Huoxing Finance reports that, according to Glassnode’s latest weekly report on May 12, Bitcoin slowly rose from $77,000 to $82,000 last week, with sustained buying pressure during pullbacks, even as price momentum began to cool near local highs. Spot CVD surged, reflecting strong bullish sentiment and firm conviction in further price gains. Meanwhile, spot trading volume also increased, indicating that recent price movements received additional support from heightened investor participation. However, the moderation in price momentum suggests a more balanced supply-demand dynamic, hinting that the market may be entering a consolidation phase. The futures market showed similar trends, with rising risk appetite. Open interest in futures contracts increased, signaling heightened speculative activity and greater willingness among investors to take on risk; perpetual contract CVD surged, indicating sustained bullish momentum. However, a decline in long funding rates suggests a shift toward short positions, implying a possible weakening of bullish sentiment. In the options market, demand for downside protection decreased while open interest rose, indicating a shift in market expectations toward neutral or slightly bullish outlooks. Nevertheless, volatility skew surged significantly, suggesting that the risk priced into options far exceeds actual market risk—reflecting a marked increase in participant uncertainty. Overall, Bitcoin’s market structure continues to improve, supported by stronger on-chain activity, healthier profitability, and more stable holder positioning. While bullish sentiment is strengthening, slowing capital inflows and cautious market sentiment suggest the market remains sensitive to shifts in risk appetite.
Glassnode: Bitcoin Rises on Strong Buy Pressure, Market Now Balancing
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Summary
Bitcoin’s price today rose from $77,000 to $82,000, supported by strong buying pressure during market pullbacks. Spot CVD surged, indicating bullish sentiment, while higher spot volume reflected increased market participation. Price momentum is moderating, suggesting a more balanced market. Futures activity showed rising risk appetite, with increased open interest and positive perpetual CVD, though long funding rates declined. Options markets saw reduced demand for downside protection and rising open interest, but volatility spreads widened significantly. On-chain activity and holder positions remain robust, reinforcing Bitcoin price prediction models.
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