According to Glassnode’s weekly report on May 12, Bitcoin rallied from $77,000 to $82,000 last week, with buying pressure absorbing pullbacks despite cooling momentum at local highs. Spot CVD surged, reflecting strong bullish sentiment, while spot trading volume increased, indicating growing investor participation. However, easing price momentum suggests balanced buy-sell pressure, signaling a potential consolidation phase. In the futures market, open interest rose amid increased speculative activity, though long funding payments declined, indicating a shift toward bearish sentiment. Options market data showed reduced demand for downside protection and elevated volatility spreads, reflecting increased participant uncertainty.
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