glassnode: Futures and Spot Market Buyer Power in Sync Driving Recent Bitcoin Rally, But Now Balanced

BlockBeats News, May 12th, Glassnode's latest weekly report pointed out that Bitcoin climbed slowly from $77,000 to $82,000 last week, with buy pressure continuing to support the dip, even as momentum near local highs began to cool off. Spot CVD surged, reflecting strong bullish sentiment and a firm belief in price appreciation. At the same time, spot volume also increased, indicating that the recent price action has received more support from increased investor participation. However, the moderation of price momentum indicates a more balanced buy-sell pressure, implying that the market may be entering a consolidation phase.

A similar situation is seen in the futures market, with an increase in risk appetite. Open interest in futures contracts has risen, indicating intensified speculative activity where investors are willing to take on more risk; perpetual contract CVD surges, indicating a sustained bullish momentum. However, long funds' outflows are decreasing, indicating a shift to bearish sentiment, suggesting that the bullish sentiment may be weakening.

On the options market front, the demand for downside protection is decreasing while open interest is rising, indicating a market expectation shift towards neutral or slightly bullish. However, the volatility skew has soared significantly, indicating that the risk reflected in options pricing is much higher than the actual risk, reflecting a significant increase in participants' uncertainty.

In summary, supported by stronger on-chain activity, healthier profitability, and more stable holder positions, Bitcoin's market structure continues to improve. Although bullish sentiment is strengthening, the slowdown in capital inflows and cautious market sentiment suggest that the market remains sensitive to changes in risk appetite.