Glassnode: Active addresses decline, ETF inflows improve, Bitcoin enters a wait-and-see phase

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Mars Finance News, on May 26, over the past week, Bitcoin's price dropped from $79,000 to a local low of about $74,000, then rebounded to around $77,000, with price momentum decreasing by 21.7%, reflecting weak price trends and increasing selling pressure. Meanwhile, spot CVD and perpetual CVD rose by 77.2% and 35.5%, respectively, indicating that selling pressure is easing and market sentiment is becoming more balanced. Market activity has also cooled down, with spot trading volume down 10%, and open interest in futures contracts decreasing by 3.5%, showing reduced speculative interest and a more cautious market environment. Despite this, signs of renewed risk appetite are beginning to appear. Long funding rates surged by 135.4%, highlighting strong demand for long positions and improving bullish sentiment. In the options market, the 25-Delta Skew slightly increased, indicating a modest rise in demand for downside protection, while open interest remained stable, suggesting positions are still intact. In traditional financial markets, the US spot ETF's MVRV increased by 0.69%, indicating a slight expansion in unrealized gains for ETF holders. At the same time, ETF net inflows improved by 28.9%, easing outflows and stabilizing sentiment, but ETF trading volume decreased by 22.9%, indicating a slowdown in speculative activity. Regarding network activity, the number of daily active addresses and adjusted transfer volume slightly declined, implying the market may be entering a consolidation phase or investor activity is waning. Liquidity indicators show a more stable liquidity environment, with the market exhibiting higher confidence and lower speculative activity. However, profitability indicators suggest increasing market pressure. The net unrealized profit and loss ratio dropped significantly, and the realized profit and loss ratio indicates that more losses are being realized than gains, reflecting cautious and potentially bearish market sentiment. Overall, the market shows signs of easing and consolidation, characterized by reduced activity, cautious sentiment, and some risk appetite. This complex situation underscores the importance of closely monitoring market dynamics and investor behavior.
BTC-0.31%
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IdleFishDaoMember
· 2h ago
Risk appetite is rising again but momentum is declining; this sense of contradiction feels very familiar.
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On-ChainHealthInspector
· 10h ago
Rapid increase in fees + consolidation, a classic prelude to a big move?
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GateUser-f7b40cee
· 10h ago
Liquidity stabilizing is a good thing, at least it won't cause random spikes.
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ColdBrewSparklingWater
· 10h ago
77k this position is quite awkward, both above and below are awkward
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StakingDaydreamer
· 11h ago
The rise in CVD indicates buying interest is coming in, but with such high rates, leveraged longs are a bit aggressive.
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RecedingTideAfterTheRain
· 11h ago
Network activity has decreased, on-chain data is relatively cold.
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LatencyLullaby
· 11h ago
Spot CVD and perpetual divergence, this signal needs careful analysis
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FrictionlessFred
· 11h ago
Profitability indicator pressure increases, seasoned investors are starting to become cautious
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OneUnfilledOrder
· 11h ago
ETF trading volume declines, institutions are also waiting for direction
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SweepTheFloor
· 11h ago
The consolidation period is the most exhausting; it's not wrong to lighten your position.
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