Bitcoin (BTC) Spot Selling Deepens With CVD at Minus $80.5 Million

Spot CVD Sinks to Minus $80.5 Million

Minus $80.5 million defines last week's spot tape. Weekly cumulative volume delta (CVD), the running gap between aggressively filled buy orders and aggressively filled sell orders, slid from minus $46.8 million seven days earlier to minus $80.5 million in the Glassnode weekly dataset covering the period through 2026-10-25. The measure keeps only taker flow and strips passive limit orders out, which makes it a clean read on who initiates, and the on-chain analytics firm's conclusion is direct: on centralized exchange spot markets, participants sold harder than they bought, and the imbalance widened through the week rather than closing. The gauge worsened as the Bitcoin (BTC) price completed a round trip. The market pushed to roughly $85,000 last Wednesday, 2026-10-21, then surrendered the advance step by step, dipping below $80,000 on Saturday and again in the early hours of Monday. The price now sits near $79,754, down 0.5% over 24 hours and barely moved since the weekly data landed, so most of last week's range sits overhead rather than underneath. Positioning matches the order flow. Short-term holders, the cohort Glassnode splits from long-term holders around a 155-day coin-age boundary, have seen their unrealized profit fall back below the band that marked prior cycle peaks. Realized profit, coins spent at a gain, ran above that high band while price pressed the midweek top, then dropped back inside it. Glassnode also logged weakening spot bids as the price slid, with late-week spot participants flipping to net sellers. Both dips under $80,000 were brief, but together they confirmed the level had turned from a floor into a battleground. Read together, the entries say the recovery attempt failed at the order-flow level before it failed on the chart: the buying arrived early, and by the end of the week the marginal participant was a seller.

Our composite scoring of support and resistance levels, graded out of 100 from the indicators that meet at each, frames where the seller tilt has landed the market. Spot near $79,754 sits under the $80,676 resistance, scored 70/100, and above the $78,086 support, scored 98/100, so the immediate fight is for the band between them. Derivatives carry the tension: funding stays positive at 0.0058%, and the long/short account ratio of 2.53 shows crowded longs paying to hold while spot takers sell. The CVD shortfall is modest in dollar terms, diffuse taker selling rather than a single whale unloading, but crowded longs rarely settle an argument that quickly. Losing $78,086 would hand the market to the sellers; reclaiming $80,676 would start to repair the week's damage.

ETF Inflows and the 155-Day Cohort

The demand side of the ledger has more texture than the CVD line alone suggests. Glassnode's 2026-10-26 weekly update put net inflows into US spot Bitcoin (BTC) ETF products at roughly $300 million, a swing from the prior weekly report, which counted about $230 million in net outflows and concluded that new spot and ETF demand had failed to replace the sellers. That earlier finding carried a distinction the market keeps relearning: a slowdown in the selling that started a decline is not the same as buyers coming back. This week's flows followed a similar shape. Creations clustered early in the week, then inflows reversed as the price slid, and the single-day net inflow of $110.3 million recorded on 2026-10-26 sits on a different accounting basis than the weekly total, so the two figures should not be stacked. Coin delivery tells a parallel story. Profit-status short-term-holder coins moved to exchanges at an annual-average pace, and our recent coverage of exchange net inflows of 6,639 BTC shows how that plumbing differs from the CVD gauge: inflow counts coins that move, while CVD counts which side initiates. On the leverage side, futures open interest stayed elevated, funding costs for long positions remained in a high band, and options desks added more downside-protective trades. None of that is a liquidation signature; it is a market still fully positioned into a downturn, which is why the tape has been so sensitive to each new sell order. For the broader Bitcoin market, the current level leans on the restraint of the supply past Glassnode's 155-day line, the HODL base that has kept its coins off the selling tape. With spot at $79,754 between the $78,086 floor and the $80,676 ceiling, and after the exit from the $80,000–$87,000 range earlier this month, the market holds while that older cohort stays quiet and ETF creations keep outpacing the takers' sell flow.