Glassnode

#Bitcoin 1M 25-delta skew keeps climbing, with puts priced at a premium over calls. Traders are paying up for downside protection, reflecting near-term caution, while upside optionality looks cheaper with implied vols still near historic lows. 🔗https://glassno.de/4nnTxNT

#Bitcoin traded above the STH cost basis near $111k this week. Spot momentum softened as the 14D RSI eased, while stronger Spot CVD signaled reduced net selling pressure. Read more in this week’s Market Pulse👇 https://glassno.de/3KMwVIg

Over the weekend, #Bitcoin Futures markets built up significant short exposure around $110k–$111k. This morning’s move higher forced liquidations across these clusters, clearing positioning and adding momentum to the upside as the market reset. 🔗https://glassno.de/487iUyG

#BTC Options Weekly The largest options expiry on Deribit has reset positioning, with BTC settling at $109k vs. a $110k max pain. With expiries cleared, the market faces a clean slate. Monitoring OI, term structure, skew, vol spreads, and flows will be key to assessing sentiment Read the full BTC Options Weekly here

The Week On-Chain 38, 2025 #Bitcoin shows exhaustion post-FOMC as LTHs realized 3.4M BTC in profit and ETF inflows slowed. With spot and futures weak, $111k STH cost basis is key support or risk downside. Executive Summary - Bitcoin Correction: Post-FOMC, price action reflects “buy the rumour, sell the news” with fading momentum. - On-chain: Drawdown mild at 8%, but $678B inflows and 3.4M BTC in LTH profits show major capital rotation. - ETFs vs LTHs: ETF inflows slowed as LTH distribution accelerated, leaving flows fragile. - Spot & Futures: Spot volumes spiked, futures deleveraged, and liquidation clusters highlight liquidity risk. - Options: Skew surged and puts bid, showing defensive positioning as macro signals exhaustion. Read more in The Week On-Chain newsletter

#Bitcoin Accumulation Trend Score has softened, with muted conviction from large cohorts despite elevated prices. Lighter accumulation signals a more cautious bid, leaving the market vulnerable to supply overhang unless demand re-intensifies. 🔗https://glassno.de/4gGE7S9

#Bitcoin has slipped below the 0.95 Cost Basis Quantile, a key risk band that often marks profit-taking zones. Reclaiming it would signal renewed strength, but failure to do so risks a drift toward lower supports around $105k–$90k. 🔗https://glassno.de/3IE26F0

#Bitcoin US spot ETF flows have cooled after strong September inflows, with the latest sessions tipping into mild outflows. While overall accumulation remains intact, the slowdown suggests a pause in institutional demand. 🔗https://glassno.de/46R0YHr

This chart measures the cumulative profit realized (in BTC) by long-term holders from the moment a new cycle ATH is set until the final peak. So far, LTHs have realized 3.4M BTC—a historically large volume compared to prior cycles. 📈https://glassno.de/4mr1VuD

#Bitcoin futures open interest fell from $44.8B to $42.8B as price slid to $113k. The flush in leverage reflects reduced speculative exposure, often a healthy reset that can stabilize derivatives markets and lower the risk of forced liquidations. Chart: https://glassno.de/3K9e6Pw

he short-term holder cost basis is often treated as the key battle line between bulls & bears, and currently sits at $111.4k 🔵. Sustained trading below this level could signal a shift toward a mid- to long-term bearish market structure. https://glassno.de/46NvTEt

#Bitcoin rallied to $117k into FOMC before slipping below $115k. Spot shows cooling momentum, futures and options signal sell pressure with rising vol, ETF inflows slowed, while on-chain activity improved. Read more in this week’s Market Pulse👇 https://glassno.de/47WorrW

Bitcoin Liquidation & Positioning Dashboard Now Live on Glassnode https://glassno.de/4px5Zwi Built to track leverage and risk across BTC markets. Post #FOMC, we can see that #BTC shorts at 117k were taken out, and long liquidations are appearing at 112.7k. Bitcoin traders are leaning net short, with data indicating a net short position of -485 BTC in aggregate. This skew highlights lingering caution, even as spot price holds above $117k. The Liquidation Wall view shows ~5k BTC of long exposure vulnerable if support breaks, versus a significant build-up of short positions at higher levels. This creates a two-sided risk profile for price.

The Week On-Chain 37, 2025 Bitcoin is above $115.2K with 95% of supply in profit post-FOMC. Futures saw short squeezes, while options OI hit a record 500K BTC ahead of Sept 26 expiry. Holding $115.2K is key; losing it risks a drop toward $105.5K. Executive Summary - Bitcoin gained momentum into the Sept 17 FOMC, with derivatives shifting from risk-off to balanced. Spot showed mild sell pressure, while perpetuals absorbed via short squeezes. - Perpetual OI peaked at 395K BTC before easing to ~380K as volatility flushed leverage. - Options OI hit a record 500K BTC ahead of the Sept 26 expiry, with $110K max pain likely to influence spot. - Volatility repricing lifted the 1M IV–RV spread, while dealer hedging flows support rallies and cushion dips. - On-chain, BTC trades above $115.2K, cost basis for 95% of supply. Holding is key; losing risks a move toward $105.5K. Read more in The Week On-Chain newsletter

The Week On-Chain 36, 2025 Bitcoin is above $115.2K with 95% of supply in profit post-FOMC. Futures saw short squeezes, while options OI hit a record 500K BTC ahead of Sept 26 expiry. Holding $115.2K is key; losing it risks a drop toward $105.5K. Executive Summary - Bitcoin gained momentum into the Sept 17 FOMC, with derivatives shifting from risk-off to balanced. Spot showed mild sell pressure, while perpetuals absorbed via short squeezes. - Perpetual OI peaked at 395K BTC before easing to ~380K as volatility flushed leverage. - Options OI hit a record 500K BTC ahead of the Sept 26 expiry, with $110K max pain likely to influence spot. - Volatility repricing lifted the 1M IV–RV spread, while dealer hedging flows support rallies and cushion dips. - On-chain, BTC trades above $115.2K, cost basis for 95% of supply. Holding is key; losing risks a move toward $105.5K. Read more in The Week On-Chain newsletter.

#Bitcoin's CBD heatmap shows the supply clustered around $117k, presenting a key resistance zone. Clearing this level could open the way to thinner supply above, while failure risks prolonging consolidation or a contraction. 📈https://glassno.de/4ppLIsx

US Spot #Bitcoin ETFs continue to see net inflows, with recent activity pushing firmly into positive territory. This reinforces institutional demand as a key pillar of market support, even as price slowly climbs near cycle highs. https://glassno.de/47Qk41y

Over the past 48 hours, centralized exchanges have seen three distinct waves of inflows exceeding $25M per block. The latest wave aligned with BTC’s pullback from $117.2k, suggesting a partial spot market sell-off. 📈https://glassno.de/46NPO5l

This week, crypto rallied broadly—but Perpetual Open Interest tells a mixed story. BTC and SOL saw notable OI declines, suggesting reduced speculative positioning while squeezing shorts during the move. Meanwhile, ETH, XRP, and BNB showed rising OI, signaling renewed trader engagement and growing appetite for directional exposure. 📈http://glassno.de/3IqXhih