Bitcoin Spot and Perpetual CVD Plunges 848%, Options Signal Shift to Downside Protection

According to Glassnode, Bitcoin spot and perpetual futures markets show diverging signals today, with cumulative volume deltas (CVD) plummeting 848.7% in spot and 278.7% in perpetuals, indicating substantial selling pressure. Spot trading volume rose 4.2%, but long-side funding rates surged 136.6%, suggesting increased demand for leveraged long positions amid uncertain market conditions. Open interest declined 2.9%, reflecting cautious positioning.

Options markets shifted notably bearish as the 25-Delta Skew climbed 42.75%, signaling traders are seeking additional downside protection. Options open interest and volatility spreads increased 1.7% and 124.52% respectively, reflecting heightened market participation and greater price volatility expectations. U.S. spot ETF MVRV fell 6.1%, with net flows deteriorating sharply, though ETF trading volume rose 7%.