Data: Bitcoin spot and perpetual contract selling pressure surges, options market shifts to bearish protection

By: rootdata|2026/05/20 04:45:01

Glassnode stated that the signals from various Bitcoin derivatives markets are diverging, and the overall structure is beginning to weaken. A significant shift in selling pressure has been observed, with the cumulative volume delta (CVD) for spot trading plummeting by 848.7%. Nevertheless, spot trading volume has increased by 4.2%, indicating a rise in trading activity, but this may stem more from trading interest rather than bullish sentiment. Open interest has slightly decreased by 2.9%, reflecting a cautious attitude towards leverage in an uncertain environment. However, the funding rate paid by the long side has surged by 136.6%, showing a rebound in demand for long positions and an increase in bullish sentiment among traders. Yet, the CVD for perpetual contracts has sharply declined by 278.7%, highlighting significant selling pressure and indicating that bearish sentiment still dominates.

The 25-Delta Skew for options has risen by 42.75%, as traders seek more downside protection, with the market clearly turning bearish. Meanwhile, open interest and volatility spreads for options have increased by 1.7% and 124.52% respectively, indicating heightened market participation and increased expectations for future price volatility. The MVRV of the US spot ETF has decreased by 6.1%, with net flows for the ETF deteriorating sharply, reflecting a decline in institutional confidence. However, ETF trading volume has risen by 7%. On-chain activity presents a mixed picture: the number of active addresses has decreased, while the adjusted transfer volume has increased, suggesting relatively low network usage, but large amounts of capital continue to move.

Overall, as momentum, spot demand, and speculative positions weaken across the board, the Bitcoin market structure is beginning to soften. Options traders are increasingly hedging against downside risks, liquidity and profitability indicators continue to cool, and the market structure remains relatively stable, but stable liquidity and the strength of long-term holders still provide some resilience to the market.

-- Price

The trusted AI prediction ecosystem Manadia, which has secured $7 million in funding from well-known institutions like OKX, will globally launch in June. The core token UMXM has already been listed on multiple mainstream platforms, inviting you to seize the new blue ocean of the trillion-level predi...

Who is footing the bill for the $64 billion accounting frenzy?

Affected by Bitcoin falling below $60,000, publicly listed companies heavily invested in this asset are facing huge paper losses and valuation discounts, and their debt structure and accounting standards may trigger structural liquidity risks in the future.

Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion

Overview of Important Market Events on June 25

Why do cryptocurrency projects always like to change their names?

In many cases, the old names of encryption projects have no competitive advantage, only historical baggage.

From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework

Give up on heavily investing in Nvidia's "nine major bottlenecks"! This article analyzes the underlying logic behind top AI investors making billions: physical infrastructure such as electricity, HBM, and optical interconnects are the true keys to wealth in AI hardware.

Morning News | The draft amendment to the People's Bank of China Law aims to clarify the legal status of digital renminbi; South Korea will transfer about 40 unregistered virtual asset service providers to law enforcement agencies

Overview of Important Market Events on June 24

The cryptocurrency industry has entered the "Show Me" era: merely relying on vision is no longer enough

The awareness level of the audience in the cryptocurrency industry—including media, institutions, and retail investors—is steadily increasing, and this trend has become a foregone conclusion.

Interpreting the Ethereum Foundation's new structure: Reaffirming self-sovereignty amid institutional trends

The Ethereum Foundation has announced a new five-layer working framework, clarifying the focus of future development and reaffirming its commitment to decentralized core values amidst the wave of institutionalization.

Former SpaceX engineer reconstructs the financial execution system using first principles

Plan Execution Lab completes angel round financing for Singapore family office, with a valuation of 50 million USD.

Standard Chartered Bank sings a 50x rhapsody again, aiming for AAVE to reach 3500 USD

The throne of DeFi lending still exists, but the foundation beneath the throne needs to undergo a reconstruction or reinforcement.

Tidal Investment: We still have a positive outlook on the AI industry chain, but the reasons have changed

The intense financing by tech giants has triggered a panic of "AI peak," but the soaring capital expenditures of the five major cloud vendors and the bottlenecks in physical infrastructure indicate that the AI investment cycle is far from over; the second half of this grand performance has just begu...