Glassnode

Solana spot ETFs had their strongest stretch on record. $138M of net inflows over 10 days, including a single-day high of $47M on Tuesday. Leading the pack is @Bitwise's BSOL, now holding 9.3 million $SOL and crossing $1B in AUM – the first Solana ETF to get there. @Bitwise Live Solana ETF flow, balance, and volume charts 👇

$BTC has staged a sharp recovery toward $80K, with options markets beginning to reflect the shift in momentum. Volatility is waking up, open interest is rebuilding, and positioning is tilting more constructively. Here’s what the options market is telling us👇 Options open interest has recovered sharply alongside BTC, now approaching 550K BTC. This signals renewed derivatives positioning and growing market participation as price rebounds toward $80K. DVOL has rebounded sharply alongside BTC’s move toward $80K, signalling renewed demand for volatility. However, at ~41, implied volatility remains well below prior 50–60+ regimes. 25 delta skew has compressed sharply across maturities, with short-dated skew turning negative. This points to reduced demand for downside protection and a shift toward more balanced or upside-oriented positioning. The sharp move through $70K has pushed BTC into a dense gamma zone around $75–80K, where positive and negative exposures are concentrated. This may increase price sensitivity as positioning shifts around these strikes. Recent options flow is concentrated around $72.5K and $79.25K, with notable call buying at both strikes. This suggests traders are positioning for further upside, while put demand remains comparatively muted. Options positioning has turned increasingly constructive alongside BTC’s recovery. OI is rebuilding, downside protection demand has eased, and recent flows show notable call demand around key strikes. Vol is rising, but remains far from stressed levels, leaving room for further repricing if momentum persists.

Strategy Watch is our monthly read on fund performance, capital flows, and allocator positioning across digital assets, produced with @CIG_Crypto Edition #7 is live now👇

1.05M $BTC of long-term holder supply sits between $83K and $86K, the first heavy cost-basis shelf above spot at $79K. Effectively all of it has held through the entire drawdown, making that band the test of whether patient supply sells at breakeven. 👉 https://research.glassnode.com/the-week-onchain-week-34-2026/

After large market moves, staying objective and level-headed is difficult. Our latest weekly report walks you through the data: the liquidation cascade, who bought the squeeze, and the supply now sitting overhead. https://twitter.com/glassnode/status/2092605995356966938

Squeeze into Supply: The Week On-chain 34 is live. What stands between this recovery and the January high is one band of supply between $81K and $86K. Bitcoin ran 26% off its mid-August low on a record short flush, and real money followed it up.

Bitcoin Vector's impulse flipped positive from the lows. $BTC has advanced roughly 20% since. The strategy is currently fully allocated and in profit, and the next upside target sits at $82.8k. Full access

$5 billion of IBIT options expire on September 18. Most of that is calls: $3B vs $2B in puts. Max pain sits at $40, which corresponds to a $BTC price of approximately $71k.

$BTC has surged toward $80k as spot, derivatives and ETF demand accelerate. Rising activity and profitability support the move, though muted macro inflows suggest it remains tactically driven. Read this week’s Market Pulse👇

Market buyers stepped in heavily as $BTC edged above $64k. This buy-side aggression then helped to fuel the breakout and kept volume delta consistently positive until $76k. That buy pressure remains strong at these levels.

#BTC investors are paying up for upside exposure. 25-delta call vol has been outpacing puts at every maturity since the breakout. Skew is at its lowest of the year across the curve and flipped negative on the front end. https://twitter.com/n3ocortex/status/2090786305105973305

The altcoin market has entered a state of optimism. 85% of alts reached funding rates above their mean. This is the highest print we've seen for this metric since BTC was trading at all time highs. In an alt season, these conditions can last for many weeks.

Close to $1B has flowed into Bitcoin ETFs in the last 3 days. This is the strongest 3-day inflow since $BTC was last trading above $80k.

The dollar debasement narrative is back after the Treasury’s latest buyback announcement. $BTC has led the move, up about 21% since the announcement, while gold also rose and equities barely moved.

$BTC has erased 3 months of underperformance against the S&P 500 in the last 72 hours. As we showed several days ago, stretches of relative BTC underperformance are common. However, when BTC does outperform, the excess gains tend to be significant. https://twitter.com/glassnode/status/2089664677177700620

High conviction buyers have been accumulating $BTC since January. We saw similar behavior in 2022. This cycle, the share of supply that was bought by this cohort is even larger than last cycle. https://twitter.com/glassnode/status/2089739670242660761

Our liquidation heatmaps showed a massive short liquidation build-up before $BTC's move up yesterday. For anyone using our hyperliquid heatmaps, the asymmetrical weakness was obvious up to 10 days before the actual move. https://twitter.com/glassnode/status/2090110942789210113

@blocks and @Tesla are the top 2 major companies still in profit on their Bitcoin treasuries. Nearly every other company on the list is now below or at its cost basis. Also worth a mention is Bitcoin Group SE, a close third. https://twitter.com/glassnode/status/2090035547364528559

The last daily $BTC close this large was in February, and that was just the rebound from the -14% day before it. This one had no crash to bounce off. Against its own 30d volatility it was a 5.8 sigma move – the largest to the upside since October 2023.