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Glassnode
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Institutional Data and Market Intelligence for Digital Assets. https://studio.glassnode.com/
Show moreπ Analytical overview of Telegram channel Glassnode
Channel Glassnode (@glassnode) in the English language segment is an active participant. Currently, the community unites 44 416 subscribers, ranking 2 832 in the Cryptocurrencies category and 706 in the Malaysia region.
π Audience metrics and dynamics
Since its creation on Π½Π΅Π²ΡΠ΄ΠΎΠΌΠΎ, the project has demonstrated rapid growth, gathering an audience of 44 416 subscribers.
According to the latest data from 20 June, 2026, the channel demonstrates stable activity. Although there has been a change in the number of participants by -436 over the last 30 days and by -12 over the last 24 hours, overall reach remains high.
- Verification status: Not verified
- Engagement rate (ER): The average audience engagement rate is 10.18%. Within the first 24 hours after publication, content typically collects 5.64% reactions from the total number of subscribers.
- Post reach: On average, each post receives 4 520 views. Within the first day, a publication typically gains 2 506 views.
- Reactions and interaction: The audience actively supports content: the average number of reactions per post is 15.
- Thematic interests: Content is focused on key topics such as inflow, investor, eth, basis, cycle.
π Description and content policy
The author describes the resource as a platform for expressing subjective opinions:
βInstitutional Data and Market Intelligence for Digital Assets.
https://studio.glassnode.com/β
Thanks to the high frequency of updates (latest data received on 21 June, 2026), the channel maintains relevance and a high level of publication reach. Analytics show that the audience actively interacts with content, making it an important point of influence in the Cryptocurrencies category.
44 416
Subscribers
-1224 hours
-1157 days
-43630 days
Posts Archive
44 416
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.
πhttps://glassno.de/3L4nUur
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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 holdersβ 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. Dealersβ 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
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+1
Bitcoinβs 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.
πhttps://glassno.de/4nnVvgp
πhttps://glassno.de/3WOrziu
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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.
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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.
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#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.
πhttps://glassno.de/4obq1v9
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+5
#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 weekβs Market Pulseπ
https://glassno.de/4qiKYpp
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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 β
http:/glassno.decharting_crypto
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Smaller #BTC holders are stepping up.
Strong accumulation is underway among small to mid-sized cohorts (1β1000 BTC), while large holders have slowed distribution, signaling renewed confidence in spite of the recent shakeout.
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The Week On-Chain 41, 2025
Bitcoinβs 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
-Bitcoinβs 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 $117kβ$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
44 416
#BTC Options markets show net premium concentration at $115kβ$130k, suggesting traders remain positioned for upside.
Despite the futures flush, call demand dominates, implying investors see the drawdown as a leverage reset.
πhttps://glassno.de/3WEpF40
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This heatmap highlights the intensity of Open Interest decline across the top 100 assets last Friday, revealing just how widespread the liquidation pressure truly was.
π https://glassno.de/3KMz0nQ
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The recent sell-off occurred with over 90% of Bitcoin supply still in profit, with most losses coming from top buyers.
Unlike the FTX and Luna crashes, when under 65% of supply was in profit, this was not a broad capitulation but a structurally different, leverage-driven event.
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Bitcoin has stabilized above the 135-day moving average, while the Young Supply MVRV has reset toward 1.0. Together, these signal a market cooling from speculative extremes while maintaining structure.
πhttps://glassno.de/3Ja7Fve
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+5
#Bitcoin endured its largest leverage wipeout in history, with $19B in open interest erased and funding collapsing. The market is now recalibrating amid slower momentum, cooling profit-taking, and steady ETF demand.
Read more in this weekβs Market Pulseπ
https://glassno.de/3KSFQrL
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Fridayβs wipeout triggered the largest futures liquidation in Bitcoinβs history. Over $11B in open interest was erased as leverage was forcefully unwound. A historic deleveraging event that has reset speculative excess across the market.
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Funding rates across the crypto market have plunged to their lowest levels since the depths of the 2022 bear market.
This marks one of the most severe leverage resets in crypto history, a clear sign of how aggressively speculative excess has been flushed from the system.
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π§΅/6- Our #BTC Long/Short Bias chart, tracking the aggregate net positions of the largest BTC traders on Hyperliquid, showed a steep rise in net shorts starting in Oct 6th, well before Friday's events. While levels have since recovered, they remain deeply negative. Stay cautious.
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π§΅/5- Hyperliquidβs heatmap of #BTC liquidation clusters was virtually wiped clean. Levels both above and below spot were triggered, likely driven by a rapid buildup of liquidation levels in cross-margined accounts and traders closing positions in light of the events.
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π§΅/4- This was the largest liquidation event on record so far. And with incomplete reporting across exchanges, real figures are almost certainly larger.
