Glassnode: BTC spot demand weakens amid rising downside bets in options

According to a weekly report from Glassnode, Bitcoin's (BTC) upward momentum is slowing despite a recent rebound from the high $60,000s to over $82,000, with the price correcting to the $77,000 range. The firm's analysis points to several indicators of weakening sentiment, including a sharp 848.7% decrease in Spot Cumulative Volume Delta (CVD), which signals a significant rise in selling pressure. Although spot trading volume increased by 4.2%, the activity was not driven by strong buying conviction. In derivatives, futures open interest (OI) fell by 2.9%, suggesting a slight pullback in leverage. Conversely, a 136.6% jump in funding rates for long positions indicates some traders are still betting on a price increase. However, the options market shows a 42.8% rise in the 25-delta skew, reflecting greater demand for downside hedging. Glassnode also noted that slowing net inflows into U.S. spot Bitcoin ETFs are further dampening institutional investor sentiment.