Glassnode

Mean Reclaimed, Rally on Trial
$BTC reclaims $78k as spot demand and ETF inflows return. Shorts build with negative funding, creating squeeze potential. Yet elevated realized profits and soft volatility signal caution, with upside near $80k facing resistance.
Read the full Week On-Chain👇

Early $IBIT options flows show sharp swings in the put/call ratio, highlighting active positioning shifts as BTC trades near ~$70k.
We’ve expanded our options suite to cover $IBIT, bringing institutional-grade derivatives insights to the largest US spot BTC ETF.
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$BTC bounced from $71K to $78K before rejecting sharply to $74K. ETF inflows and long-term holder confidence are bullish, but rising short pressure, negative CVD, and selling suggest cautious consolidation ahead.
Read this week’s Market Pulse👇

Approaching the Ceiling
$BTC holds ~$74K, ~5% below key $78K resistance. Spot and ETF demand improve, but profit-taking and cautious options positioning suggest a twitchy, flow-driven recovery lacking strong conviction.
Read the full Week On-Chain👇

Relative Unrealized Loss measures total unrealized loss as a % of market cap, a gauge of how deeply underwater the holder base sits.
As today:
SOL: 54.8%
XRP: 31.8%
BTC: 11.9%
ETH: 16.6%
The elevated loss levels in altcoins reflect how heavy the top is in these markets, where supply is more concentrated among buyers who entered near cycle highs.
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$BTC momentum breaks above prior highs as spot buying strengthens. Futures OI climbs while Options show easing bearish bias, and on-chain activity cools, pointing to consolidation with improving sentiment.
Read more in this week’s Market Pulse👇

With BTC at $70.8k, the Number of Addresses in Loss stands at ~13.5M.
This indicates that a meaningful portion of the network acquired coins above the current spot price.
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Bouncing in a Bear
#Bitcoin bounced from $67k to $72k, but weak spot demand and softer futures activity suggest the recovery still lacks strong conviction, even as ETF flows begin to turn modestly positive.
Read the full Week On-Chain👇

$BTC is trading inside a tight negative gamma pocket near $65k–$70k, where dealer hedging can amplify short-term moves. Resistance is building near $72k, while thinner support below leaves downside vulnerable if momentum fades.
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#Bitcoin pushed higher in a sharp impulsive move, reclaiming the $69k level after consolidating above $65k, with momentum accelerating into the end of the period.
Read more in this week’s Market Pulse👇

As price probed the $70K region, Realized Profit/hour spiked above $20M, signalling a local exhaustion.
A pattern consistent since February 2026:
Every approach to the $70k–$80K band meets thin liquidity and profit-taking pressure, capping the bounce.
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The big hands are bleeding.
With price contracting from ATH, Sharks & Whales (0.1K–10K BTC) are realizing losses at scale. The 7D-SMA of realized loss is now at >$200M/day.
Typical capitulation behaviour from larger entities.
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Bitcoin Block 943,400
Only 1,600 blocks (~11 days) until we hit the halfway point to the next halving.
Block 945,000 is coming.
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No Catalyst, No Range Break
$BTC remains rangebound between $60k and $70k as spot demand begins to absorb supply and derivatives reset. Volatility cools, but without a clear catalyst, a sustained breakout remains unlikely.
Read the full Week On-Chain👇

The 30D-SMA of total daily transaction fees has declined to 2.5 BTC/day, the lowest level since March 2011.
Fee compression of this magnitude reflects a significant reduction in on-chain demand for block space, consistent with subdued network.
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The 7D-SMA of US Spot ETF Netflow has turned negative since early last week, with 200–500 BTC in net daily outflows.
Small in magnitude, but persistent. A quiet signal that institutional demand conviction remains tentative at current price levels.
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$BTC broke back below $70k before finding support near $65k, with a modest rebound back towards $67k into the weekend. Momentum remains tentative, with lower highs still defining the short-term structure.
Read more in this week’s Market Pulse👇

Tokyo is pinging the Hyperliquid API in ~3ms. Amsterdam is sitting at ~221ms. Distance is a tax on your execution. We just deployed a live map of global probes tracking API and direct validator latency to Hyperliquid in real-time:
🇯🇵 Tokyo: ~15.9ms
🇰🇷 Seoul: ~50.2ms
🇭🇰 Hong Kong: ~66.9ms
🇸🇬 Singapore: ~136.1ms
🇺🇸 Virginia: ~163.5ms
🇳🇱 Amsterdam: ~245.2ms

Awaiting Liquidity
$BTC has stabilised around $70k, with ETF flows improving and sell-side pressure easing. However, muted spot volume and overhead supply suggest stronger demand is still needed to turn this into a recovery.
Read the full Week On-Chain👇

Glassnode is expanding its macro indicator suite — bringing traditional market data directly into on-chain analysis.
This gives investors the tools to find alpha in the cross-analysis of crypto and macro.
No more switching between platforms.
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