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Pioneering on-chain market analysis. Advanced charts/data/insights for investors in Bitcoin and digital assets. https://studio.glassnode.com/
The full recording of our joint webinar with Avenir Group - Bitcoin’s Liquidity Trifecta - is now available to watch on demand.
We explored how Bitcoin is evolving into a macro-responsive, structurally liquid asset, and why this cycle is fundamentally different from previous ones.
Key topics covered include:
– Why $550M/day in capital inflows are required to sustain Bitcoin’s current trajectory – How ETF inflows reveal authentic, long-term institutional demand—not just basis trades – What derivatives market structure tells us about the maturity of the crypto ecosystem – Why mid-cap altcoins are struggling, while capital concentrates in BTC and speculative SPL tokens – How Bitcoin has become a real-time barometer for global liquidity conditions
If you’re looking to better understand the structural forces shaping the digital asset market in 2025, this session is well worth your time.
Watch the full webinar here.
In February 2025, $1.4B in ETH was stolen from Bybit in one of the largest exchange breaches to date. But unlike prior similar incidents, the event did not trigger systemic fallout.
Our new report with Bybit examines how the market absorbed this shock - using proprietary metrics to assess exchange risk, liquidity conditions, and derivatives positioning across BTC, ETH, and SOL.
Key insights:
• ETH reserves recovered from 236k to 729k
• Open interest fully rebounded and surpassed pre-incident levels
• Liquidity metrics normalized within weeks
• Whale and internal flow diagnostics showed rapid stabilization
Whether you’re a strategist, risk manager, or institutional allocator, this report offers a forensic look at real-time capital movements, investor behavior, and exchange resilience during one of the most critical inflection points of 2025.
Download it here: https://glassno.de/44HRHR0
Don’t forget to register for our exclusive webinar with Avenir on July 2nd. We’ll walk through the key findings of our joint report and take a closer look at Bitcoin evolving liquidity and macro profile.
Save your spot: http://glassno.de/4l4cjs5
We are excited to present our latest collaborative research report with Gemini - Bitcoin Adoption, Volatility, and Market Cap
Our latest 18-page institutional report unpacks the growing influence of sovereign treasuries, ETFs, and offchain venues on Bitcoin’s market structure.
Key takeaways:
- Over 30% of BTC supply is held by centralized treasuries
- The Strategic Bitcoin Reserve reshapes long-term allocation frameworks
- ETF flows are transforming custodial structure without shrinking available supply
- Volatility has declined across all time horizons
- Institutional inflows can drive market cap growth up to 25× in the short term
A must-read for institutional allocators and analysts navigating Bitcoin’s transition into a sovereign-grade macro asset.
Download the full report: http://glassno.de/44689ZJ
We’re proud to share that Glassnode has been named Digital Asset Research Provider of the Year by Hedgeweek®!
This recognition reflects the work we’ve put into building a research function that empowers institutional investors with clarity and conviction – and our commitment to delivering rigorous analysis in a market where data is abundant, but signals that truly inform trading decisions are rare.
A few reasons behind this recognition:
→ We’re a trusted research partner to top-tier institutions across both digital assets and traditional finance.
→ In Week On-Chain, reaching tens of thousands each week, we pioneer frameworks that link on-chain activity with market structure and investor behaviour
→ We continue to broaden our offering – most recently with Market Pulse, a concise, high-signal view of flows, derivatives, ETFs, and fundamentals, built to help decision-makers form a view and act quickly
As our research function continues to grow, its distribution model may evolve – stay tuned and subscribed.
The Week On-Chain, Week 21, 2025
Strength in the Bitcoin market persists, with the leading digital asset reaching a new ATH of $111k and setting the third fresh ATH of this cycle. This has resulted in a broad uptick in activity across all major segments of the market.
Executive Summary
🔹Investor profitability and spending behavior have both increased notably, but current levels remain below the extremes reached at prior bull market peaks.
🔹Activity is also increasing in the derivatives sector, where both futures and options markets are experiencing significant growth in open interest.
🔹In the event of further upside, the $120k level appears as a key zone of interest.
Read the full report here.
15 years after 10,000 BTC were exchanged for two pizzas (now worth over $1.1B), a significant portion of the early Bitcoin supply remains intact - but some coins are on the move.
The share of Realized Cap held by coins aged over 10 years has declined from 0.045% to 0.033% over the past year. The steepest drawdown occurred between December and February, followed by a renewed decline since April 20.
This indicates that even decade-old holdings are being spent, and not all supply from that era is lost or vaulted.
