Glassnode: The simultaneous strengthening of buying in both futures and spot markets has pushed Bitcoin up to $82000, but the market has now reached equilibrium According to a report by Golden Finance on May 12th, Glassnode's latest weekly report indicated that Bitcoin slowly climbed from $77000 to $82000 last week, with buying continuing to pick up during a pullback, even as momentum began to cool near local highs. The surge in spot CVD reflects strong bullish sentiment and a firm belief in price increases. At the same time, the spot trading volume has also increased, indicating that the recent price trend has gained more support with the increase in investor participation. However, the easing of price momentum indicates a more balanced buying and selling pressure, suggesting that the market may enter a stabilization phase. The situation in the futures market is similar, with an increase in risk appetite. The increase in the number of open futures contracts indicates intensified speculative activity and investors' willingness to take on more risks; The surge in perpetual contract CVD indicates a sustained bullish trend. However, the decrease in long fund payments indicates a shift towards bears in the market, and bullish sentiment may have weakened. In terms of the options market, the demand for downside protection has decreased, and the number of open contracts has increased, indicating a shift towards neutral or slightly bullish market expectations. However, the significant surge in volatility spreads indicates that the risk reflected in option pricing is much higher than the actual risk, reflecting a significant increase in uncertainty among participants. Overall, supported by stronger on chain activity, healthier profitability, and more stable holder positions, the market structure of Bitcoin continues to improve. Despite the increasing bullish sentiment, the slowdown in capital inflows and cautious market sentiment indicate that the market is still sensitive to changes in risk appetite.