TechFlame News: According to the latest report from Glassnode, although buying interest remains strong, providing a certain cushion for prices, market sentiment is turning cautious. Data shows that the spot cumulative volume delta (CVD) has turned from positive to negative, with selling pressure rising and bearish sentiment emerging. At the same time, trading activity on centralized exchanges remains high, maintaining elevated market participation. In the futures market, an increase in open interest indicates rising risk appetite, but the long funding rate has significantly declined, and the perpetual contract CVD has sharply dropped, suggesting that traders are more willing to pay a premium for short positions, with reduced buyer initiative and growing bearish sentiment. In the options market, the reduced demand for downside protection may indicate a moderation in bearish sentiment, but the contraction in open interest could signal profit-taking, which may impact subsequent volatility. The narrowing volatility spread suggests a shift in market sentiment from risk pricing to neutrality. The ETF sector stands out as a bright spot, with the MVRV ratio and net inflows of U.S. spot ETFs rising, indicating enhanced profitability and investor interest. Trading activity has increased significantly, reflecting growing enthusiasm for Bitcoin participation through regulated channels, with market sentiment cautiously optimistic. In terms of liquidity, the decline in hot money share and the narrowing negative change in realized market capitalization suggest that old money is dominating and net outflows are easing. The supply ratio between short-term and long-term holders remains stable, indicating solid confidence among long-term holders.