Glassnode: Bitcoin spot and perpetual contract selling pressure surges, options market shifts to put protection BlockBeats News: On May 19th, Glassnode announced that the signals of various derivatives markets of Bitcoin have diverged, and the overall structure has begun to weaken. A significant shift in selling pressure has been observed, with the cumulative difference in spot trading volume (CVD) plummeting by 848.7%. Nevertheless, the spot trading volume increased by 4.2%, indicating an increase in trading activity, but it may be more due to trading interest rather than bullish sentiment. Open interest contracts slightly decreased by 2.9%, reflecting the market's cautious attitude towards leverage in an uncertain environment. However, the payment rate for long side funds increased significantly by 136.6%, indicating a rebound in demand for long positions and an increase in bullish sentiment among traders. However, the perpetual contract CVD has sharply decreased by 278.7%, highlighting a significant amount of seller pressure and indicating that bearish sentiment still dominates. Option 25 Delta Skew rose 42.75% as traders seek more downside protection and the market clearly turns bearish. At the same time, the open interest contracts and volatility spread of options increased by 1.7% and 124.52% respectively, indicating an increase in market participation and expectations for future price fluctuations. The MVRV of US spot ETFs decreased by 6.1%, and the net flow of ETFs deteriorated sharply, weakening institutional confidence. However, ETF trading volume increased by 7.0%. On chain activities are mixed: the number of active addresses has decreased, while the transfer volume has increased after entity adjustments, indicating relatively low network usage, but large-scale funds continue to move. Overall, as momentum, spot demand, and speculative positions weaken across the board, the structure of the Bitcoin market is beginning to soften. More and more option traders are hedging against downside risks, and liquidity and profit indicators continue to cool down. The market structure remains relatively stable, but stable liquidity and the power of long-term holders still provide some resilience to the market. [Original link]