Glassnode

03 September 2025 10:26

Average Bitcoin supply per whale (entities holding 100-10k BTC) has been steadily declining since November 2024, now sitting at ~488 BTC per whale - levels last seen in December 2018.

Glassnode

02 September 2025 13:59

Cost Basis Distribution (CBD) shows a clear divergence in spot flows between Bitcoin and Ethereum: BTC spot activity is dense, while ETH remains sparse with air gaps. This suggests ETH price dynamics may be more influenced by off-chain markets such as derivatives.

Glassnode

01 September 2025 14:05

US spot Ethereum ETFs saw significant inflows of +286k ETH last week, one of the strongest weekly prints since launch. Despite ETH closing the week near $4.4k, institutional demand via ETFs remains firm.

Glassnode

29 August 2025 18:05

No altcoin sector outperformed ETH over the past month, though DeFi and Layer 2 came close. Notably, most altcoin sectors ended the period in decline.

Glassnode

29 August 2025 16:02

ETH option skews rotated quickly over the past week.

• Aug 22: upside bias (calls richer, 1w -7%).
• Aug 25: defensive shift (puts richer, 1w +4%).
• Aug 28: neutral (~0% across tenors).

Traders rapidly repriced ETH risk from upside to downside and back to balance.

Glassnode

29 August 2025 13:15

MVRV standard deviation bands help anchor expectations for SOL. Since the March 2024 top, the +0.5σ band has acted as resistance, where profit-taking outweighed demand. Price now sits near the mean ($210). If defended, the +0.5σ band at ~$275 becomes the next test.

Glassnode

28 August 2025 13:55

The Relative Unrealized Loss of BTC investors sits at just 0.5% - far from the >30% levels typical of bear market extremes. This reinforces that most holders remain in profit, despite growing short-term stress.

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

02 September 2025 19:18

Sizing Up the Dip

Trading at $110k, only ~9% of BTC supply is in loss, carrying up to 10% unrealized losses. In contrast, the local bottom of this cycle saw >25% of supply at up to 23% losses, and global bear markets have reached >50% supply with up to 78% losses.

This dip remains relatively shallow.

Chart here: https://glassno.de/4nepLKZ

Glassnode

02 September 2025 10:44

Bitcoin Market Pulse

BTC pulled back to $107k last week, testing the short-term holder cost basis - a level that often defines near-term sentiment.

Spot signals weakened with RSI in oversold territory and volumes down, while futures OI contracted and options skew surged, showing stronger demand for downside protection. ETF flows turned positive with $396M inflows, but participation remains selective.

On-chain activity stayed subdued: active addresses fell to 690k, fees remain weak, and realized cap inflows slowed. Transfer volumes spiked to $10.8B, reflecting large entity repositioning rather than broad participation.

We also cover holder rotation, ETF MVRV trends, and how fading unrealized profits are reshaping sentiment: https://glassno.de/41wP6aE

Glassnode

01 September 2025 12:03

US spot Bitcoin ETFs recorded net inflows of +3,018 BTC last week. This marked a return to positive flows after the prior week of outflows, bringing renewed support despite choppy price action around $108k.

Glassnode

29 August 2025 17:14

Studying total daily USDT transfer volume on Ethereum, shows a clear pattern since the cycle low: each major BTC rally triggered a >250% surge in USDT activity, followed by a cooldown phase as BTC slipped into downward consolidation.

Chart here: https://glassno.de/41tDxkA

Glassnode

29 August 2025 13:30

Though SOL recently saw an uptick in realized cap growth - a sign of new inflows - and Ethereum plateaued, ETH continues to lead. Over the past month, ETH’s realized cap grew +9.4% vs +4.9% for SOL and +2.6% for BTC.

Glassnode

28 August 2025 16:00

Spot market bias has reset. Bitcoin’s CVD across major venues has reverted to neutral, contrasting with strong April buyer dominance. This suggests waning conviction among spot participants near $111k.

Glassnode

28 August 2025 11:50

Bitcoin trades below the $113.6k and $115.6k cost basis of the 1M and 3M cohorts. With short-term holders under water, rallies may face resistance as these investors seek to exit at breakeven.

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.