rise, NUPL and the realized profit/loss ratio have significantly weakened, indicating a broad erosion of overall market sentiment. (Source: Foresight News)
Glassnode: Bitcoin Market Structure Weakens, Options Market Provides Downside Protection
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Summary
Glassnode’s latest weekly market report shows Bitcoin’s short-term momentum weakening as the price retreats to around $77,000. Spot CVD dropped 848.7%, and perpetual CVD fell 278.7%, signaling strong selling pressure. The options market saw a 42.75% increase in 25-Delta Skew, as traders enhance downside protection. ETF inflows slowed, and MVRV declined 6.1%, suggesting waning institutional confidence. Long-term holders remain in control, but NUPL and profit-to-loss ratios indicate a bearish shift.
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