Bitcoin Falls to $77K from $82K Peak as Market Momentum Weakens, Options Shift Defensive

According to Glassnode's weekly report, Bitcoin has retreated to the $77K range from a local peak of $82K, showing weakened momentum and renewed selling pressure. Spot market CVD declined 848.7% despite a 4.2% increase in trading volume, indicating elevated activity rather than bullish sentiment. Futures open interest fell 2.9%, while perpetual CVD dropped 278.7%, reflecting diminished leverage demand and intensified selling pressure.

Options market 25-Delta skew rose 42.75%, with traders positioning for downside protection, while volatility spread widened 124.52%. U.S. spot Bitcoin ETF MVRV declined 6.1%, signaling weakened institutional confidence despite continued large capital flows on-chain.