Bitcoin trades below key cost basis levels, signalling demand exhaustion and fading momentum. Long-term holders are selling into strength, while the options market turns defensive, with rising put demand and elevated volatility, marking a cautious phase before any sustainable recovery.| Glassnode Insights - On-Chain Market Intelligence
Bitcoin’s rally to $126.1k reversed amid macro stress and a $19B futures deleveraging, one of the largest in history. With ETF inflows weakening and volatility spiking, the market is in a reset phase, characterized by flushed leverage, cautious sentiment, and recovery hinging on renewed demand.| Glassnode Insights - On-Chain Market Intelligence
Bitcoin broke through the $114k–$117k supply zone to reach a new all-time high near $126k, backed by strong ETF inflows and renewed mid-tier accumulation. While on-chain and spot signals remain constructive, rising leverage and crowded call positioning suggest growing short-term fragility.| Glassnode Insights - On-Chain Market Intelligence
Bitcoin continues to defend key on-chain support at the short-term holder cost basis, while ETFs and cooling LTH supply offer stability. Options markets reset post-expiry, with OI rebuilding, volatility easing, and flows tilting toward cautious Q4 upside.| Glassnode Insights - On-Chain Market Intelligence
Bitcoin has slipped below $116k, entering a low‑liquidity “air gap”, a zone where few coins have changed hands. Short-Term Holder profitability has hit the bull market mid-line, ETF flows have turned negative, and funding rates are cooling off as the market is trying to find support.| Glassnode Insights - On-Chain Market Intelligence
Challenging market conditions continue for digital assets, with Bitcoin Short-Term Holders finding themselves under increasing financial pressure. Under the surface, a shift towards Long-Term Holder accumulation appears ongoing, with wealth now transferring back towards price insensitive investors.| Glassnode Insights - On-Chain Market Intelligence
Bybit’s historic $1.48B hack triggered panic withdrawals and a market-wide sell-off, pushing the price 20% below its ATH. With the market trading 5% below the cost basis of short-term holders, new investors faced severe pain, intensifying their loss realization.| Glassnode Insights - On-Chain Market Intelligence
Bitcoin is trading in the $93k-$97k range, leading to a wider digital asset market cooldown. Capital inflows are weakening, and derivatives activity is declining. Short-term holder accumulation patterns somewhat resemble May 2021, which was a relatively challenging set of market conditions.| Glassnode Insights - On-Chain Market Intelligence
The current bull market shows several structural similarities to the 2015–2018 cycle. We explore this idea from the perspective of the drawdown profile, price performance, and Realized Cap change. We also address misconceptions about the exchanges and ETF balances.| Glassnode Insights - On-Chain Market Intelligence
As the Bitcoin market corrects from the $108k ATH, a significant proportion of froth has come out of the market, whilst demand remains relatively robust. Unrealized losses are primarily held by short-term holders; however, stress levels are relatively modest compared to previous drawdowns.| Glassnode Insights - On-Chain Market Intelligence
Bitcoin’s rally to a new ATH is driven by strong spot demand and institutional inflows, with over 95% of supply in profit. This article explores on-chain indicators, highlighting robust spot buying momentum, rising ETF AUM, futures premiums, and the potential for sustained gains in this ATH phase.| Glassnode Insights - On-Chain Market Intelligence
Despite impressive US ETF inflows, a market-neutral Cash-and-Carry trade appears to be subduing buy-side pressure, requiring non-arbitrage demand to further stimulate price action. Alongside this, we explore the divergence between declining active addresses and surging transaction counts.| Glassnode Insights - On-Chain Market Intelligence
Using our new Breakdown Metrics, we are now able to discretely isolate points of severe unrealized loss, and investor capitulation. In this article, we introduce a new framework to assess seller exhaustion across multiple timeframes and investor cohorts.| Glassnode Insights - On-Chain Market Intelligence
As Bitcoin continues consolidating, we investigate which cohort of investors are contributing the most to sell-side activity. We also use our new Breakdown metric suite to build a set of rules for tracking local market lows during corrections.| Glassnode Insights - On-Chain Market Intelligence
The fourth Bitcoin Halving has occurred, leading to a 50% reduction in supply inflation and an inherent increase in issuance scarcity. In this edition, we explore the evolution of the Bitcoin network across Epochs with respect to price performance, and fundamental network metrics.| Glassnode Insights - On-Chain Market Intelligence
The Ethereum community is debating a change to the ETH monetary policy, following a proposals aimed at constraining the rapid expansion of the staking pool. This is motivated by a surge in demand for Liquid Staking and Restaking protocols.| Glassnode Insights - On-Chain Market Intelligence
2024 has opened with a roller-coaster ride for Bitcoin, as ten new spot ETFs begin trading in US markets. The event was historic and chaotic, with BTC prices setting both new multi-year highs, and YTD lows. Bitcoin has welcomed traditional finance into it's world.| Glassnode Insights - On-Chain Market Intelligence
