Glassnode: Market long short game intensifies, spot CVD turns negative, indicating increased selling pressure, but ETF fund inflows provide support According to BlockBeats, on April 21st, Glassnode stated in its latest report that although buying interest remains strong, providing some buffer for prices, market sentiment is turning cautious. The data shows that the cumulative trading volume increment (CVD) of spot goods has turned from positive to negative, and the selling pressure has increased, indicating an initial bearish sentiment. At the same time, centralized exchanges are active in trading and market participation remains high. In the futures market, the increase in open interest contracts indicates an increase in risk appetite, but the rate of long funds has significantly decreased, and the CVD of perpetual contracts has sharply declined, indicating that traders are more willing to pay premiums for short selling, and the buyer's initiative has weakened, leading to an increase in bearish sentiment. In terms of the options market, the demand for downside protection has decreased, and bearish sentiment may ease to some extent. However, the contraction of open interest contracts may mean profit taking, which will affect subsequent volatility. The narrowing of the volatility spread implies a shift in market sentiment from risk pricing to neutrality. The ETF field has become a highlight, with the MVRV ratio and net traffic of US spot ETFs increasing, profitability and investor interest strengthening, and trading activity significantly increasing, indicating a growing enthusiasm for participating in Bitcoin through regulated channels, and market sentiment cautiously optimistic. In terms of liquidity, the decrease in the share of hot money and the narrowing of negative market value changes indicate that old money dominates and net outflows ease. The supply ratio between short-term and long-term holders is stable, and the confidence of long-term holders is stable.