Glassnode

On Deribit’s Crypto Options Unplugged, Glassnode’s CCO Daniel Blackmore explains why investor flows, trading patterns, and market positioning all point to ETH setting up for a bigger move.

While Bitcoin stalls, Ethereum is drawing attention from large allocators.

If you're watching the rotation unfold, listen to this conversation to learn:
• How on-chain data reveals where capital is moving • What options markets are signaling about investor sentiment • Why ETH liquidity could make small inflows drive outsized moves

A sharp look at how Glassnode’s data captures the real pulse of the market.

Watch it here.

Week On-Chain, Week 29, 2025

Altcoins are showing broad strength following Bitcoin’s lead, but surging open interest across the sector suggests speculative froth may be building, raising the risk of sharper volatility ahead.

Executive Summary

- Bitcoin’s Realized Cap has hit $1T for the first time, marking a major milestone and reflecting BTC’s deep liquidity and rising significance in global macro markets.

- Altcoins are broadly outperforming Bitcoin, with Ethereum leading the charge. The Altcoin Market Cap has grown by over $216B in just the last two weeks.

- Open Interest in top altcoins has surged from $26B to $44B in July, signaling elevated leverage, which may fuel more intense and reflexive price swings.

- Ethereum has broken above key on-chain resistance levels, including the Active Investor Price and True Market Mean, but heavy sell pressure is expected around the $4.5k mark.

Read the full report here

📊 The Q3 2025 edition of Charting Crypto with Coinbase Institutional is live!

Bitcoin dominance surged to 64% in Q2 - its highest since early 2021 - as capital rotated into high-liquidity assets.

Ethereum sentiment flipped from capitulation to belief, and long-term holders used the rally to realize gains, distributing to new entrants.

These are just a few of the key market structure shifts covered in the latest edition of Charting Crypto, a quarterly report for institutional allocators.

Download the full report for a data-driven view of ETF flows, stablecoin volumes, volatility trends, and investor positioning. Get it here.

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.

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.

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

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

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

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

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

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.

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.

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.