glassnode: The recent rise in Bitcoin has been driven by strong spot and derivatives market buying, but the market has now reached equilibrium.

BlockBeats news, on May 12, glassnode's latest weekly report indicated that Bitcoin slowly climbed last week from $77,000 to $82,000, with sustained buying during the pullback, even as momentum began to cool near local highs. Spot CVD soared, reflecting strong bullish sentiment and firm conviction in price increases. Meanwhile, spot trading volume also rose, showing that the recent price movement received more support as investor participation increased. However, the moderation in price momentum indicates a more balanced pressure between buyers and sellers, suggesting the market may be entering a stabilization phase.

The situation in the futures market is similar, with a rise in risk appetite. Open interest in futures has increased, indicating intensified speculative activity and investors' willingness to take on more risk; perpetual contract CVD surged, showing bullish momentum persists. However, long funding payments have declined, signaling a market shift toward shorts and a potential weakening of bullish sentiment.

In the options market, demand for downside protection has decreased while open interest has risen, suggesting the market outlook has shifted to neutral or slightly bullish. However, the volatility spread has soared, indicating that the risks reflected in option pricing are much higher than actual risk, highlighting a significant increase in participant uncertainty.

In summary, with stronger on-chain activity, healthier profitability, and more stable holder positions, Bitcoin’s market structure continues to improve. Although bullish sentiment is strengthening, the slower pace of capital inflows and cautious market mood indicate the market remains sensitive to changes in risk appetite.