As of May 2025:
🔸 More than 3.4 million BTC have not moved in over 10 years
🔸 Approximately 1.46 million BTC are considered probably lost (inactive since 2010)
🔸 Around 3,366 BTC are provably lost (burned, unclaimed, or sent to OP_RETURN)
This leaves close to 2 million BTC from the earliest era of Bitcoin that are likely still under deliberate custody - held by entities with strong conviction or long-term strategic intent.
#Bitcoin #PizzaDay
The Week On-Chain, Week 17
Bitcoin price momentum is facing its first wave of meaningful resistance, as price attempts to consolidate and break above key technical and on-chain levels. Under the surface, a number of structural resets have occurred across multiple facets of the Bitcoin economy.
Executive Summary
🔹Bitcoin is testing key resistance at the 111DMA ($91.3K) and STH cost basis ($93.2K).
🔹LTHs remain in HODL mode, with accumulation outweighing spending.
🔹If price climbs, LTHs holding +350% unrealized gains may start taking profits.
🔹A dense cluster of coins held near $95K–$98K could trigger break-even selling.
Read the full Week On-Chain report here: glassno.de/44cpjXq
Access all the charts from this edition in a dedicated dashboard: https://glassno.de/3EuWUBC
The Week On-Chain, Week 16
Bitcoin has surged back to $94.7k amid optimism surrounding tariff relief, with the market reclaiming key levels and sparking profit-taking. Short-term holders have taken profits, traders shorted the rally, and ETF inflows hit $1.54B – signalling an important sentiment shift behind the move.
Executive Summary:
🔹Bitcoin hit $94.7K on optimism around U.S.–China trade. Price briefly reclaimed the STH Cost Basis ($92.9K), a key level dividing bullish and bearish regimes.
🔹87.3% of BTC supply is in profit, up from 82.7%.
🔹The STH P/L Ratio hit 1.0, indicating break-even for recent buyers. Profit-taking has spiked, mainly from short-term holders.
🔹Futures OI is up 15.6%, while funding rates flipped negative, suggesting traders are shorting into the rally.
🔹On Apr 22, BTC ETFs saw $1.54B inflows, highlighting strong institutional demand. ETH ETF flows remain low, explaining ETH’s lag.
Read the full report here.
Access the charts from this edition in a Glassnode Studio dashboard.
Supply Mapping is now live in Glassnode Studio
Supply Mapping is a new Glassnode metric that reveals which investor profiles are driving token supply - based on the intent behind their buy or sell decisions.
Built on top of Cost Basis Distribution, this new tool segments token holders based on the intent behind their actions - whether it's conviction buying, FOMO-driven entries, panic selling, or profit-taking.
This allows you to:
🔹Spot early signs of trend reversals 🔹Identify tops and bottoms based on investor segment behavior 🔹Understand the emotional dynamics shaping supply flows
In volatile markets, reading investor psychology is key. Supply Mapping turns on-chain data into actionable insight - across Bitcoin and hundreds of ERC-20 tokens.
Dive into our analysis to learn more about this metric and how you can use it: https://glassno.de/4jB8ZEe
Access Supply Mapping now in Glassnode Studio: https://glassno.de/42FWDVv
Puts are trading at a premium to calls, signaling a spike in demand for downside protection. This skew is most pronounced in short-term maturities - a level of fear not seen since BTC was in the $20Ks in mid-’23.
Despite this, BTC hasn't broken down like equities did on recent tariff headlines. That disconnect - rising panic without a price collapse - makes the current options market setup especially notable.
Skew like this usually appears when positioning is one-sided and fear runs high. TLDR: panic is elevated, but price is holding. That’s often what a bottom looks like.
Charts (available to Glassnode Professional plan users):
🔗https://glassno.de/41XBvd1
🔗https://glassno.de/42uRHmb
We’re proud to share that Glassnode has been shortlisted in 3 categories at the 2025 Hedgeweek Global Digital Assets Awards:
🔸Alternative Data Provider of the Year
🔸Digital Asset Research Provider of the Year
🔸Solution Provider of the Year: Data and Research
It's a major recognition of our efforts to raise the bar for crypto market intelligence. Thank you for being a part of this journey.
If you'd like to show us your support, we encourage you to cast your vote here: https://glassno.de/3QOobS3
The Week On-Chain, Week 11, 2025
The Bitcoin market continues to adjust to its new price range after experiencing a -30% correction. Liquidity conditions are also contracting in both on-chain and futures markets. Additionally, Long-Term Holders remain inactive, reinforcing a picture of a sluggish market and sideways price action.
