BTC Market Pulse: Week 21

insights.glassnodeОпубликовано 2026-05-18Обновлено 2026-05-18

Введение

The Bitcoin market in Week 21 shows a softening structure with mixed signals across segments. Spot market activity increased (volume +4.2%) but was driven by selling pressure, as indicated by a sharp -848.7% drop in Spot CVD. Futures markets exhibit caution, with open interest declining -2.9%, yet a +136.6% surge in long-side funding hints at bullish positioning. This is contrasted by a severe -278.7% drop in Perpetual CVD, pointing to dominant sell-side pressure. Options traders are positioning for downside risk, with the 25-Delta Skew rising +42.75%. Open interest and volatility spread also grew, signaling anticipation of higher price swings. Traditional finance sentiment weakened, with ETF netflows deteriorating and MVRV falling -6.1%, though ETF trade volume rose +7.0%. On-chain metrics show cooling liquidity and profitability, with NUPL and the Realized Profit/Loss Ratio weakening sharply. However, long-term holder dominance continues to build, providing underlying market resilience amid fading euphoria and increasingly defensive positioning.

Concurrently, a pronounced shift towards selling pressure has been observed, with Spot CVD decreasing by 848.7%. Despite this shift, Spot Volume has risen by 4.2%, indicating increased trading activity, potentially driven by increased interest in trading, rather than a bullish market sentiment.

In the futures market, a 2.9% decrease in Futures Open Interest suggests a cautious market stance with a reduced appetite for leveraging amidst uncertain market conditions. However, a significant 136.6% increase in Long-Side Funding Payment indicates a renewed demand for long positions, suggesting a stronger bullish sentiment among traders. Nonetheless, a sharp 278.7% decline in Perpetual CVD highlights substantial sell-side pressure, suggesting a bearish sentiment dominating the market.

The options market has seen a 42.75% increase in the Options 25-Delta Skew, indicating a significant shift towards bearish sentiment as traders seek more downside protection. Despite the cautious market sentiment, Options Open Interest and Volatility Spread have increased by 1.7% and 124.52% respectively, indicating growing market participation and anticipation of greater future price volatility.

TradFi sentiment has softened, with US Spot ETF MVRV falling 6.1% and ETF Netflows deteriorating sharply, pointing to weaker institutional conviction. Despite this, ETF Trade Volume rose 7.0%, while on-chain activity remained mixed, with Active Addresses declining and Entity-Adjusted Transfer Volume increasing, suggesting quieter network usage alongside continued large-scale capital movement.

Liquidity and profitability metrics continue to cool, although market structure remains relatively stable. Long-term holder dominance continues to build, while NUPL and the Realized Profit-to-Loss Ratio weakened sharply, reflecting fading euphoria and increasingly defensive positioning.

Overall, Bitcoin’s market structure is beginning to soften as momentum, spot demand, and speculative positioning weaken across the market. Options traders are increasingly positioning for downside protection, although stable liquidity conditions and long-term holder strength continue to provide a layer of resilience.

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Disclaimer: This report does not provide any investment advice. All data is provided for information and educational purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.

Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies.

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Связанные с этим вопросы

QAccording to the report, what is the overall sentiment in the Bitcoin market based on the data presented?

AThe overall sentiment is bearish and defensive. The market structure is softening with weakening momentum, spot demand, and speculative positioning. While stable liquidity and long-term holder strength provide some resilience, the report highlights dominant sell-side pressure, bearish options positioning, and fading euphoria as key themes.

QWhat does the sharp 278.7% decline in Perpetual CVD indicate about market activity?

AThe sharp 278.7% decline in Perpetual CVD (Cumulative Volume Delta) indicates substantial sell-side pressure in the futures market. This metric suggests that selling volume is significantly outpacing buying volume on perpetual futures contracts, pointing to a bearish sentiment dominating among futures traders.

QDespite negative overall sentiment, which metric showed a significant increase suggesting renewed speculative bullish interest?

AThe Long-Side Funding Payment increased by 136.6%. This significant increase indicates a renewed demand for long positions in the futures market, suggesting a stronger bullish sentiment specifically among traders using leverage, even amid cautious market conditions.

QHow did TradFi (Traditional Finance) institutional sentiment towards Bitcoin evolve according to the report?

ATradFi sentiment softened and showed weaker institutional conviction. Key indicators are the US Spot ETF MVRV falling by 6.1% and ETF Netflows deteriorating sharply. However, ETF Trade Volume rose by 7.0%, indicating continued trading activity despite the weaker conviction.

QWhat do the changes in Options 25-Delta Skew and Options Volatility Spread suggest about trader expectations?

AThe 42.75% increase in the Options 25-Delta Skew indicates a significant shift towards bearish sentiment, as traders are seeking more downside protection (put options). Concurrently, the 124.52% increase in the Options Volatility Spread suggests traders are anticipating greater future price volatility in the market.

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