Glassnode: Strong buying in both the futures and spot markets drove the recent rise in Bitcoin, but the market has now reached a balance.

According to Mars Finance, Glassnode's latest weekly report on May 12th indicates that Bitcoin slowly climbed from $77,000 to $82,000 last week, with buying continuing to support the price during pullbacks, even as momentum began to cool near local highs. The spot CVD surged, reflecting strong bullish sentiment and a firm belief in further price increases. Simultaneously, spot trading volume also increased, suggesting that recent price movements have gained more support due to increased investor participation. However, the easing of price momentum indicates a more balanced buying and selling pressure, suggesting the market may be entering a stabilization phase. A similar situation exists in the futures market, with risk appetite rising. Increased open interest in futures contracts indicates heightened speculative activity, with investors willing to take on more risk; the surge in perpetual contract CVD suggests continued bullish momentum. However, declining long position payments indicate a shift towards short positions, and bullish sentiment may be weakening. In the options market, decreased demand for downside protection and an increase in open interest suggest a shift in market expectations towards neutral or slightly bullish. However, the sharp rise in volatility spreads indicates that the risk reflected in option pricing is far higher than the actual risk, reflecting a significant increase in participant uncertainty. In summary, Bitcoin's market structure continues to improve, supported by stronger on-chain activity, healthier profitability, and more stable holder positioning. Despite strengthening bullish sentiment, slowing capital inflows and cautious market sentiment suggest that the market remains highly sensitive to changes in risk appetite.