Glassnode

📊 Who is realizing the most losses in Bitcoin’s latest sell-off?

Between Feb 25-27, over $2.16B in realized losses came from the most recent market entrants.

We break down the losses by age cohorts, contrast with prior peaks, and assess the market impact:

🟠1d-1w cohort: $927M (42.85% of young cohort losses)
🟡1w-1m cohort: $678M (31.3%)
🟣1m-3m cohort: $257M (11.9%)
🔴24h cohort: $322M (14.0%)

Bottomline: The largest capitulations came from those who bought BTC within the past week (‼️)

In contrast, losses among those who held BTC for 3m-6m or longer remain negligible:

🔵3m-6m cohort: $6.5M (0.3% of young cohort losses)
🟢6m-12m cohort: $3.2M (0.15%)

This suggests that those who entered in H2 2024 or earlier are largely holding, while more recent buyers are exiting under pressure.

Across all cohorts, Feb 26 was still the largest single-day sell-off in months, with $1.13B in aggregate realized losses:

🔹Feb 3: $848M (-25%)
🔹Aug 6: $2.02B (+79%)
🔹July 5: $1.3B (+15%)

Realized Loss by Age chart.

The Week On-Chain, Week 08, 2025

Bybit’s historic $1.48B hack triggered panic withdrawals and a market-wide sell-off, pushing Bitcoin to $87K, 20.2% below its ATH. As a result, new investors faced severe unrealized losses, and with the STH-MVRV at 0.95, loss realization intensified. Without a strong demand catalyst, the downtrend may continue.

Executive Summary

🔸Bybit Hack: A smart contract exploit drained 403,996 ETH (~$1.13B) from Bybit’s cold wallets, triggering $4.3B in outflows across Bitcoin and stablecoins.

🔸Market Sell-Off: Sentiment collapsed, with Bitcoin down -13.6%, Ethereum -22.9%, Solana -40%, and Meme Coins -36.9%, resetting momentum to April 2024 levels.

🔸Bitcoin Weakness: The drop pushed BTC into the $70K-$88K realized supply “air gap,” initially driven by long-term holder sell-offs and worsened by the Bybit hack.

🔸STH Pressure: STH-MVRV at 0.95 shows recent buyers 5% underwater, with profitability down 15.8%, signaling heavy unrealized losses.

Discover more in the latest Week On-Chain

📢 Cost Basis Distribution (CBD) now includes Ethereum, ERC-20, and SPL tokens!

Previously exclusive to Bitcoin, this innovative tool now provides a clearer view of investor positioning across multiple asset classes.

🔹 Identify key support and resistance levels 🔹 Track accumulation and distribution trends 🔹 Now fully accessible via the Glassnode API

Learn more in this dedicated article.
Explore the expanded dashboard.

Bitcoin’s momentum has stalled after an attempt to push into price discovery.

After a strong rally, BTC is now down 5.9% since early February, while ETH and SOL have dropped 16.9% and 33.1%. Memecoins, which surged +90.2% in late 2024, have now corrected -37.4%.

Diverging Performance Since 2023
🔹 Bitcoin → Trading 3.4x above April 2023 🔹 Solana → Peaked at 11.8x, now at 7.6x 🔹 Ethereum → Struggling, ranging between 1.3x and 2.0x 🔹 Memecoins → Peaked at 5.2x, now the weakest sector.

Moreover, Ethereum & Memecoins capital flows have flipped negative, with capital outflows of -0.1% and -5.9%, respectively.

Create Your Own Cross-Sector Analysis
For this comparison, our analysts built a Memecoin Index, but you can compare any project with BTC, its L1, and sector benchmarks. With Glassnode Studio covering BTC, major L1s, 700+ ERC-20s, and 60+ SPL tokens, you can build your own cross-asset analysis—no coding required.

🔗 Start here.

The Week On-Chain - Week 07, 2025

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.

Executive Summary

🔸After Bitcoin’s second attempt to break above $105k in late January, the market has entered a contraction phase, with monthly price momentum sharply declining across major assets.

🔸Solana has emerged as a market leader in capital inflows over the past two years, in contrast to Ethereum, which has comparatively struggled to attract sustained demand.

