I'm not sure what to recommend for an adhesive (still learning about that area myself), but I do have a comment on your need for <5%. If you consider the problem of maximum packing density of non-spherical particles in a continuous medium (epoxy in your case), you typically find numbers around 70%. This number varies quite a bit and affected by such things as particle size distribution, particle shape, and method of preparing the suspension, but I think, even tweaking these things, you would find it quite difficult to pack in more than 75-80% by volume sand in epoxy and still have it be a liquid like frosting.
While non-spherical particles actually pack best, lets illustrate this with spherical packing. Imagine a 2-dimensional array of spheres at close packing. Each sphere has 6 nearest neighbors, leading to a hexagonally packed array. In 3-dimensions, you take multiple of these same 2-D layers and offset them so that the spheres of one layer sit in the gaps of the adjacent layer. This gives you a maximum packed volume fraction of 74%. But note that this is essentially a crystalline solid and will not flow. Now imagine that you add another set of smaller spheres to the mix. These are small enough to flow in the gaps left by the first set. These will be able to increase the volume fraction more, although they can not pack as efficiently as the first set (unless they are much smaller) due to the irregular volume they have to fill. Of course, if you put on your fractal sunglasses, you see that you can continue this process over a variety of sizes to further increase the volume fraction. Of course, making it flow in a suspension wil lget increasingly harder.
So essentially, I think the chances of you getting a flowing suspension of glass particles at 95% by volume is pretty much nil. Of course, if you really only need <5% binder and not necessarily 95% glass, there may be other options. I imagine there are methods that would bind the spheres together without fully filling in the gaps between them leading to a glass/binder/air mixture something like 70/5/25. If that would work, let us know and maybe we can think about how to do that, since it definitely getting more complicated than your original plan.
Good luck with your product.
-Tim