10 articles · Updated · Glassnode Insights · May 4
US spot Bitcoin ETFs saw $783.4m in net outflows, while price momentum fell 3.5%, net buying pressure dropped 28.6%, and trading activity declined 13.3%.
Futures open interest rose 3.0%, but perpetual CVD swung from $120.5m to -$101.4m, signalling stronger sell-side pressure; options skew and volatility spread also pointed to caution over downside risks.
On-chain data was steadier, with daily active addresses up 6.4% and short-term holder supply falling, suggesting firmer conviction among remaining participants despite softer institutional demand and lower large-scale transfer activity.
Are institutional investors losing interest, or are ETF outflows just masking a strategic shift to long-term accumulation?
With leveraged shorts piling up, is Bitcoin coiled for a massive short squeeze or a liquidation cascade?