Glassnode

The new Multi-Asset Explorer dashboard lets you apply a trusted Glassnode metric across 1000+ assets simultaneously and display it in a single heatmap-based interface. Use this powerful tool to get a global read on market-wide liquidity trends, sentiment shifts, and structural changes across the digital asset ecosystem. With sector-level aggregation and flexible filtering built in.

🔎 Find out more
https://glassno.de/4qud0OY

📊 Explore dashboard
https://glassno.de/47huEMY

#BTC Net-premium flows reveal concentrated selling across the $109K–$115K range, indicating that recent moves higher are being used to hedge.
This suggests traders are positioning defensively into strength while the market consolidates.

🔗 https://glassno.de/3WkStyy

Short-Term Holder NUPL highlights growing stress among recent buyers, reflecting a meaningful cooling of speculative excess. Historically, this type of short-term holder pain has aligned with healthier market conditions.

🔗https://glassno.de/3L4nUur

The Week On-Chain 42, 2025
Bitcoin trading below key cost basis levels signals demand exhaustion. Long-term holders are selling into strength, while rising put demand and higher volatility show a defensive market.

Executive Summary
- Bitcoin trades below the short-term holders’ cost basis and the 0.85 quantile, signalling fading momentum and growing market fatigue. Repeated failures to reclaim these levels raise the risk of a longer consolidation phase.
- Long-term holders have ramped up spending since July, now exceeding 22K BTC/day, marking sustained profit-taking that continues to pressure market stability.
- Open interest hit a new ATH, but sentiment leans bearish as traders favour puts over calls. Short-term rallies are being met with hedging rather than renewed optimism.
- Implied volatility remains elevated, while realized volatility has caught up, ending the calm, low-volatility regime. Dealers’ short gamma positioning amplifies selloffs and tempers rallies.
- Both on-chain and options data suggest a cautious, transitional phase. Market recovery is likely to hinge on renewed spot demand and easing volatility.



Read more in The Week On-Chain newsletter

Bitcoin’s derivatives landscape is changing as Options OI begins to rival Futures. Markets are shifting toward defined-risk and volatility strategies, meaning options flows, rather than futures liquidations, are becoming a more influential force in shaping price action.

🔗https://glassno.de/4nnVvgp
🔗https://glassno.de/3WOrziu

Inspecting the monthly average spending by long-term holders shows a clear trend: their outflows have risen steadily from ~12.5k BTC/day in early July to 22.5k BTC/day now (30D-SMA).

This highlights growing distribution pressure from older investor cohorts.

🔗https://glassno.de/3Wj2wUD

Long-term holder supply has declined by another 28K BTC since October 15th, meaning LTHs have spent more coins than what was aging into their cohort from short-term holders.
This reflects excessive net distribution rather than passive maturation.

🔗https://glassno.de/4qBULXY

#Bitcoin open interest has dropped by ~30%, flushing excess leverage from the market. With funding now near neutral, the market is far less vulnerable to another liquidation cascade.

🔗https://glassno.de/4obq1v9

#Bitcoin dropped from $115K to $104K in just four days, triggering a sharp de-risking across the market.
Since then, BTC bounced to $111K, but sentiment remains cautious and positioning is still defensive.

Read more in this week’s Market Pulse👇
https://glassno.de/4qiKYpp

The October 10 liquidation wave prompted caution, yet liquidity, macro, and regulatory conditions remain broadly supportive.
Our latest joint report with
@CoinbaseInsto
examines current market trends through data-driven insight.

Read the full report → http://glassno.de/charting_crypto

Smaller #BTC holders are stepping up.
Strong accumulation is underway among small to mid-sized cohorts (1–1000 BTC), while large holders have slowed distribution, signaling renewed confidence in spite of the recent shakeout.

The Week On-Chain 41, 2025
Bitcoin’s rally to $126k reversed amid macro stress and a $19B futures wipeout. ETF inflows slowing and volatility spiking, the market enters a reset phase marked by a historic leverage flush.

Executive Summary
-Bitcoin’s rally to a new all-time high at $126.1k reversed amid macro tensions and a $19B futures deleveraging, one of the largest in history. The drop below the $117k–$114k cost-basis zone placed top buyers in loss and exposed renewed market fragility.
- On-chain data show continued Long-Term Holder distribution since July and weaker ETF inflows (-2.3k BTC this week), indicating fading institutional demand. Meanwhile, spot markets experienced a sharp but orderly sell-off, with Binance-driven selling partially offset by buying on Coinbase.
- Futures markets underwent a historic leverage flush, with the Estimated Leverage Ratio collapsing to multi-month lows and funding rates plunging to 2022 FTX levels, signalling peak fear and forced liquidations.
- In the options market, open interest and volume rebounded quickly, but volatility spiked to 76%, and short-dated skew flipped to +17% put-rich before stabilizing. The market remains in a reset phase, awaiting renewed demand to confirm recovery.



Read more in The Week On-Chain newsletter

#BTC Options markets show net premium concentration at $115k–$130k, suggesting traders remain positioned for upside.

Despite the futures flush, call demand dominates, implying investors see the drawdown as a leverage reset.
🔗https://glassno.de/3WEpF40

This heatmap highlights the intensity of Open Interest decline across the top 100 assets last Friday, revealing just how widespread the liquidation pressure truly was.

📈 https://glassno.de/3KMz0nQ