Glassnode Weekly: Bitcoin Spot and Futures Selling Rises, While ETFs and Long-Term Holders Provide Firm Support

The U.S. Securities and Exchange Commission approved the first spot Bitcoin ETFs on January 10, 2024, allowing traditional capital to gain market exposure through regulated products. On-chain analytics firm Glassnode therefore tracks ETF flows alongside exchange spot activity and derivatives positions to assess whether institutional demand can absorb short-term selling pressure.

Glassnode published its Week 17 BTC Market Pulse on April 20, 2026. Spot CVD turned negative from positive, futures open interest increased and perpetual-contract CVD plunged, while MVRV and net inflows for U.S. spot ETFs both rose. SoSoValue data showed ETF net inflows of $238.37 million on April 20, marking a fifth consecutive trading day of inflows, while the long-term-to-short-term holder supply ratio also remained stable.