Digital asset data, analytics, and research. studio.glassnode.com research.glassnode.com
Zug, CH
- Tweets 5,804
- Following 61
- Followers 607,855
- Likes 2,200
This is the first bitcoin:native bear market that never closed below the Realized Price.
This means that the average BTC holder stayed in profit this entire time.
More on the next levels, sell pressure and ETF flows in this week's Week On-chain 👇
Bitcoin is back above the levels that held it down all year. Our new Week On-chain report maps where it could go next.
83
43
472
44,591
Strategy Watch is our monthly read on fund performance, capital flows, and allocator positioning across digital assets, produced with @CIG_Crypto
Edition #8 is live now👇
glassno.de/3V7V5lX
10
1
33
20,626
Only 9 of the top 50 altcoins have beaten bitcoin:native since its all-time high.
ZEC leads by a wide margin, up 14x against Bitcoin.
HYPE, XMR and NEAR follow at 2–3x.
53
32
281
31,723
Holders are realizing profits on bitcoin:native.
However, the amounts remain relatively low, with $5.1B in net profit realized over the last 7 days.
They look closer to late 2023 levels than to what we saw at major tops.
36
23
315
27,619
Short-term bitcoin:native holders are back above the sell line.
Nevertheless, profit taking has stayed light.
More on this topic, as well as the levels to watch in this week's Week On-chain. 👇
Bitcoin is back above the levels that held it down all year. Our new Week On-chain report maps where it could go next.
30
27
241
26,608
The four-year cycle playbook many relied on has not worked for this $BTC bear.
At this point, the last three were more than twice as deep and weeks from their lows.
This one is 30% below its high and rising.
A late drop to their depth looks less likely by the week.
51
52
425
33,249
Your AI agent can now buy Glassnode data.
x402 pays from your @coinbase balance via Coinbase for Agents, or your USDC wallet.
Try : "Use Glassnode data to tell me if the Bitcoin market is overheated"
glassno.de/451fVoR
20
17
95
27,164
Most altcoin holders are still sitting on losses.
The median coin has less than a quarter of its supply in profit.
Global market tops tend to occur once a majority of supply across the entire market is deep in profit.
That point is still a long way off.
25
48
296
28,388
$BTC has flashed the momentum signal that started the last two bull markets.
MVRV has crossed back above its 365-day average.
This is the same cross that we saw in 2019 and 2023 at the beginning of each bull market.
83
187
1,279
90,586
$BTC has reclaimed every one of its long-term moving averages.
After around 300 days underneath them, this dynamic has now flipped.
Holding above them is what maintains a long-term uptrend.
51
74
665
39,808
The altcoin cycle signal has just flipped from bitcoin to altcoin season.
The first rally in August saw altcoins stay relatively flat while BTC moved.
However, today's rally has ignited the full breadth of the altcoin market.
49
54
395
74,126
$BTC remains in a bullish regime, according to various cost basis models and time frames.
Price is trading above both the True Market Mean and the short-term holder cost basis.
Holding above these levels is what historically defines a sustained uptrend.
17
28
302
28,037
As bitcoin:native has touched $86k, long leverage is slowly rebuilding in the options market.
Open Interest put/call ratios are moving up.
However, this still remains far from the frothy levels we saw near the BTC top.
Perp speculation also remains muted with funding below neutral.
35
34
319
30,291
Bitcoin touches $86k, up more than 10% from last Sunday's close.
Spot and perpetual buyers lead while leverage and profit-taking slowly rise with price.
ETF flows are the one reading still pointing the other way.
glassno.de/4hgcRdV
14
15
174
31,724
As expected, bitcoin:native accelerated through the wall of short liquidations.
Shorts accumulated between $82k and $86k for months, however the rejection from this level was shallow.
Now these shorts are the fuel, as these traders are required to buy back BTC.
bitcoin:native is climbing into a thickening liquidation shelf.
The dense cluster sits around $83k–$86k.
If reached, price could move quickly through this zone as shorts are forced to cover.
These shorts have been building for several weeks.
44
35
413
39,029
The current bid is strong enough that bitcoin:native can be spent in profit without price immediately rolling over.
A sustained entity-adjusted SOPR above 1 is characteristic of a bull market.
A break back below 1 would signal that this demand is fading.
