Glassnode: Futures and spot market buying activity are simultaneously strengthening, driving Bitcoin up to $82k, but the market has now become more balanced.

Golden Finance reports that on May 12, Glassnode’s latest weekly report indicates that Bitcoin slowly climbed from $77k to $82k last week, with buying interest continuously absorbing the pullback, even as momentum near local highs begins to cool. Spot CVD surged, reflecting strong bullish sentiment and firm belief in price increases. Meanwhile, spot trading volume also increased, indicating that recent price movements have gained more support from increased investor participation. However, the easing of price momentum suggests that buying and selling pressures are becoming more balanced, implying the market may be entering a stabilization phase.
The situation in the futures market is similar, with risk appetite rising. Open interest in futures contracts increased, indicating intensified speculative activity and investors’ willingness to take on more risk; perpetual contract CVD soared, showing that bullish momentum continues. However, declining funding rates for longs suggest a market shift toward bears, and bullish sentiment may be weakening.
In the options market, demand for downside protection decreased, with open interest rising, indicating market expectations are shifting toward neutrality or slight optimism. However, volatility skew surged significantly, indicating that the risk reflected in option pricing is much higher than actual risk, highlighting increased uncertainty among participants.
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, slowed capital inflows and cautious market sentiment suggest that the market remains sensitive to changes in risk appetite.