Glassnode

The bounce from $107k coincided with US Spot ETF netflows turning positive. However, inflows remain <1k BTC/day, significantly lower than >2.5k BTC/day seen at the start of major rallies this cycle. Demand is recovering, but not at the intensity of recent rallies. 📈 https://glassno.de/4htoZIg

Bitcoin’s cost basis distribution shows support near $111K and heavy supply around $117K. This range defines the current battleground between recent buyers and profit-takers. A break in either direction could set the tone for the next major move. 🔗https://glassno.de/3WXsmOb

#Bitcoin is stabilizing as sell pressure eases and profitability improves, but muted activity and selective participation suggest a cautious, rangebound market until major demand steps in. Read more in this week’s Market Pulse👇 https://glassno.de/47aJrdz

The Stablecoin Supply Ratio (SSR) Oscillator continues to sit near cycle lows, indicating ample stablecoin liquidity relative to Bitcoin. Historically, such periods precede stronger bid-side support when market confidence returns. 🔗https://glassno.de/4osY1n7

A hallmark of bull markets is a low Relative Unrealized Loss, typically <5%. This metric tracks the USD loss of all coins currently underwater, normalized by market cap. The current bull market has held this structure since November 2023, making it more persistent than the equivalent phases in the last two cycles. 📈https://glassno.de/3L8BbSI

#BTC Options Weekly The BTC options market keeps expanding fast, shaping how traders price risk and volatility. Reading implied volatility, skew, and options flows helps spot shifts in sentiment before price reacts. Check out our latest BTC Options Weekly

Spot Bitcoin ETFs are seeing net outflows, which have often clustered around local market lows as sentiment unwinds. When flows stabilize or turn positive, it has historically aligned with renewed demand and the early stages of trend recovery. 🔗https://glassno.de/42XGsml

The new Multi-Asset Explorer dashboard lets you apply a trusted Glassnode metric across 1000+ assets simultaneously and display it in a single heatmap-based interface. Use this powerful tool to get a global read on market-wide liquidity trends, sentiment shifts, and structural changes across the digital asset ecosystem. With sector-level aggregation and flexible filtering built in. 🔎 Find out more https://glassno.de/4qud0OY 📊 Explore dashboard https://glassno.de/47huEMY

$BTC Net-premium flows reveal concentrated selling across the $109K–$115K range, indicating that recent moves higher are being used to hedge. This suggests traders are positioning defensively into strength while the market consolidates. 🔗 https://glassno.de/3WkStyy

Short-Term Holder NUPL highlights growing stress among recent buyers, reflecting a meaningful cooling of speculative excess. Historically, this type of short-term holder pain has aligned with healthier market conditions. 🔗https://glassno.de/3L4nUur

The Week On-Chain 42, 2025 Bitcoin trading below key cost basis levels signals demand exhaustion. Long-term holders are selling into strength, while rising put demand and higher volatility show a defensive market. Executive Summary - Bitcoin trades below the short-term holders’ cost basis and the 0.85 quantile, signalling fading momentum and growing market fatigue. Repeated failures to reclaim these levels raise the risk of a longer consolidation phase. - Long-term holders have ramped up spending since July, now exceeding 22K BTC/day, marking sustained profit-taking that continues to pressure market stability. - Open interest hit a new ATH, but sentiment leans bearish as traders favour puts over calls. Short-term rallies are being met with hedging rather than renewed optimism. - Implied volatility remains elevated, while realized volatility has caught up, ending the calm, low-volatility regime. Dealers’ short gamma positioning amplifies selloffs and tempers rallies. - Both on-chain and options data suggest a cautious, transitional phase. Market recovery is likely to hinge on renewed spot demand and easing volatility. Read more in The Week On-Chain newsletter

Bitcoin’s derivatives landscape is changing as Options OI begins to rival Futures. Markets are shifting toward defined-risk and volatility strategies, meaning options flows, rather than futures liquidations, are becoming a more influential force in shaping price action. 🔗https://glassno.de/4nnVvgp 🔗https://glassno.de/3WOrziu

Inspecting the monthly average spending by long-term holders shows a clear trend: their outflows have risen steadily from ~12.5k BTC/day in early July to 22.5k BTC/day now (30D-SMA). This highlights growing distribution pressure from older investor cohorts.

Long-term holder supply has declined by another 28K BTC since October 15th, meaning LTHs have spent more coins than what was aging into their cohort from short-term holders. This reflects excessive net distribution rather than passive maturation.

#Bitcoin open interest has dropped by ~30%, flushing excess leverage from the market. With funding now near neutral, the market is far less vulnerable to another liquidation cascade. 🔗https://glassno.de/4obq1v9

#Bitcoin dropped from $115K to $104K in just four days, triggering a sharp de-risking across the market. Since then, BTC bounced to $111K, but sentiment remains cautious and positioning is still defensive. Read more in this week’s Market Pulse👇 https://glassno.de/4qiKYpp

The October 10 liquidation wave prompted caution, yet liquidity, macro, and regulatory conditions remain broadly supportive. Our latest joint report with @CoinbaseInsto examines current market trends through data-driven insight. Read the full report → http:/glassno.decharting_crypto

Smaller #BTC holders are stepping up. Strong accumulation is underway among small to mid-sized cohorts (1–1000 BTC), while large holders have slowed distribution, signaling renewed confidence in spite of the recent shakeout.

The Week On-Chain 41, 2025 Bitcoin’s rally to $126k reversed amid macro stress and a $19B futures wipeout. ETF inflows slowing and volatility spiking, the market enters a reset phase marked by a historic leverage flush. Executive Summary -Bitcoin’s rally to a new all-time high at $126.1k reversed amid macro tensions and a $19B futures deleveraging, one of the largest in history. The drop below the $117k–$114k cost-basis zone placed top buyers in loss and exposed renewed market fragility. - On-chain data show continued Long-Term Holder distribution since July and weaker ETF inflows (-2.3k BTC this week), indicating fading institutional demand. Meanwhile, spot markets experienced a sharp but orderly sell-off, with Binance-driven selling partially offset by buying on Coinbase. - Futures markets underwent a historic leverage flush, with the Estimated Leverage Ratio collapsing to multi-month lows and funding rates plunging to 2022 FTX levels, signalling peak fear and forced liquidations. - In the options market, open interest and volume rebounded quickly, but volatility spiked to 76%, and short-dated skew flipped to +17% put-rich before stabilizing. The market remains in a reset phase, awaiting renewed demand to confirm recovery. Read more in The Week On-Chain newsletter

#BTC Options markets show net premium concentration at $115k–$130k, suggesting traders remain positioned for upside. Despite the futures flush, call demand dominates, implying investors see the drawdown as a leverage reset. 🔗https://glassno.de/3WEpF40