Glassnode

The 30D-SMA of US Spot ETF trading volume has contracted from $4.4B/day in October 2025 to $0.96B/day today, a 78% decline. Combined with the 49% drop in DAT company volumes flagged earlier, both TradFi channels for Bitcoin exposure are signalling the same thing: Speculative appetite for BTC in traditional markets has largely withdrawn. 📉 http://glassno.de/btc-etf-volume Quoting @glassnode: The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months. Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak. 📉 http://glassno.de/btc-dat-volume

The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months. Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak. 📉 http://glassno.de/btc-dat-volume

Finding a Floor $BTC traded down to $60K as profitability collapsed, recent buyers sank into loss, and realized losses accelerated. Institutional demand weakened while options markets continued to price elevated risk. Read the full Week On-Chain👇

The 90D-SMA of XRP's Realized Profit to Loss Ratio has fallen to 0.38. For every dollar of loss being realized in the market, only 38 cents of profit is being taken. At the 2025 peak, this ratio reached 50, meaning profit-takers were overwhelming loss-sellers by a factor of 50x. That dynamic has fully inverted. A ratio this deep below 1 reflects a market where the majority of participants who are moving coins are doing so at a loss, a hallmark of intense capitulation. 📉

@glassnode (Jun 9, 2026): The 90D-SMA of total fees paid on the XRP network has fallen from 5.9k XRP in Feb 2025 to 0.5k XRP today, a 91.5% decline. A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the speculative peak. 📉

Nearly half of the $BTC circulating supply was in profit at the cycle peak. Today, that figure has fallen sharply as over 8M BTC sit underwater, highlighting the scale of the recent market reset. 📉

The 90D-SMA of total fees paid on the XRP network has fallen from 5.9k XRP in Feb 2025 to 0.5k XRP today, a 91.5% decline. A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the speculative peak. 📉

@glassnode (Nov 17, 2025): The share of XRP supply in profit has fallen to 58.5%, the lowest since Nov 2024, when price was $0.53. Today, despite trading ~4× higher ($2.15), 41.5% of supply (~26.5B XRP) sits in loss — a clear sign of a top-heavy and structurally fragile market dominated by late buyers. 📉

The share of ETH supply sitting at more than 3x profit has dropped to 11%, the lowest reading since February 2017. What makes this cycle structurally different? In the previous two cycles, this cohort exceeded 50% of total supply at peak. This time, that threshold was never reached. ETH's profitability profile has fundamentally compressed relative to prior cycles. 📉 http://glassno.de/eth-supply-pnl-relative

$BTC fell from $74K to below $60K in a swift sell-off, triggering heavy liquidation pressure. Buyers stepped in near the lows, helping price recover toward $64K, but the broader trend remains weak. Read this week's Market Pulse👇

#BTC fell from $74K to below $60K in a swift sell-off, triggering heavy liquidation pressure. Buyers stepped in near the lows, helping price recover toward $64K, but the broader trend remains weak. Read this week’s Market Pulse👇 https://glassno.de/4ebiTva

Access trusted digital asset data directly in your warehouse. Glassnode is now available on Snowflake. ▷ Query the full depth of our data in SQL like any other table in your warehouse. No custom pipeline to build, no schema to maintain, no ingestion lag. ▷ Access on-chain, derivatives, ETF, treasury, and spot market data in one place. ▷ Point-in-Time datasets for backtesting without look-ahead bias. Glassnode is the first provider to offer PiT blockchain data on Snowflake, because backtesting on retroactively revised data isn't backtesting. It's overfitting. Nine years of proprietary methodologies, integrated seamlessly into the workflows you already run. Available as an add-on to the Professional plan. 🔍 Learn more → glassno.de/49F326D ❄️ Request access → glassno.de/4uMNKFd

The Rally That Wasn't #BTC has fallen to $66K, with profitability collapsing, realized losses surging, and spot sellers regaining control. We are below the ETF cost basis, and options continue pricing elevated risk. Read the full Week On-Chain 👇 https://glassno.de/3QlNpdE

Prediction markets have a choke point: the API. Every Polymarket and Kalshi order passes through a centralized endpoint, making network latency a direct input into order placement speed. Where do you deploy from if you trade both venues? Polymarket pulls you towards London, Kalshi toward Ohio. You can't optimize for both. Our live Latency Monitor for prediction market exchanges tracks real-time latency from probes deployed around the world → glassno.de/4o7fWAi

Small caps surged in 2024. Yet raw aggregate market-cap data captured little of the rally. The reason is structural: when an asset performs well and crosses the $100M threshold, it leaves the small-cap cohort taking its gains with it. The raw series systematically understates small-cap market moves. As assets appreciate, decline, launch, and disappear, aggregate market analysis beyond price is increasingly difficult. We just launched Glassnode Global Metrics: a new suite of aggregate metrics and normalized indices for consistent analysis of market-cap cohorts, sectors, and custom asset baskets through time. Available via API. Learn more → glassno.de/4uG6dmN Explore the metrics → glassno.de/3RzjwqN

At $69.5k, LTH Relative Unrealized Loss sits at 15.5%. For every dollar long-term holders' bags are worth today, they are carrying roughly 15 cents in unrealized loss. At cyclical extremes, that number has exceeded 50 cents on the dollar. Stress is present, but the long-term holder base remains far from the levels of pain that have historically marked cycle lows. glassno.de/lth-url-loss

US Spot ETF flows have swung back to persistent net outflows, with the 7-day average now near the weakest levels of the cycle. The shift in flows has coincided with $BTC retracing from $82K to $69K, highlighting materially softer demand. 📉https://glassno.de/3POhzGl

#BTC trades at $71.3K under growing pressure. Sellers dominate spot, ETF outflows accelerate to $1.3B, and fresh capital has stalled. Structure has broken and momentum favours the downside near-term. Read this week’s Market Pulse👇 https://glassno.de/4nXysLe

Hidden Signals Inside Crypto Option Premiums Chart of The Week: Options Premiums👇 https://glassno.de/43AiflI

The Week On-Chain 21, 2026 Stalling at the Threshold #BTC pushes beyond $80K toward key resistance near $85K, with bulls in control. ETF demand builds and shorts persist, but overhead supply may cap upside without stronger spot follow-through. Executive Summary - Bitcoin is consolidating within the $75k–$78k range, with the Short-Term Holder Cost Basis and True Market Mean converging near $78k, creating a top-heavy structure where a sustained hold above the True Market Mean is required to support a pre-bull market transition. - Spot demand remains directionless despite improving price action, with Spot Volume Delta holding near neutral and BTC recently reclaiming the $110K region, suggesting buying interest is stabilising but conviction remains limited. - Implied volatility continues to compress across the curve as realized volatility trends lower, reinforcing calmer short term conditions and supportive carry for volatility sellers. Read the full Week On-Chain

Funding rates have flipped decisively positive again, with traders increasingly paying a premium to maintain long exposure as $BTC consolidates near the mid-$70Ks. The move marks a sharp reversal from April’s heavily short-biased positioning. 📈glassno.de/4wLHSNT

#Bitcoin pulled back from $79K to $74K before rebounding toward $77K, with momentum and activity cooling. Despite softer sentiment, easing sell pressure hints at early signs of stabilization. Read this week’s Market Pulse👇 https://glassno.de/4nQerGs