Executive Summary
🔸Liquidity continues to contract across on-chain and spot markets, with net capital inflows grinding to a halt, and exchange inflows slowing down.
🔸Key options metrics express a preference for downside risk aversion, with the implied volatility priced into put options resulting in elevated premiums.
🔸Short-term investors are experiencing significant pressure to lock in losses.
🔸Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure.
Read the full report here.
View the charts from this edition here.
Are Metaverse tokens still relevant to investors?
Our latest analysis applies the Cost Basis Distribution (CBD) framework to major Metaverse assets like SAND, MANA, and AXS - offering a new perspective on investor conviction and engagement.
This article explores:
🔸How has the cost basis of long-term holders evolved over time?
🔸Are certain investor cohorts still accumulating Metaverse tokens?
🔸What can cost basis trends reveal about the potential for renewed interest?
Read the full report here.
📢 New Metric Release: Introducing On-Chain Retention
What is On-Chain Retention?
Retention is a fundamental metric for assessing engagement and sustainability of a business, but until now, digital assets lacked a robust framework for measuring it.
Glassnode introduces a solution to this problem with On-Chain Retention - a set of metrics tracking user engagement and investor loyalty across BTC, ETH, and 700+ ERC-20 tokens.
Why does this matter?
Traditional on-chain metrics track activity and balances, but they don’t categorize users based on commitment.
On-Chain Retention fills this gap by tracking addresses across intuitive categories such as new, retained, resurrected or churned over time.
How can investors use this?
✔️Distinguish real demand from speculation
✔️Detect early signs of capital flight and sell pressure
✔️Compare engagement and loyalty across assets
Read the full research article to learn how On-Chain Retention works and how to use it in practice.
New metric announcement!
We're proud to announce Leverage Position Openings and Closures - a new suite of metrics for professional traders.
Funding rates and liquidation data have long been used to gauge leverage in crypto markets - but they often miss the full picture. They're reactive, exchange-dependent, and limited in scope.
Glassnode's new Leverage Position Openings and Closures (LPOC) metric fills this gap.
By analyzing the alignment between price and open interest, LPOC identifies when leveraged long or short positions are being opened or closed - capturing both voluntary and forced position changes in real time.
This gives traders, risk teams, and market analysts a more immediate and comprehensive view into positioning dynamics. It helps:
- Detect market tops from aggressive long buildup
- Identify bottoms via long squeeze zones
- Track short squeezes through reversals in short positioning
- Monitor systemic risk across assets with cross-market signals
And more!
Learn how to use these metrics.
Week On-Chain, Week 25, 2025
Bitcoin remains in a $100k–$110k range as profit-taking slows and activity metrics cool. While support at $99k holds, fading spot volume and cautious futures sentiment suggest limited upside momentum without a significant influx of demand.
Executive Summary:
- Headline volatility defines recent moves: Bitcoin briefly dropped to $99k amid geopolitical tensions, then rebounded to $106k after headlines of de-escalation circulated.
- Strong structural support at $93k–$100k: The CBD Heatmap shows concentrated accumulation in this zone, formed during Q1 2025.
- Profitability and activity metrics cooling down: Realized profit is tapering off from the third major wave of this cycle. On-chain transfer volume dropped ~32%, and spot volume remains low at $7.7B, reflecting reduced investor engagement.
- Futures markets are still active, but with lower conviction: Despite high trading volume, open interest dropped 7% and liquidations have surged on both sides.
Read the full report here
As Bitcoin becomes more integrated with traditional finance, its behavior increasingly reflects the structure and pressures of global markets.
In partnership with Avenir Group, we’ve released a new research report that dissects Bitcoin’s liquidity across three dimensions:
– On-chain capital movements
– Exchange-based market microstructure
– Macro linkages and cross-asset correlations
The result is a unified framework for understanding how institutional flows, ETF activity, and global liquidity cycles interact to shape Bitcoin’s performance.
Built for those looking to connect crypto market structure with macroeconomic context.
Download it here: https://glassno.de/40lyF05
Join Us for a Live Webinar
Join us July 2nd for a live webinar with Glassnode and Avenir Group as we examine the key liquidity trends shaping the Bitcoin market now. Register today.
We’ll share findings from our latest joint research report – looking at how on-chain activity, exchange flows, institutional trading, and macro conditions are interacting to reshape Bitcoin’s market behaviour.
Understand how liquidity influences not just short-term volatility, but also long-term market structure and investor participation.
Register now to join live or receive the full recording.
