Futures Open Interest also dropped 2.9%, which usually signals that traders are not as enthusiastic about adding leverage during uncertain conditions. However, Glassnode also notes that Long-Side Funding Payments have jumped 136.6%, a sign that demand for long Bitcoin exposure has reappeared.\u00a0<\/p>\n
That bullish signal is not staying dominant for long, though. The firm highlights a steep 278.7% decline in Perpetual CVD, which points to strong sell-side pressure still showing up in the perpetual market, where downside control can quickly affect broader sentiment.<\/p>\n
Sentiment from traditional finance has also softened. Glassnode points to a 6.1% drop in US Spot Bitcoin ETF MVRV, alongside a sharp deterioration in ETF net flows, implying weaker conviction from institutional players.\u00a0<\/p>\n
Bear Cycle Targets<\/h2>\n
Beyond sentiment, Glassnode\u00a0noted that long-term holder dominance continues to build, while NUPL and the Realized Profit-to-Loss Ratio have weakened sharply. Those shifts typically align with fading optimism\u2014less \u201ceuphoria,\u201d more defensive behavior as traders reassess risk after the pullback.<\/p>\n
Putting those signals together, Glassnode\u2019s conclusion is that the Bitcoin market structure is beginning to soften. Momentum, spot demand, and speculative positioning are all described as weakening across the board.\u00a0<\/p>\n