43777
Pioneering on-chain market analysis. Advanced charts/data/insights for investors in Bitcoin and digital assets. https://studio.glassnode.com/
As $BTC 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.
As expected, $BTC 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.
$BTC 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.
$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.
In our joint report with Bybit, we analyze how the crypto derivatives landscape has changed shape.
Read the full report
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.
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
$BTC 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.
https://twitter.com/glassnode/status/2097716683976978596
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.
https://x.com/i/article/2097710104237969408
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
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.
The median altcoin is 58% below its price at the BTC high.
The privacy sector is 213% above it, and not only because of $ZEC.
Read the full article: https://x.com/i/article/2096912210077380609
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 👇 https://twitter.com/glassnode/status/2095187077084377561
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.
Watch on X
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.
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.
https://glassno.de/4hgcRdV
The current bid is strong enough that $BTC 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.
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.
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
$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 👇
https://twitter.com/glassnode/status/2100232147449811310
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 $BTC dip.
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.
https://glassno.de/4Ae0qrW
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
https://x.com/glassnode/status/2097716683976978596
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.
https://latency.glassnode.com
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.
#BTC is trading like a different asset than it was in March.
Back then its 90d correlation with the Nasdaq-100 was 0.57 and with gold 0.21.
Today the readings are swapped: 0.22 NDX and 0.57 gold. https://twitter.com/n3ocortex/status/2095871699103179145
The signal that marked the $126K $BTC 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 👇
https://glassno.de/btc-vector
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
#BTC spot ETFs recorded their highest monthly inflows since July 2025.
They pulled in ~$3.5 billion in August.
$BTC 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. https://twitter.com/glassnode/status/2092605995356966938