Glassnode: BTC market momentum weakens, selling pressure intensifies, options market shifts to defense On May 19th, according to Glassnode's weekly report, Bitcoin rose from a high of $60K to a local peak of $82K, but its momentum significantly declined. The current price has fallen back to the $77K range, and sellers have regained market dominance in the short term. In terms of the spot market, CVD decreased significantly by 848.7%, although spot trading volume increased slightly by 4.2%, overall reflecting an increase in trading activity rather than bullish sentiment. The open interest contracts in the futures market decreased by 2.9%, and the CVD of perpetual contracts decreased by 278.7%, indicating a contraction in leverage demand and continued intensification of selling pressure; Long position fund payments increased by 136.6% against the trend, indicating that some traders are still maintaining bullish bets. The 25 Delta skewness in the options market increased by 42.75%, with traders clearly shifting towards a downward protection configuration. The volatility spread widened by 124.52%, and the market's expectations for future price fluctuations have risen. On the traditional financial side, the MVRV of US spot ETFs decreased by 6.1%, with a significant deterioration in net flow and weakened institutional confidence; The number of active addresses on the chain has decreased, but the transfer volume has increased after entity adjustment, indicating that large capital flows are still ongoing. NUPL and the realization of profit and loss ratio both weakened, and market sentiment tended to be defensive. Overall, the structure of the Bitcoin market is beginning to soften, but the proportion of long-term holders continues to increase and liquidity conditions are relatively stable, providing some support for the market.