57
26
312
35,935
bitcoin:native is climbing into a thickening liquidation shelf.
The dense cluster sits around $83k–$86k.
If reached, price could move quickly through this zone as shorts are forced to cover.
These shorts have been building for several weeks.
53
63
671
112,635
Altcoin leverage is still sitting below its risk threshold.
When the share of altcoin open interest comes within a few percent of Bitcoin's, the market is usually overheated.
That condition is not currently met, indicating a potential for alts to run further.
21
16
191
26,828
$BTC has reclaimed the True Market Mean.
That puts price back above a crucial level and back into a bullish regime.
Next major overhead is the corporate treasury cost basis around $80k and finally the ETF cost basis at $85k.
44
39
355
33,474
ICYMI: Listed companies added just 5.9K $BTC over three months, versus 89K in July 2025 alone.
With spot just below their $80.5K average cost basis, corporate buyers face modest unrealized losses while providing little fresh demand.
This week's analysis:
nitter.net/i/article/210022280587…
53
14
108
24,936
$BTC has slipped below the bottom of the range.
That floor aligned with the True Market Mean and price needs to reclaim it for conditions to remain bullish.
If it does not, the short-term holder cost basis near $70k becomes increasingly likely.
Read more below 👇
Bitcoin has slipped below its multi-week range just as the Fed decides on rates.
Support under price is thin, but the potential catalyst here is strong.
Our latest Week On-Chain report covers what to watch for.
60
22
224
44,475
The ETF bid is gone again.
It came back in late August, ran for just over three weeks, and has already flipped to net redemptions.
The ETFs bought during and after the rally, but are not currently buying the bitcoin:native dip.
32
30
257
29,035
Late August saw the broadest burst of altcoin gains this year.
At the same time, multiple holder cohorts used the bounce to take profit.
We monitor these metrics and more on our Market Compass.
Full report for this edition: glassno.de/4hqVV5L
39
13
105
24,058
Bitcoin is sitting at $78k, down around 1% on the week, and holding its range.
Spot and perpetual selling and ETF outflows weigh, but capital inflows and elevated profitability show a market absorbing pressure, not breaking down.
glassno.de/4Ae0qrW
36
21
146
27,163
bitcoin:native is stuck beneath a wall of long-term holder supply around $83-$85k.
However, investors are acquiring coins here.
Should we break below this newly forming cluster, $75k is the level to watch.
After that a full retrace to $60k would be in play.
Bitcoin is still stuck beneath the edge of a thick resistance band.
Moving above this level, would indicate a shift in long term market structure.
A return lower would result in significant pain for late longs.
47
39
287
36,015
US spot Bitcoin ETFs have climbed back toward break-even after an $18B drawdown.
Institutional cost basis is now a resistance level that price has to move through for further upside
Bitcoin is still stuck beneath the edge of a thick resistance band.
Moving above this level, would indicate a shift in long term market structure.
A return lower would result in significant pain for late longs.
31
28
183
36,877
Two cities produce more than half of all Solana blocks.
Frankfurt 33%
Amsterdam 19%
310 of 675 validators sit in those two cities.
That is 46% of the network by validator count, 53% by stake.
latency.glassnode.com
24
15
109
24,873
Bitcoin holds near $79.1k after a flat week.
Capital inflows, ETF demand and futures leverage all build, while cooling spot momentum and a deeply negative volatility spread keep the market finely balanced.
Read this week’s Market Pulse👇
glassno.de/4cAdFsO
24
11
136
23,768
Bitcoin ETFs took in $643M last Thursday.
That is the biggest single-day inflow since January.
It follows the strongest month ETFs have had all year.
16
17
195
24,386
BTC volatility is currently historically low.
However, the strongest driver of low vol is not market cap.
It is who holds the coins.
Long-term holder supply explains more of realized vol than market cap, open interest, or turnover.
21
12
157
32,055
The signal that marked the $126K bitcoin:native top is Risk-On again.
After the Bitcoin Vector Signal flipped risk off in October 2025, BTC drew down 54%.
It flipped long again as BTC broke above 70k. Sign up below 👇
glassno.de/btc-vector
45
37
402
43,212
On-chain supply levels and liquidation clusters show strong confluence.
The cost-basis bands line up well with the leverage pain points.
We cover the range and what to look for in our latest newsletter 👇
Bitcoin has stalled below long-term overhead supply.
