Glassnode

28 August 2025 09:45

Bitcoin is holding above a dense supply cluster between $93k and $110k. This accumulation zone has steadily matured since Dec 2024 and could form a floor - unless sustained sell pressure drives a capitulation event.

Glassnode

26 August 2025 20:48

Network Activity Slowing

The monthly average of change-adjusted transfer volume has declined from $26.7B to $23.2B (~13%), tracking the pullback in price. A break below the yearly average of $21.6B would confirm weakening speculative activity and signal a broader contraction in on-chain demand.

Chart here: https://glassno.de/45SYtTk

Glassnode

26 August 2025 14:50

Bitcoin has now spent 273 days with a super-majority of supply held in profit (above the +1σ band) - the 2nd longest stretch on record, behind only the 2015–2018 cycle at 335 days. A signal of how extended the current cycle has been relative to history.

Glassnode

26 August 2025 10:27

Bitcoin’s rally over the weekend to $117k quickly reversed, leaving the market fragile.

This week’s Market Pulse examines the shift from euphoria toward caution, across spot, derivatives, ETFs, and on-chain activity.

Read it here: https://glassno.de/3HU2QWa

Glassnode

25 August 2025 15:58

ETH Holders in Profit

With Ethereum hitting a new ATH, the MVRV ratio has climbed to 2.15. This means, on average, investors hold over ~2.15x unrealized gains. This level mirrors prior market structures seen in March 2024 and December 2020, both of which preceded periods of elevated volatility and profit-taking.

Chart here: https://glassno.de/3VghiuG

Glassnode

22 August 2025 14:53

Institutional Selling Pressure

Recent market weakness has coincided with mounting sell pressure from U.S. spot ETFs. Bitcoin ETFs saw outflows of up to 4.2k BTC, while Ethereum ETFs recorded a massive 111k ETH in outflows, amplifying the broader risk-off tone across the market.

Charts here: https://glassno.de/4oJGSWN & https://glassno.de/4mue5E7

Glassnode

21 August 2025 09:42

The Week On-Chain 33, 2025
Pressure continues to mount across the digital asset landscape, with broad-based sell-offs hitting major assets. Derivatives activity, in particular, continues to accelerate, leaving the market increasingly sensitive and reflexive in its structure.

Executive Summary
- Capital inflows into Bitcoin continue to decline, even as a new ATH of $124.4k forms, highlighting weaker investor demand.
- Altcoin open interest hit an ATH of $60B, but quickly fell by -$2.6B, marking the 10th largest drop on record.
- Ethereum’s open interest dominance is at its 4th highest level, while perpetual futures volume dominance reached a new ATH of 67%.
- In prior cycles (2015–2018, 2018–2022), ATHs were reached 2–3 months later than where we are in the current cycle.

Read more in The Week On-Chain newsletter.

Glassnode

19 August 2025 16:26

Last week, Bitcoin surged to a new ATH above $123k before retreating toward $114k. This week’s edition of BTC Market Pulse unpacks this slowdown: ETF demand remains strong, derivatives run hot, but on-chain signals point to fragility. Read it here: https://glassno.de/41c4VDB

Glassnode

19 August 2025 13:15

Friday’s BTC options saw a record ~$226M in premiums (~69% calls) as both sides repriced risk. By Monday it slumped to ~$18M with puts mostly sold ($5.5M received vs $0.37M paid) and calls ~flat - protection demand faded; market is leaning to stabilization/vol compression.

Glassnode

13 August 2025 15:31

Premiums confirm the tilt: call premium paid ~$82M (Aug 8) and still ~$31.5M (Aug 11), consistently outpacing puts. Traders are paying up for upside convexity as ETH presses higher.

Glassnode

13 August 2025 14:12

Shorts are feeling it: ~$66M in short liquidations on Aug 12 with price near $4.62k. This is the second largest shorts liquidation event this year-to-date.

Glassnode

13 August 2025 12:09

BTC dominance fell from 65% to 59% over two months, underscoring the growing appeal of altcoins amid broader risk-on behavior.

Glassnode

12 August 2025 17:27

A useful gauge of short-term demand trends and potential reversals: when the cost basis of 1w–1m holders exceeds that of 1m–3m holders, it signals newer buyers paying a premium - a bullish sign. The gap remains wide, suggesting short-term demand for Bitcoin is still strong.

Glassnode

12 August 2025 11:05

Since Jun 21, short-term holders - investors holding BTC <155 days - have added over 220K BTC to their balance (+9.9%). While notable, it’s modest compared to Jan–Mar, when supply surged by 540K BTC (+25%) in one of the sharpest rotations this cycle.

Glassnode

08 August 2025 14:20

XRP futures activity surged, with 24h volume up +208% to $12.4B - overtaking Solana’s $9.6B. Open interest climbed to $5.9B (+15%), while a positive funding rate suggests heavy long positioning - which could raise liquidation risk if price turns lower.

Glassnode

27 August 2025 21:23

The Week On-Chain 34, 2025
Bitcoin trades near $111k, testing key support at $107k–$108.9k. A bounce to $113.6k may face selling from stressed holders, while deeper losses could target $93k–$95k. Losses remain shallow, with spot demand neutral and perpetuals leaning bearish but fragile.

Executive Summary
- Bitcoin has pulled back to $111k, with support anchored by the $93k–$110k cost basis cluster. A break below $107k–$108.9k could open downside toward $93k–$95k.
- Short-term holders remain under stress, making $113.6k a likely resistance as they sell into any bounce.
- Unrealized and realized losses remain shallow, far from past bear extremes, suggesting limited capitulation so far.
- Spot demand has neutralized, while perpetual futures lean bearish, with funding rates signalling fragile neutrality.

