Glassnode

#BTC Futures Open Interest rose sharply as traders added longs during the breakout to new highs. The current pullback is testing these positions, helping to reset leverage. It will be key to see where buyers step in and whether support levels attract renewed demand. 📈 https://glassno.de/46GsDen

Bitcoin’s cost basis distribution shows thin support between $121K and $120K, with a key cluster near $117K where around 190K BTC were last acquired. A pullback into this area could attract demand as recent buyers defend the level.

#Bitcoin has hit a new all-time high above $125K, driven by strong ETF inflows, renewed spot demand, and rising on-chain activity. The rally appears structurally supported, not purely speculative. Read more in this week’s Market Pulse👇 https://glassno.de/46CWbcJ

#Bitcoin spot ETF flows have turned sharply positive, driving price to new all-time highs. Renewed institutional demand is reinforcing market momentum, marking a key shift in capital flows after weeks of outflows. Sustained inflows signal strengthening structural support into Q4.

The Trend Accumulation Score highlights a shift in recent days. Mid-sized #BTC holders are accumulating strongly, whale distribution has moderated, and smaller entities remain neutral. This points to fresh structural demand emerging despite continued large holder selling.

The Week On-Chain 39, 2025 Bitcoin holds support at the STH cost basis, with ETFs and slowing LTH sell pressure adding stability. Options reset post-expiry as OI rebuilds, vol eases, and flows tilt toward cautious Q4 upside. Executive Summary - STH cost basis defended repeatedly, acting as a key pivot between bullish continuation and downside risk. Resistance sits near $118k supply cluster. - LTH selling cooled after months of distribution, while ETF inflows resumed, stabilizing market structure. - Fear & Greed Index slid from Greed to Neutral/Fear, showing profit-taking and reduced risk appetite. - RVT trends confirm cooling, with fewer profits realized relative to network value. - Options OI reset post-record expiry, now rebuilding into Q4 with room for fresh positioning. - Volatility easing: front-end IV declining, skew normalizing, term structure in contango with back-end IV steady at 39–43%. - Flows show cautious upside: traders adding risk reversals, cheap convexity, while selling puts. - Dealer gamma balanced, muting hedging flows and dampening intraday volatility; no large expiries ahead. Read more in The Week On-Chain newsletter

#Bitcoin US Spot ETFs recorded persistent outflows in late September, exceeding 16k BTC over a two-week stretch. Flows have since reversed, with 3.2k BTC of inflows on Sept 30, highlighting a potential shift in sentiment. 🔗https://glassno.de/4nRAvPC

Bitcoin dominance has rebounded from 57% to 59% alongside price strength near $114k. This mean reversion suggests a healthier market structure, as $BTC-led rallies have historically proven more sustainable than those driven by altcoins. 🔗https://glassno.de/4o2XebP

#Bitcoin short-term holder RVT has compressed toward cycle lows, reflecting muted realized profits relative to network valuation. Historically, such resets often align with periods of market detox, helping build a foundation for more durable recoveries. https://glassno.de/471jtJf

#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