🔸Perpetual futures open interest has declined across Bitcoin (-11.1%), Ethereum (-23.8%), Solana (-6.2%), and Memecoins Index (-52.1%), reflecting a diminished appetite for leveraged speculation.

🔗Read the full report.
💡View all charts in this edition in The Week On-chain Dashboard.

Stage 2 of our TON Blockchain integration is live! 

Glassnode now offers an expanded suite of on-chain and derivatives metrics for TON, providing deeper insights into its market activity, supply dynamics, and investor behavior.

Newly added metrics include:

🔹 Supply Last Active by Age Bands: track dormant vs. active supply
🔹 Futures OI & Volume: monitor derivatives activity
🔹 MVRV & SOPR: assess profitability and market cycles

Use these to analyze holding trends, liquidity, investor sentiment, and more!

Explore the full suite of TON metrics, starting with our dedicated Dashboard.

Stablecoin circulating supply has increased by $16.97B since the start of 2025, rising from $194.2B to $211.2B. However, the pace of growth has varied, with a slowdown in early 2025 before picking up again in February.

Throughout November and December, stablecoins were growing by ~$450M per day. In January, the rate declined to ~$400M per day, but February has seen a rebound, with $541M per day. This suggests renewed liquidity expansion after a period of deceleration.

Momentum accelerated in mid-January as the 7-day average moved above the 30-day SMA, signaling increased short-term demand.

📢 New Report Release: Glassnode x Gemini - 2025 Crypto Asset Trends

Explore the forces shaping the crypto market in 2025 with our latest 35-page report, featuring:

🔸Retail investor resurgence
🔹Insights into derivatives and institutional participation
🔸Solana's rise compared to Ethereum
🔹ETF market impacts
🔸Memecoin sector analysis
🔹Regional adoption trends

Download the full report for comprehensive, data-driven insights.

The Week On-Chain - Week 05, 2025

The regulatory environment surrounding Bitcoin is constantly changing, and new financial instruments such as derivatives and ETF products continue to develop. In this article, we analyze how the composition of digital asset investors is changing around it.

Executive Summary

🔸Bitcoin has evolved into a global asset with extremely deep liquidity, available 24/7, allowing investors to express their macroeconomic views even when traditional markets are closed.

🔸Bitcoin continues to prove itself as both a store of value asset, accruing over $850B in net capital inflows, and a medium of exchange asset, processing nearly $9B in economic volume per day.

🔸Multipple metrics show new demand remains elevated but is well below previous cycle peaks.

🔸Institutional investors are growing, reducing drawdown severity and compressing volatility over time.

🔗Read the full report.
💡View all charts in this edition in The Week On-chain Dashboard.

As much as 7.91% of Bitcoin's supply - based on UTXOs' creation date - has already changed hands this year. At the same time, 31.34% of the supply was last transacted in 2024. 

How does this compare to other post-halving years?

By February 2017, 13.95% of $BTC supply had changed hands while more than 29.27% of the supply was still coming from 2016.

In 2021, this figure was even higher at this point of the year, amounting to 16.34%, while 27.46% of supply belonged to 2020 buyers.

So 2025's lower turnover can signal both weaker speculative demand but also possibly conviction from 2024 holders - and an expectation of higher prices as the year unfolds.

View Relative Supply by Date Bands

BTC balances on exchanges drop - does this mean we're in for a supply squeeze?

Not exactly. While exchange balances have fallen to 2.7M BTC (from 3.1M BTC in July 2024), most of this decline isn’t due to investor withdrawals but a shift in market structure.

📌 Key facts:

🔹The drop coincides with the launch of Bitcoin Spot ETFs.

🔹8 of 11 ETFs use Coinbase custody, meaning coins are moving from exchange wallets to institutional custodians.

🔹Glassnode classifies both under the ‘Coinbase entity’, impacting balance readings.

When adjusting for non-Coinbase ETFs (FBTC, HODL), the combined holdings of exchanges + ETF wallets remain around 3M BTC - the same level as January 2024.

Bottom line: The decline in exchange balances reflects a shift in asset custody rather than a net reduction in available supply.

Discover more in the latest Week On-Chain