TechFlow News: According to Glassnode’s weekly report released on May 19, Bitcoin’s momentum has notably weakened following its rally from the $60K level to a local peak of $82K; the price has since retreated to the $77K range, with sellers regaining short-term dominance.
In the spot market, CVD dropped sharply by 848.7%. Although spot trading volume rose modestly by 4.2%, this reflects increased trading activity rather than bullish sentiment. In the futures market, open interest declined by 2.9%, while perpetual contract CVD fell by 278.7%, indicating reduced leverage demand and intensifying selling pressure. Notably, long funding payments rose逆势 by 136.6%, suggesting that some traders remain bullish.
In the options market, the 25-Delta skew increased by 42.75%, signaling a clear shift toward downside protection; the volatility spread widened by 124.52%, reflecting heightened market expectations for future price volatility.
On the traditional finance front, the MVRV ratio for U.S. spot ETFs declined by 6.1%, with net inflows deteriorating significantly—indicating weakening institutional confidence. On-chain active addresses decreased, yet entity-adjusted transfer volume rose, suggesting continued large-capital movements. Both NUPL and the Realized Profit/Loss Ratio weakened, pointing toward a more defensive market sentiment.
Overall, Bitcoin’s market structure is beginning to soften; however, the proportion of long-term holders continues to rise, and liquidity conditions remain relatively stable—providing some underlying support to the market.