This cycle, Bitcoin and Ethereum no longer grow in tandem.
To capture the distinctive market structures and investor trends shaping each asset, we partnered with CME Group to produce two separate institutional-grade reports for H1 2025.
📘 Bitcoin H1 2025 Report: https://glassno.de/43D6oTM
📘 Ethereum H1 2025 Report: https://glassno.de/43Dhng3
Each report provides a comprehensive view of both the on-chain and off-chain dynamics of the market:
• Capital inflows, MVRV ratios, and realized caps
• Derivatives market structure including open interest, funding rates, and positioning
• ETF flows, on-chain cost bases, and asset accumulation trends
• Ethereum-specific fundamentals such as validator activity and staking behavior
Published by CME Group and Glassnode, this dual report set is designed for institutional investors, analysts, and allocators.
To navigate market cycles effectively, it's not enough to track price. You need to understand who is driving those moves.
Glassnode’s latest visualization segments BTC, ETH, and ERC-20 token supply by investor type — based on real on-chain spending behavior. This lets you identify whether market moves are driven by:
→ Long-term conviction
→ New capital inflows
→ Short-term momentum
→ Panic selling
Three key takeaways from current BTC trends:
🔹 Conviction buyers tend to spike at inflection points. In bear markets, they mark cycle bottoms. In bull markets, they stabilize pullbacks.
🔹 First Buyers (new capital) are essential for sustained uptrends. Recent spikes from July–Dec 2024 and Mar–May 2025 coincided with major expansions.
🔹 Momentum Buyers can sustain trends when other cohorts are flat. Their recent uptick signals growing short-term engagement.
Explore the full visualization in Glassnode Studio - available for BTC, ETH, and ERC-20 tokens: https://glassno.de/3SUoOu6
Subscribe to Bitcoin Market Pulse - Glassnode’s new weekly intel drop that fuses on-chain and off-chain signals into one coherent view of the market:
Previously reserved for our top-tier customers, Market Pulse is now available in beta to a broader audience.
Every Monday, we cut through the noise with a streamlined, repeatable format designed to highlight developing trends - before they become obvious to the crowd.
📌 What makes it unique?
→ It’s structured around core market components - Spot, Futures, Options, and ETFs - with complimentary on-chain signals.
→ Each section comes with directional indicators, so you can scan the market’s major moving parts at a glance.
→ Instead of overwhelming you with metrics, we show how shifts in market structure, sentiment, and capital flows interlink - across both centralized and decentralized domains.
Whether you manage capital or just want to trade smarter, Market Pulse is your definitive guide to what’s unfolding beneath the surface of the Bitcoin market.
Charting Crypto Q2 2025 is now live!
Produced by Coinbase Institutional and Glassnode, this quarter’s edition tracks how macro uncertainty is reshaping digital asset markets - and where capital is finding conviction.
Here’s what you’ll find inside:
🔹Bitcoin’s growing dominance amid a broad risk-off shift
🔹Institutional flows into spot BTC and ETH ETFs
🔹Solana’s record-setting revenue vs. other L1s and L2s
🔹Stablecoins’ rise as crypto’s global settlement layer
🔹Broker platform restrictions - and the untapped ETF demand they signal
Built for institutional investors, the report offers high-resolution insights into liquidity, positioning, and market structure.
Get the full report: https://get.glassnode.com/charting-crypto-q2-2025/
The Week On-Chain, Week 15
The macroeconomic environment remains uncertain with the restructuring of global trade relations ongoing. In spite of this, the performance of hard assets remains remarkable with Gold surging to a new ATH of $3300 and Bitcoin residing above $80k.
Executive Summary:
🔹Macroeconomic uncertainty persists amid shifting global trade, driving volatility in U.S. Treasuries and equities.
🔹Bitcoin saw its largest drawdown of the cycle, but it's within bull market norms. Median drawdown remains far milder than in past cycles.
🔹Digital asset liquidity is tightening, with slowing capital inflows and flat stablecoin supply growth.
🔹Investors face record unrealized losses, mostly among new participants; Long-Term Holders remain largely in profit.
Read the full report here. Access the charts from this edition in a Glassnode Studio dashboard.
The Week On-Chain, Week 14
The announcement of Trump’s “Liberation Day” tariffs sent shock-waves through financial markets, with major macro indexes experiencing a unilateral decline. Digital assets have been no exception, experiencing a broad-based contraction occurring across all sectors.
Executive Summary
🔸Capital inflows into the major digital assets have ground to a halt, causing major headwinds and a contraction of liquidity.
