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Bitcoin bounced toward $94K, but the market remains unconvinced. Momentum improved and volumes rose, yet Spot CVD and OI fell. Options show demand for downside hedging, while ETF outflows highlight softer appetite. Read more in this week’s Market Pulse👇 https://glassno.de/4a8QGEV

📢 Interpolated IV Metrics Skew is widely used to read crypto options, but it captures only one slice of a much richer volatility surface. Interpolated IV provides a structured view of how the market prices risk across specific deltas and maturities. We’ve expanded our options coverage with standardized IV curves for BTC, ETH, SOL, XRP, BNB & PAXG, mapped at: • 5D–50D deltas • 1w, 1m, 3m, 6m maturities • Calls & Puts Why does this matter? Raw options data is uneven as strikes are irregular, expiries are thin, and liquidity shifts throughout the day. Interpolation cleans the surface, fills gaps, and provides consistent values at every timestamp. This allows you to: 🔹Pinpoint where the market is paying for downside protection 🔹Track shifts in call-side demand and rotations into higher-beta assets 🔹Compare crash risk across assets 🔹Monitor short-term stress vs longer-term repricing through the term structure 🔹Use clean, stable IV series directly in systematic strategies 📰 glassno.de/48Gquiw

The Week On-Chain 48, 2025 Bitcoin stabilizes above the True Market Mean, but market structure now mirrors Q1 2022 with over 25% of supply underwater. Demand is weakening across ETFs, spot, and futures, while options show compressed volatility & cautious positioning. Executive Summary - Bitcoin stabilizes above the True Market Mean, but the broader structure now resembles Q1 2022 with >25% of supply underwater. - Capital momentum remains positive, supporting consolidation, though far below mid-2025 peaks. - 0.75–0.85 quantile band ($96.1K–$106K) is the key zone for restoring structure; failure increases downside risk. - ETF flows turn negative, and spot CVD rolls over, signalling weakening demand. - Futures open interest declines and funding resets neutral, reflecting a risk-off stance. - Options market sees IV compression, softer skew, and flows shifting from puts to cautious call selling. - Options appear underpriced, with realised volatility exceeding implied, putting pressure on short-gamma traders. - Overall, the market remains fragile, dependent on holding key cost-basis zones unless macro shocks break the balance. Read more in The Week On-Chain

The Week On-Chain 48, 2025 Bitcoin stabilizes above the True Market Mean, but market structure now mirrors Q1 2022 with over 25% of supply underwater. Demand is weakening across ETFs, spot, and futures, while options show compressed volatility & cautious positioning. Executive Summary - Bitcoin stabilizes above the True Market Mean, but the broader structure now resembles Q1 2022 with >25% of supply underwater. - Capital momentum remains positive, supporting consolidation, though far below mid-2025 peaks. - 0.75–0.85 quantile band ($96.1K–$106K) is the key zone for restoring structure; failure increases downside risk. - ETF flows turn negative, and spot CVD rolls over, signalling weakening demand. - Futures open interest declines and funding resets neutral, reflecting a risk-off stance. - Options market sees IV compression, softer skew, and flows shifting from puts to cautious call selling. - Options appear underpriced, with realised volatility exceeding implied, putting pressure on short-gamma traders. - Overall, the market remains fragile, dependent on holding key cost-basis zones unless macro shocks break the balance. Read more in The Week On-Chain

Tune in to our webinar with Keyrock at 4pm CET today, where Glassnode Analyst Chris Beamish and Keyrock Digital Asset Researcher Ben Harvey will unpack the data and market forces behind BTC’s and ETH’s diverging usage patterns. 🔗 Event link: https://lnkd.in/dxjefEaz

The Glassnode x Fasanara Digital Q4 2025 Digital Assets Report is live! 🔗 Download your copy at https://glassno.de/4pIbsQ1. Drawing on Glassnode’s data and analytics and Fasanara’s trading perspective, we outline how market structure has shifted across spot, ETFs, futures, stablecoins, and tokenized assets. From Bitcoin’s spot-driven expansion to the rise of tokenization and decentralized perps, the market is reshaping around new structural anchors. For professionals navigating a fast-changing market, the report offers a consolidated view of the digital asset ecosystem. 📄 Read more on Glassnode Insights → https://glassno.de/3MzXJwk

$Bitcoin shows early stabilisation as RSI rebounds and CVD turns positive, but spot volume, on-chain activity and liquidity remain weak. ETFs see inflows, yet futures de-risk and short-term capital dominates. Read more in this week’s Market Pulse👇 https://glassno.de/48cCFEP

A new cost-basis cluster formed after Bitcoin’s drop into the low-$80K region, showing fresh accumulation at these levels. This zone is now one of the densest on the heatmap and could act as a strong support area, likely to be defended by recent buyers. 📉https://glassno.de/48mkMlC

🔄 Update: With spot price now at $90.9K, several key levels have shifted: 🔴 STH Cost Basis: $104.2K --- Spot Price: $90.9K --- 🟡 Active Investors Mean: $88.1k 🟢True Market Mean: $81.7K 🔵 Realized Price: $56.4K 📊http://glassno.de/3XDy2xe

XRP’s futures OI has fallen from 1.7B XRP in early October to 0.7B XRP (~59% flush-out). Paired with the funding rate dropping from ~0.01% to 0.001% (7D-SMA), 10/10 marked a structural pause in XRP speculators’ appetite to bet aggressively on upside. 📉 http://glassno.de/4pwZ0Cw

$BTC sits beneath every short-term holder's realized price but remains well above deeper realized levels, leaving the market in no-man’s-land. Regaining these bands would mark the first meaningful sign of structural recovery. 📉https://glassno.de/4rlNr2Y

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The $2.0 level remains a major psychological zone for Ripple holders. Since early 2025, each time XRP has retested $2, investors have realized $0.5B–$1.2B per week in losses. This underscores how heavily this level influences spending behavior. 📉http://glassno.de/4obHgvn

$BTC broke below $90K and tested $80K before a mild rebound. Momentum stays oversold but shows early signs ofnexhaustion. Derivs and spot flows remain weak, pointing to orderly de-risking. Read more in this week’s Market Pulse👇 https://glassno.de/49yJ5iz

$BTC broke below $90K and tested $80K before a mild rebound. Momentum stays oversold but shows early signs ofnexhaustion. Derivs and spot flows remain weak, pointing to orderly de-risking. Read more in this week’s Market Pulse👇 https://glassno.de/49yJ5iz

The shift from a confirmed bull to a true bear market often comes after multiple major on-chain price models fail: 🔴STH Cost Basis: $109.8K 🟡Active Investors Mean: $88.6K 🟢True Market Mean: $82K 🔵Realized Price: $56.1K We are now testing Active Investors Mean. A breakdown below both Active Investors and the True Market Mean would mark the first major confirmation of a deeper bear trend since May 2022. 📊 http://glassno.de/3XDy2xe