TechFlow News: On May 12, Glassnode released its Week 20 BTC Market Report, stating that BTC rose last week from above $77,000 to below $82,000, with strengthened spot demand and futures activity and sustained buying absorbing pullbacks. The report indicates that Spot Cumulative Volume Delta (CVD), spot trading volume, futures open interest, and perpetual contract CVD all increased—reflecting a recovery in market risk appetite. However, price momentum slowed, and funding rates for long positions declined, signaling a marginal cooling of bullish sentiment. In the options market, demand for downside protection decreased and open interest rose, yet volatility spreads widened, suggesting persistently high market uncertainty. On-chain metrics show increases in daily active addresses, entity-adjusted transaction volume, and total fees, while profitability indicators improved—indicating continued structural recovery across the market.
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