- US spot Bitcoin ETF inflows signal renewed institutional demand after weaker Q1 flows.
- Coinbase spot data shows buyers absorbing supply as Bitcoin returns to the low-$80K range.
- Bitcoin options volatility falls, while $82K gamma risk may amplify sharp price moves.
US spot Bitcoin ETF flows have returned to positive territory as the asset recovered from its first-quarter drawdown. ,According to the Glassnode report, steady inflows now suggest institutional demand is rebuilding after months of weak appetite and heavy outflows.
The recovery in ETF demand has been persistent. It was not driven by one large allocation spike. Glassnode said the renewed inflows point to steady accumulation as market conditions improve. The strength of ETF buying has also increased with price gains.
Source: Glassnode
Bitcoin Spot Demand Improves With ETF Inflows
The change marks a stronger setup than earlier this year. During the first-quarter drawdown, ETF outflows created repeated sell pressure. That pressure had limited several recovery attempts.
According to the report, ETF flows are now acting as a tailwind for Bitcoin. If inflows remain steady, they could help the asset test higher supply zones in the coming weeks.
Spot market activity has also improved. Coinbase Spot Volume Delta turned sharply positive over the past two weeks. The shift came as Bitcoin moved back into the low-$80,000 range.
This contrasts with the first quarter. At that time, negative volume delta showed persistent sell-side pressure. That weakness supported the broader move toward the low-$60,000 area.
The Coinbase data shows repeated buy-side impulses. These were not isolated spikes. The pattern suggests spot demand has started absorbing supply near current levels.
The stronger Coinbase activity also matches the return of ETF inflows. Both signals point to renewed participation from US-based and institutional buyers.
However, on Hyperliquid, net Bitcoin positioning has moved further toward the long side over recent weeks. The shift followed the rebound from the low-$60,000 area.
Net positioning is now near the strongest long bias seen since late 2025. The trend shows stronger speculative confidence. However, higher long exposure can also raise the risk of liquidation-driven pullbacks.
Source: Glassnode
BTC Options Calm as Gamma Risk Builds Near $82K
Options markets show a calmer structure. Bitcoin front-month implied volatility fell from 39% to 34.6% over the past week. Longer-dated maturities also moved lower by about 1 to 2 volatility points.
The decline shows traders are pricing fewer large near-term moves. It also means the cost of options has fallen across maturities. The move was strongest at the front end of the curve.
Source: Glassnode
According to the report, Skew has also normalized. The one-week 25-delta skew moved from about -10% to -4% over the past week. One-month, three-month, and six-month tenors also lost about 1 to 2 points of put premium.
This shows that demand for downside protection has eased. Skew remains in put territory across maturities. Still, the compression suggests hedging demand is softening.
Dealer positioning remains important near current levels. The largest negative gamma cluster sits at the $82,000 strike with about $2.6 billion in exposure. Positive gamma builds near $85,000 with close to $1.8 billion.
A move toward $82,000 could trigger reactive dealer hedging. That may amplify price action. Near $85,000, positive gamma could instead reduce volatility.
However, macro pressure remains part of the backdrop. Treasury yields rose on Wednesday after hotter-than-expected April wholesale price data. The 10-year US Treasury yield reached 4.49%, its highest level since July 17.
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