Glassnode
Bitcoin rallied from the high-$60Ks into a local peak above $82K before momentum faded, with price now rolling over into a steady pullback toward the mid-$77K range as sellers regain short-term control. The move has been accompanied by a pronounced shift in selling pressure: Spot CVD fell 848.7% while Spot Volume actually rose 4.2%, a combination that points to heavier two-sided activity rather than one-directional capitulation.
Why it matters
The derivatives tape is the cleanest read on positioning. Futures Open Interest dropped 2.9%, signalling a more cautious leveraged stance, even as Long-Side Funding Payments surged 136.6% — a tell that longs are paying up to hold the dip, not that conviction is rebuilding. Perpetual CVD collapsed 278.7% on the same window, putting real weight behind the bearish read. In options, the 25-Delta Skew jumped 42.75%, meaning traders are paying up for puts; Open Interest rose 1.7% and Volatility Spread exploded 124.52%, both consistent with anticipation of a larger range ahead.
Market impact
TradFi participation is softening alongside the on-chain tape. US Spot ETF MVRV slipped 6.1% and net flows deteriorated sharply, while ETF Trade Volume rose 7.0% — institutions are still trading the wrapper, just not accumulating through it. On-chain, Active Addresses declined while Entity-Adjusted Transfer Volume rose, a split that suggests quieter retail activity layered over continued large-scale capital movement. Long-term holder dominance continues to build and NUPL and the Realized Profit-to-Loss Ratio weakened sharply, leaving market structure stable but increasingly defensive — the bid is thinner, and the next move likely belongs to whoever steps in at the long-term holder cost basis.
Source: [BTC Market Pulse: Week 21 — Glassnode Research – Digital Asset Market Intelligence](https://insights.glassnode.com/duplicate-btc-market-pulse-week-21-2026/)
Frequently asked questions
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Why is Bitcoin pulling back from above $82K?
Momentum faded after the local peak and sellers regained short-term control, pulling price into the mid-$77Ks. Spot CVD collapsed 848.7% while Spot Volume rose 4.2%, indicating heavier two-sided trading rather than a one-directional flush.
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What does the 25-Delta Skew jump of 42.75% signal?
The 25-Delta Skew measures the relative price of upside vs. downside options. A 42.75% increase means traders are paying significantly more for downside protection, a classic defensive shift that reflects rising expectations of further declines.
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Are US spot Bitcoin ETFs still seeing inflows?
Net flows deteriorated sharply and US Spot ETF MVRV slipped 6.1%, signalling weaker institutional conviction. ETF Trade Volume still rose 7.0%, so the wrapper continues to trade actively, but accumulation through it has cooled.
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What is the long-term holder dominance telling us?
Long-term holder dominance continues to build even as price pulls back, meaning older coins are not moving onto exchanges. That accumulation provides a structural floor — the bid is thinner, but the holder base is not capitulating.
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Is the pullback a bearish trend reversal or a healthy reset?
The market structure is softening but not breaking. NUPL and the Realized Profit-to-Loss Ratio weakened sharply, yet long-term holder dominance is rising. The read is a defensive reset within a still-intact uptrend rather than a full reversal, though momentum, spot demand, and speculative positioning have all weakened.
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