BlockBeats News, April 21st, Glassnode stated in its latest report that despite continued strong buying interest providing some price support, market sentiment is turning cautious. Data shows that the spot Cumulative Volume Delta (CVD) has shifted from positive to negative, selling pressure is increasing, and bearish sentiment is emerging. At the same time, trading activity on centralized exchanges remains high.

In the futures market, an increase in open interest indicates a rising risk appetite, but the long funding rate has significantly decreased. Perpetual futures CVD has plummeted, indicating traders are more willing to pay a premium to go short, buyer initiative has weakened, and bearish sentiment is increasing.

Regarding the options market, the reduced demand for downside protection may ease bearish sentiment, but the contraction of open interest contracts could signal profit-taking, which will affect future volatility. A narrowing of the volatility spread implies a shift in market sentiment from risk pricing to neutrality.

ETFs have become a highlight, with the MVRV ratio and net flows of US spot ETFs increasing. Profitability and investor interest are growing, trading activity has significantly risen, indicating a growing enthusiasm for participating in Bitcoin through regulated channels, with a cautiously optimistic market sentiment.

On the liquidity front, hot money shares are decreasing, and the realized market cap change negative value is narrowing, indicating dominance by old money and easing net outflows. The ratio of short-term to long-term holder supply remains stable, with long-term holder confidence steady.