Glassnode: Decreased active addresses, improved ETF traffic, Bitcoin enters a wait-and-see phase According to BlockBeats, on May 26th, over the past week, the price of Bitcoin fell from $79000 to a local low of around $74000 before rebounding to around $77000. The price momentum decreased by 21.7%, reflecting a weak price trend and increased selling pressure. At the same time, spot CVD and perpetual CVD increased by 77.2% and 35.5% respectively, indicating that selling pressure is easing and market sentiment is tending towards balance. The market activity has also cooled down, with spot trading volume decreasing by 10% and open futures contracts decreasing by 3.5%, indicating a weakening of speculative willingness and a more cautious market background. Nevertheless, signs of a resurgence in risk appetite are beginning to emerge. The premium rate for long positions surged by 135.4%, highlighting strong demand for long positions and an improvement in bullish sentiment. In terms of the options market, the 25 Delta Skew slightly rose, indicating a slight increase in demand for downside protection, while open contracts remained stable, indicating that positions remained intact. In terms of traditional financial markets, the MVRV of US spot ETFs increased by 0.69%, indicating a slight expansion in unrealized gains for ETF holders. At the same time, the net flow of ETFs improved by 28.9%, the outflow of funds eased, and emotions stabilized, but the trading volume of ETFs decreased by 22.9%, and speculative activities slowed down. In terms of online activities, the daily number of active addresses and the adjusted transfer volume by entities have slightly decreased, indicating that the market may enter a consolidation stage or investor activity may decline. The liquidity indicator shows that the liquidity situation is becoming more stable, and the market presents characteristics of higher certainty and lower speculative activity. However, profit indicators indicate that market pressure may increase. The net unrealized profit and loss ratio has significantly decreased, while the realized profit and loss ratio indicates that losses have been realized beyond profit settlements, reflecting cautious and potentially bearish market sentiment. Overall, the market is showing signs of easing and consolidation, characterized by reduced activity, cautious sentiment, and a certain risk appetite. This complex situation highlights the importance of continuously closely monitoring market dynamics and investor behavior. [Original link]