The trading range is well-defined by two cost basis clusters.
Liquidation clusters also provide significant confluence.
Read our latest Week On Chain Article
25
26
163
45,141
Ask a question in plain language. Let your agent do the research.
With the Glassnode CLI, your favourite AI can now do high quality market research in seconds.
bit.ly/4qLyK9D
5
7
34
22,479
#BTC spot ETFs recorded their highest monthly inflows since July 2025.
They pulled in ~$3.5 billion in August.
glassno.de/btc-etf-netflow
20
27
188
28,189
The blockchain trilemma: a network can strengthen two of decentralization, security, and scalability, usually at a cost to the third.
Read our joint report with @ARKInvest on how Bitcoin, Ethereum, and Solana compare. 👇
glassno.de/4A8mp3F
108
32
79
49,559
bitcoin:native and equities are decoupling.
Correlation with the S&P is approaching its lowest point in almost 2 years.
The tight equity relationship that defined much of the recent downtrend is fading.
Squeeze into Supply: The Week On-chain 34 is live.
What stands between this recovery and the January high is one band of supply between $81K and $86K.
Bitcoin ran 26% off its mid-August low on a record short flush, and real money followed it up.
14
22
180
26,294
If you care about execution quality, start with location.
That is what our latency tool is for.
Ink, OP Mainnet, and ZKsync Era are now live on our latency map, next to the exchanges and chains we already cover.
latency.glassnode.com
3
7
43
23,466
bitcoin:native holds near $78,300 after rallying from $64k lows. Institutional inflows stay strong, but rising leverage, tight volatility spreads, and softening retail activity point to a cautious, transitional market.
Read this week’s Market Pulse👇
glassno.de/4h1A3h9
25
16
158
28,387
Recent options flow is concentrated around $72.5K and $79.25K, with notable call buying at both strikes. This suggests traders are positioning for further upside, while put demand remains comparatively muted.
glassno.de/4gCxnVZ
1
2
15
6,435
The sharp move through $70K has pushed BTC into a dense gamma zone around $75–80K, where positive and negative exposures are concentrated. This may increase price sensitivity as positioning shifts around these strikes.
glassno.de/4ybmPEA
1
4
623
25 delta skew has compressed sharply across maturities, with short-dated skew turning negative. This points to reduced demand for downside protection and a shift toward more balanced or upside-oriented positioning.
glassno.de/4wZ8oCz
1
6
573
DVOL has rebounded sharply alongside BTC’s move toward $80K, signalling renewed demand for volatility. However, at ~41, implied volatility remains well below prior 50–60+ regimes.
glassno.de/4y67J2U
1
5
1,146
Options open interest has recovered sharply alongside BTC, now approaching 550K BTC. This signals renewed derivatives positioning and growing market participation as price rebounds toward $80K.
glassno.de/3UrKfXy
1
1
13
2,709
bitcoin:native has staged a sharp recovery toward $80K, with options markets beginning to reflect the shift in momentum.
Volatility is waking up, open interest is rebuilding, and positioning is tilting more constructively.
Here’s what the options market is telling us👇
17
10
122
31,641
Strategy Watch is our monthly read on fund performance, capital flows, and allocator positioning across digital assets, produced with @CIG_Crypto
Edition #7 is live now👇
glassno.de/4d4hpTo
4
3
29
22,403
1.05M $BTC of long-term holder supply sits between $83K and $86K, the first heavy cost-basis shelf above spot at $79K.
Effectively all of it has held through the entire drawdown, making that band the test of whether patient supply sells at breakeven.
👉 research.glassnode.com/the-w…
28
41
296
30,339
After large market moves, staying objective and level-headed is difficult.
Our latest weekly report walks you through the data: the liquidation cascade, who bought the squeeze, and the supply now sitting overhead.
Squeeze into Supply: The Week On-chain 34 is live.
What stands between this recovery and the January high is one band of supply between $81K and $86K.
Bitcoin ran 26% off its mid-August low on a record short flush, and real money followed it up.
9
24
146
35,855
Bitcoin Vector's impulse flipped positive from the lows.
bitcoin:native has advanced roughly 20% since.
The strategy is currently fully allocated and in profit, and the next upside target sits at $82.8k.
Full access: glassno.de/45Sb3Tl
10
12
119
30,257