🔸The collapse across digital assets has been broad-based, with the altcoin market devaluing from $1T in Dec 2024 to a current value of $583B.
🔸Confluence between on-chain and technical models suggests that $93k is a key area of interest which must be reclaimed before upward momentum is re-established. On the downside, the $65k to $71k region remains a critical threshold for the Bitcoin bulls to hold.
🔗Read the full report here.
🔗Access charts from this report in a Glassnode Studio Dashboard.
The Week On-Chain, Week 13, 2025
Bitcoin prices have continued to slide this week, with signs of seller exhaustion developing but no apparent trend reversal just yet. As a proxy for retail activity, we analyze XRP’s explosive rally as an initial burst of capital inflow stalls, momentum fades, and fragile sentiment raises caution.
Executive Summary
🔸The Bitcoin market continues to consolidate within the $76k to $87k range, with the Realized Profit/Loss Ratio starting to show signs of near-term seller exhaustion but not yet a renewal of sustained bullish momentum.
🔸A longer-term view reveals a deterioration of investor profitability, and an on-chain ‘Death-Cross’ has occurred, suggesting the market may remain weak.
🔹Ripple’s XRP network recently experienced a +490% spike in address activity and a near-doubling of Realized Cap, signalling aggressive retail interest. However, profitability has rapidly faded.
🔗Read the full analysis here.
📊View all charts in this edition in The Week On-chain Dashboard.
📊 SOL URPD: Identifying Key Support and Resistance Levels
Glassnode’s URPD metrics provide insights into price levels where supply is concentrated, helping investors gauge key levels of interest.
🔹 Support:
$112.10: 9.7M SOL (1.67% of supply) was acquired here. Since Jan 19, investors added 4M SOL, indicating strong conviction.
$94, $97, and $100 collectively hold 21M SOL (3.5%). If lost, downside risk increases due to low supply until $56.
🔹 Recent Accumulation:
$123 (16.2M SOL, 2.7%) and $126 (19M SOL, 3.2%) saw strong demand, potentially stabilizing the downtrend.
🔹 Resistance:
$135 holds 26.6M SOL, but $144 is crucial - 27M SOL (5% of supply) was acquired here, making it a significant test for further upside.
URPD was originally developed for Bitcoin but is now available for $SOL, $BNB, $TON, $DOGE, $TRX, and $XRP, offering investors granular insights to navigate key price levels.
Access URPD metric for Solana and other assets here.
How do early token holders impact market trends?
Early adopters often control a large share of a token’s supply, and their buying and selling behavior can strongly influence price movements.
Glassnode introduces a framework that helps traders anticipate market shifts by analyzing:
🔸Early Holder Balance – When are large holders selling?
🔸Herfindahl Index – How concentrated is token ownership?
🔸NUPL (Net Unrealized Profit/Loss) – Are early adopters still in profit?
🔸Cost Basis Distribution (CBD) – Where did early holders accumulate, and when do they distribute?
By using these insights, traders can detect profit-taking trends, time exits more effectively, and avoid sharp corrections.
Read the full research breakdown here.
The Week On-Chain, Week 10, 2025
Bitcoin continues to face persistent sell pressure, especially from recent buyers. The asset has seen weak demand and fading accumulation since January. Short-term holders are capitulating, driving STH-SOPR into loss territory, mirroring the August 2024 crash to $49k.
Executive Summary
🔸Bitcoin entered a phase of strong investor distribution in early January, with the Accumulation Trend Score confirming persistent sell-side pressure.
🔸Heightened volatility, weak demand, and liquidity constraints have prevented meaningful accumulation from restarting, reinforcing downside risks.
🔸Panic-driven selling has intensified, with STH-SOPR spiking well below the break-even level of 1, signalling fear and loss realization among recent buyers.
🔸A custom SOPR-adjusted CDD metric we developed shows that the intensity of the sell-off mirrors past capitulation events, notably the one in August 2024, as the market plunged to $49k.
Read more in the latest Week On-Chain. Charts here.
🔍 Spotting Market Bottoms with On-Chain Data
Where do local bottoms form? Often in zones of maximum pain, when forced selling peaks. Our capitulation metric, based on Cost Basis Distribution, helps pinpoint these moments - offering data-driven insights into potential turning points.
📊 Key Benefits:
✔ Identify capitulation zones where selling pressure exhausts
✔ Track where distressed sellers exit and demand emerges
✔ Use on-chain data to navigate market turning points
Want to explore it yourself?
📖 Read more on Insights.
💡Try it on Google Colab: Backtest historical capitulation events hands-on.