Bitcoin Rolls Over From $82K Peak as Spot Demand, ETF Flows, and Speculative Positioning All Weaken

Bitcoin rallied from the high-$60Ks into a local peak above $82K before momentum faded, with price now pulling back toward the mid-$77K range as sellers reassert short-term control. Spot CVD has deteriorated sharply — down 848.7% — even as spot volume ticked up 4.2%, a divergence that points to heightened trading activity driven by sellers rather than fresh bullish conviction.

In derivatives, futures open interest fell 2.9% and perpetual CVD collapsed 278.7%, underscoring broad sell-side dominance. The options market is pricing in more downside: the 25-Delta skew jumped 42.75%, while volatility spread surged 124.52%, signalling that traders are actively hedging against further weakness. Long-side funding payments did rise 136.6%, suggesting some speculative longs are holding firm, but that alone isn't enough to shift the structural read.

On the institutional side, US spot ETF MVRV…