Glassnode's latest report reveals a weakening Bitcoin market structure as the cryptocurrency's price retreats from its recent high of over $82,000 to around $77,000. The report highlights a significant increase in selling pressure, with Spot CVD plummeting by 848.7% and Perpetual CVD dropping by 278.7%, indicating a seller-dominated market in both spot and perpetual futures. In the options market, the 25-Delta Skew rose by 42.75%, reflecting traders' increased demand for downside protection. Despite a 4.2% rise in spot trading volume, net inflows into U.S. Bitcoin spot ETFs have sharply declined, and the MVRV ratio has decreased by 6.1%, pointing to waning institutional confidence. Additionally, while long-term holder dominance is on the rise, metrics like NUPL and the realized profit/loss ratio have weakened, suggesting a broad erosion of market sentiment.