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The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months.

Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak.

📉 http://glassno.de/btc-dat-volume

Finding a Floor

$BTC traded down to $60K as profitability collapsed, recent buyers sank into loss, and realized losses accelerated. Institutional demand weakened while options markets continued to price elevated risk.

Read the full Week On-Chain👇

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The 90D-SMA of XRP's Realized Profit to Loss Ratio has fallen to 0.38. For every dollar of loss being realized in the market, only 38 cents of profit is being taken.
At the 2025 peak, this ratio reached 50, meaning profit-takers were overwhelming loss-sellers by a factor of 50x. That dynamic has fully inverted.

A ratio this deep below 1 reflects a market where the majority of participants who are moving coins are doing so at a loss, a hallmark of intense capitulation.

📉 glassno.de/xrp-rplr

Nearly half of the $BTC circulating supply was in profit at the cycle peak. Today, that figure has fallen sharply as over 8M BTC sit underwater, highlighting the scale of the recent market reset.
📉https://glassno.de/4unfmj6

The 90D-SMA of total fees paid on the XRP network has fallen from 5.9k XRP in Feb 2025 to 0.5k XRP today, a 91.5% decline.
A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the speculative peak.

📉 glassno.de/xrp-fees

The share of ETH supply sitting at more than 3x profit has dropped to 11%, the lowest reading since February 2017.

What makes this cycle structurally different?

In the previous two cycles, this cohort exceeded 50% of total supply at peak. This time, that threshold was never reached. ETH's profitability profile has fundamentally compressed relative to prior cycles.

📉 http://glassno.de/eth-supply-pnl-relative

#BTC fell from $74K to below $60K in a swift sell-off, triggering heavy liquidation pressure. Buyers stepped in near the lows, helping price recover toward $64K, but the broader trend remains weak.

Read this week’s Market Pulse👇
https://glassno.de/4ebiTva

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The Rally That Wasn't

#BTC has fallen to $66K, with profitability collapsing, realized losses surging, and spot sellers regaining control. We are below the ETF cost basis, and options continue pricing elevated risk.

Read the full Week On-Chain 👇
https://glassno.de/3QlNpdE

Prediction markets have a choke point: the API.

Every Polymarket and Kalshi order passes through a centralized endpoint, making network latency a direct input into order placement speed.

Where do you deploy from if you trade both venues? Polymarket pulls you towards London, Kalshi toward Ohio. You can't optimize for both.

Our live Latency Monitor for prediction market exchanges tracks real-time latency from probes deployed around the world → glassno.de/4o7fWAi