Glassnode

#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

#Bitcoin is ~6.8% below its ATH, heading into the most anticipated FOMC meeting of the cycle. Options traders are rapidly buying options to hedge or position for a volatility spike, reflecting the market’s uncertainty and expectation of a major move. https://glassno.de/46G8Vz9

This renewed confidence largely stems from price reclaiming the cost basis of all sub-3-month holders, which ranges between $111.8k and $114.2k. For this momentum to hold, BTC must remain above this range post-FOMC. Failure to do so could signal a classic “sell the news” market structure. https://glassno.de/4mud4Lu

The SOPR ratio of <3-month holders—tracking the profit margin of active spenders—bounced off neutral (SOPR = 1) as BTC found support at $107k. Short-term investors' on-chain behaviour confirms the market is anticipating a positive outcome from this week’s FOMC meeting. This bounce suggests renewed confidence among recent buyers, with many returning to profitability just days ahead of the Fed decision. Historically, such patterns often precede sharp reactions to macro catalysts. glassno.de/4po5uo2

Throughout this bull market, BTC short-term holder realized price has effectively served as a support baseline. As long as the price respects this level, the trend remains constructive. Losing this support has coincided with phases of contraction or pullbacks. Chart Link: https://glassno.de/41UGivu

US Spot #Bitcoin ETFs saw net inflows of ~5.9k BTC on Sept 10th, the largest daily inflow since mid-July. This pushed weekly net flows positive, reflecting renewed ETF demand as BTC consolidates above the $114k level. Chart Link: glassno.de/3IhGs9B

Since our Aug 25 post, distribution has softened but not reversed. Most $BTC cohorts remain below the 0.5 threshold, indicating sell-side pressure persists. No group is showing strong accumulation (>0.8). The market remains in a broadly neutral-to-distribution regime.

$BTC recovery has been fueled by macro momentum, ETF inflows, and futures. Yet weaker spot flows, softer funding, and profit-taking highlight emerging sell pressure, leaving sentiment improved but still fragile. Read more in this week's Market Pulse👇 https://glassno.de/4gpPe1X

Bitcoin’s cost basis distribution highlights dense support around $110k–$114k, where a large share of supply was acquired. The next major supply zone sits near $117k, which may provide resistance if price tests this level. Discover more in the latest Week On-Chain

The Week On-Chain 36, 2025 Bitcoin is range-bound at $110k–$116k as profit-taking and slower ETF inflows curb momentum. Derivatives dominate, with $114k key for upside and $108k the risk level below. Executive Summary - Bitcoin holds in the $110k–$116k “air gap” after retreating from August highs. The $107k bounce drew dip-buyers, but short-term holder selling capped gains. - Profit-taking by 3–6 month holders and losses from recent buyers weigh on momentum. Regaining $114k is key to restoring confidence and inflows. - On-chain liquidity is steady but easing, while ETF flows have slowed to ~±500 BTC/day, tempering the TradFi demand that drove March and December rallies. - With spot demand softer, derivatives lead. Futures remain balanced, and rising options open interest signals a more risk-managed structure. - The market is at a crossroads: above $114k could unlock upside, while below $108k risks testing support near $93k. Read more in The Week On-Chain newsletter.

The Week On-Chain 36, 2025 Bitcoin is range-bound at $110k–$116k as profit-taking and slower ETF inflows curb momentum. Derivatives dominate, with $114k key for upside and $108k the risk level below. Executive Summary - Bitcoin holds in the $110k–$116k “air gap” after retreating from August highs. The $107k bounce drew dip-buyers, but short-term holder selling capped gains. - Profit-taking by 3–6 month holders and losses from recent buyers weigh on momentum. Regaining $114k is key to restoring confidence and inflows. - On-chain liquidity is steady but easing, while ETF flows have slowed to ~±500 BTC/day, tempering the TradFi demand that drove March and December rallies. - With spot demand softer, derivatives lead. Futures remain balanced, and rising options open interest signals a more risk-managed structure. - The market is at a crossroads: above $114k could unlock upside, while below $108k risks testing support near $93k. Read more in The Week On-Chain Newsletter.