Read more in The Week On-Chain newsletter.

Glassnode

26 August 2025 16:55

Bitcoin’s long-term holders have already realized more profit this cycle than in all but one prior cycle (2016–17), highlighting elevated sell-side pressure. Taken alongside other signals, this suggests the market has entered a late phase of the cycle.

Glassnode

26 August 2025 12:45

Last week, institutional investors broke the multi-week run of inflows into US spot ETH ETFs with -105K ETH in net outflows. However, this week opened on a positive note, with +16.9K ETH added to positions yesterday.

Glassnode

25 August 2025 19:43

Crucial Support

Bitcoin is now trading just above $110.8k, the average cost basis of 1m-3m old investors who accumulated during the May–July rally to new ATHs. Historically, failure to hold above this level has often led to multi-month market weakness and potential deeper corrections.

Chart here: https://glassno.de/45RDosE

Glassnode

22 August 2025 17:47

On-Chain Support Levels

Using the UTXO Realized Price Distribution (URPD), the nearest support zone lies between $104k–$108k, where over 1.15M BTC was accumulated over the past year. This dense supply region may serve as a strong support if the market continues to correct.

Chart: https://glassno.de/4mWiKOT

Glassnode

21 August 2025 18:55

The Anatomy of a Local Bottom

1- When the market enters a post-ATH contraction phase, short-term price action is often shaped by how top-buyers react to growing unrealized losses.

Right now, a dense cluster of supply, accumulated between $113k and $120k since early July, belongs to investors holding < 3 months.

CBD Heatmap: https://glassno.de/4g78UHT

2- To assess <3-month investor behavior, we use the SOPR by Age metric.

Currently, their SOPR is hovering around 0.96–1.01, signaling mild loss realization. If pressure builds, local bottoms often form when this group capitulates, typically when SOPR drops below ~0.9.

SOPR by Age: https://glassno.de/4p4cgiX

Glassnode

20 August 2025 18:26

The market is showing signs of contraction following significant profit-taking from investors holding for over 1 month (excluding daily traders).

Let’s look at when and how much profit was realized (30D-EMA) across the top 5 assets:

Bitcoin (BTC)
On July 18, >1-month BTC holders realized over $1.5B in profit, marking the largest profit-taking spike since December 2024.

Ethereum (ETH)
On August 16, realized profit peaked at $575M, the largest profit-taking spike of this cycle so far. A clear sign of longer-term ETH holders taking risk off the table.

Solana (SOL)
On August 17, >1-month holders realized over $105Min profit, the biggest profit event since the early 2025 surge.

XRP
On July 24, profit-taking by longer-term holders spiked to $375M, suggesting strong distribution similar to December 2024 rally.

TRON (TRX)
August 6 saw a profit realization peak of $230M, highest in Tron’s history, reflecting broader sell pressure across altcoins.

Glassnode

19 August 2025 15:01

BTC options positioning has shifted higher: the net-premium heatmap shows a fresh cluster of net call buying in the $124k–$130k strikes (+$41M cum.) while sub-spot put demand is light. After last week’s spike, positioning implies a 120–130k magnet, not new downside hedging.

Glassnode

19 August 2025 10:53

In periods of heightened volatility, Glassnode’s Supply by Investor Behavior metric gives a deeper pulse of the market. For Bitcoin, we are seeing:

🔸Supply held by First Buyers has risen +1.0% (4.88M → 4.93M BTC) over the past 5 days - showing fresh demand continues to enter.

🔸Conviction Buyers rose +10.1% (933K → 1.03M BTC) over 5 days. Yet compared to April’s surge, engagement looks muted - suggesting this dip is too shallow for strategic buying, or investors remain hesitant.

🔸Loss Sellers spiked +37.8% (63K → 87K BTC) over the past 5 days. Still, compared to earlier this year, realized losses remain contained - suggesting few investors are panicking.

🔸Profit Takers jumped +5.4% (1.73M → 1.83M BTC), the largest spike YTD. For some investors, this clearly has been a time to lock in gains and take chips off the table.

Learn more about Supply by Investor Behavior metric here.

Glassnode

13 August 2025 15:31

In options, ETH OI has climbed to a YTD high ~$16.1B, alongside spot around $4.6k. Elevated open interest signals strong demand for optionality around the breakout.

Glassnode

13 August 2025 14:12

ETH futures open interest printed a new ATH around $35.5B as spot pushed to ~$4.59k. Leverage has rebuilt across venues, setting the stage for larger moves as positioning concentrates.

Glassnode

13 August 2025 10:11

With ETH shooting up above $4.6K, its price came just 3.9% below its previous all-time high. As Ethereum strength builds, capital rotates further along the risk curve.

Glassnode

12 August 2025 12:58

At 29.79%, Bitcoin’s 3-month realized volatility is at its lowest since Sep 2023. This cycle’s volatility profile stands out - staying mostly below 50%, compared to frequent 80–100% readings in the last two bull markets.

Glassnode

11 August 2025 17:22

Bitcoin has rebounded from last week’s dip below $114k, climbing back toward $121k.

This week’s Market Pulse looks at spot, derivatives, ETFs, and on-chain signals to assess if the recovery can sustain - or if profit-taking will take over: https://glassno.de/4majDDk

Glassnode

08 August 2025 12:01

After peaking on 16 July (Spot: $10.22B, Futures: $60.17B), both BTC spot and futures volumes have trended lower. However, current levels (7 Aug) at $6.61B and $41.05B remain well above the early-July lows of $4.85B and $33.82B, respectively.