Glassnode

Over the weekend, #Bitcoin Futures markets built up significant short exposure around $110k–$111k.

This morning’s move higher forced liquidations across these clusters, clearing positioning and adding momentum to the upside as the market reset.
🔗https://glassno.de/487iUyG

#BTC Options Weekly
The largest options expiry on Deribit has reset positioning, with BTC settling at $109k vs. a $110k max pain. With expiries cleared, the market faces a clean slate. Monitoring OI, term structure, skew, vol spreads, and flows will be key to assessing sentiment

Read the full BTC Options Weekly here

The Week On-Chain 38, 2025
#Bitcoin shows exhaustion post-FOMC as LTHs realized 3.4M BTC in profit and ETF inflows slowed. With spot and futures weak, $111k STH cost basis is key support or risk downside.

Executive Summary
- Bitcoin Correction: Post-FOMC, price action reflects “buy the rumour, sell the news” with fading momentum.
- On-chain: Drawdown mild at 8%, but $678B inflows and 3.4M BTC in LTH profits show major capital rotation.
- ETFs vs LTHs: ETF inflows slowed as LTH distribution accelerated, leaving flows fragile.
- Spot & Futures: Spot volumes spiked, futures deleveraged, and liquidation clusters highlight liquidity risk.
- Options: Skew surged and puts bid, showing defensive positioning as macro signals exhaustion.

Read more in The Week On-Chain newsletter

#Bitcoin Accumulation Trend Score has softened, with muted conviction from large cohorts despite elevated prices.

Lighter accumulation signals a more cautious bid, leaving the market vulnerable to supply overhang unless demand re-intensifies.
🔗https://glassno.de/4gGE7S9

#Bitcoin has slipped below the 0.95 Cost Basis Quantile, a key risk band that often marks profit-taking zones.

Reclaiming it would signal renewed strength, but failure to do so risks a drift toward lower supports around $105k–$90k.

🔗https://glassno.de/3IE26F0

#Bitcoin US spot ETF flows have cooled after strong September inflows, with the latest sessions tipping into mild outflows. While overall accumulation remains intact, the slowdown suggests a pause in institutional demand.

🔗https://glassno.de/46R0YHr

This chart measures the cumulative profit realized (in BTC) by long-term holders from the moment a new cycle ATH is set until the final peak.
So far, LTHs have realized 3.4M BTC—a historically large volume compared to prior cycles.

📈 https://glassno.de/4mr1VuD

#Bitcoin futures open interest fell from $44.8B to $42.8B as price slid to $113k.

The flush in leverage reflects reduced speculative exposure, often a healthy reset that can stabilize derivatives markets and lower the risk of forced liquidations.

📈 https://glassno.de/3K9e6Pw

The short-term holder cost basis is often treated as the key battle line between bulls & bears, and currently sits at $111.4k 🔵.
Sustained trading below this level could signal a shift toward a mid- to long-term bearish market structure.

https://glassno.de/46NvTEt

#Bitcoin rallied to $117k into FOMC before slipping below $115k. Spot shows cooling momentum, futures and options signal sell pressure with rising vol, ETF inflows slowed, while on-chain activity improved.

Read more in this week’s Market Pulse👇
https://glassno.de/47WorrW