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Yesterday marked the third-largest spike in Coin Days Destroyed for $SOL year-to-date, reaching 3.55B. Only February 26th (5.53B) and March 3rd (4.64B) were higher. These spikes often reflect long-dormant coins being spent, signaling possible shifts in holder conviction.

Entity-adjusted URPD shows a clear institutional skew in the #Bitcoin market over the past 6 months. Above $90k, activity is led by 100–10k $BTC holders. Wallets >100k $BTC are most concentrated at $74k–76k, large whales (10k–100k) at $78k–79k, $85k–90k, and near current levels

$BTC Options Put/Call Open Interest ratio recently fell from 0.64 to 0.56, as call OI declined from $28.7B to $24.7B and put OI dropped from $18.4B to $13.9B. Positioning remains call-heavy, but the unwind in both legs points to reduced conviction amid choppy price action.

Realized Profit Surge

Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity.

The recent #Bitcoin ATH breakout has led to a notable uptick in profits locked in, with the average coin capturing a +16% profit.

Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway.

Though lower than the prior week, last week's inflow of 6,148 $BTC into US spot ETFs marks the 7th consecutive week of net inflows - highlighting consistent demand despite cooling momentum.

3–5y $BTC holders reached an ATH of 15.7% of supply on Nov 9, 2024 - the highest since Mar 2017. They began selling soon after, paused, then resumed in Apr 2025. Now at 11.9%, their supply share remains well above the ~3% cycle low - still a major overhang.

Investor behavior data for $BTC shows a drop in Momentum Buyers (RSI ↓ to ~20) alongside a sharp rise in Profit Takers (RSI ↑ to ~77) around May 28.
This trend often shows near local tops, as traders begin locking in gains instead of building exposure: https://glassno.de/4jlDez0

MVRV Ratio compares #BTC's market price to the average investor cost basis - helping gauge when investors hold outsized unrealized profits.
We're now trading between +0.5σ ($100.2K) and +1σ ($119.4K) bands, a zone that has often preceded local tops.

Spot $BTC ETFs have seen >$300M/day in inflows past week and continue to drive sustained buy-side pressure this week. Yesterday, the 7-day SMA of ETF inflows clocked in at around 2.2K #BTC, worth nearly $250M: https://glassno.de/4kfrWg5

This cycle, $BTC and $ETH no longer grow in tandem. We partnered with @CMEGroup to cover the distinctive trends shaping each market in our new institutional-grade overview of H1 2025.
🔸#Bitcoin H1 Report: https://glassno.de/43D6oTM
🔹#Ethereum H1 Report: https://glassno.de/43Dhng3

$BTC options open interest recently hit an all-time high of $46.2B - up +$25.8B from the lows. This sharp growth outpaces futures and signals rising demand for more advanced hedging and strategy execution as market participants grow more sophisticated.

Over the past 24h, $TON perpetual futures OI surged +33% from $143M to $190M - its highest level since Feb 18. Interestingly, OI stayed elevated even after the price pullback. Past spikes like this have often preceded corrections - worth watching closely: https://glassno.de/3Z8gHhf

Is $BTC strength waning - or just heating up? In the latest Week On-Chain, we explore rising investor spending, #BTC volume flowing through exchanges, and surging derivatives activity. We also highlight $120K as the next key zone of interest. Learn why: https://glassno.de/3Z2VXr7

$BTC funding rate just flipped negative. Shorts are quietly building across the top 10, with $BNB and $ADA both showing signs of pressure. Notably, #Solana now ranks as the 6th lowest funding rate among all assets you can track on Glassnode Studio: https://glassno.de/3MVJAGP

Spending by older $BTC holders is heating up again. Aggregate volume from the 1y–5y cohorts just hit $4.02B - the highest since February.
Older coins are on the move 🧵👇

After dipping in late April, the number of #Bitcoin whales (≥1k $BTC) has resumed its climb - reaching 1,455 entities even as the price hit a new ATH: https://glassno.de/4kAbsPx

The largest share of #ETH market cap - $123B - sits just 0–20% above cost basis. That cohort swelled from $2.3K to $2.5K, meaning even a modest price drop could flip a large chunk of supply into loss.
Despite recent gains, $ETH remains in a fragile position.

$SOL is the only top 10 asset (excl. stablecoins) with a negative funding rate. At -0.0002%, it’s small - but may signal early short-side pressure building.

Check the asset list regularly to spot emerging outliers across on-chain and off-chain data: https://glassno.de/3MVJAGP

Understanding who is behind price moves is critical to navigating market cycles. This new visualization, based on spending patterns, reveals how investor behavior shapes trend reversals and continuation - available across $BTC, $ETH, and #ERC20 tokens. For example:🧵👇