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Last Friday, US Spot #Bitcoin ETFs just recorded one of the largest net positive flows YTD - 7,869 $BTC - marking the biggest daily inflow since April 29. The 7-day SMA is also trending higher, signaling a sustained uptick in institutional demand: https://glassno.de/3So5zJg

There is a notable cluster of investor cost basis levels around $2,800 for $ETH. As price approaches this zone, sell-side pressure may increase as many previously underwater holders may look to de-risk near breakeven.

More than 420K $BTC now have a cost basis around the $94K level, forming one of the strongest support zones in the current cycle. This dense cluster of accumulation has held firm through consolidation in early May - providing the launchpad for #Bitcoin’s breakout to new highs.

Despite $BTC trading above $108K with 100% of supply in profit, funding rates remain muted - below neutral at 0.0079%. Across the top 10 coins, speculative appetite is surprisingly subdued as well. Only $XRP and $DOGE show rates slightly above neutral: https://glassno.de/3MVJAGP

In May, $ETH broke above its Realized Price at $1.9K, putting the average holder back in profit. Price is now above the True Market Mean ($2.4K), a bullish sign - but reclaiming the Active Realized Price at $2.9K remains key for further confidence: https://glassno.de/4mv8IEP

15 years after Laszlo bought pizza for 10,000 $BTC - now worth over $1.1B - some of that era’s coins are still moving.

The >10y cohort’s share of #BTC's Realized Cap fell from peak 0.045% to 0.033%, with steep declines from Dec–Feb and again since Apr 20.

#Bitcoin #PizzaDay

When $BTC hit all-time high yesterday, total profit-taking volume was around $1.00B - less than half the amount realized when #Bitcoin first crossed $100K last December, which hit $2.10B. Despite a higher price, profit realization was far more muted.

At yesterday's $BTC ATH, total spent volume in profit hit $1.31B - only half of what we saw when #Bitcoin first crossed the $100K mark last December, where profit realization peaked at $2.56B. Despite the higher price, profit-taking was much lighter this time around.

After 121 days, #Bitcoin has broken its all-time high, also setting records in its market capitalization and realized cap:

🔺Price: $109,486
🔺Market Cap: $2.17T
🔺Realized Cap: $911.5B

#Bitcoin’s Realized Cap is nearing $1T - its next major milestone. It took just 2 years to go from $1M to $1B (2011–2013), but nearly 6 years to move from $100B to $1T. As $BTC matures, growth slows and each leap requires exponentially more capital.

$BTC MVRV helps us gauge investor confidence by comparing #Bitcoin’s current price to the average cost basis of holders. When MVRV rises, it means holders are sitting on more unrealized profit - boosting confidence and reducing sell pressure: https://glassno.de/45ltwbM

#Bitcoin’s strong price performance as of recent has significantly improved investor portfolios, prompting many to de-risk and take profit.

This wave of fresh capital inflows has pushed Bitcoin’s Realized Cap to a new all-time high above $900B, a major milestone in the asset’s history.

Discover more in the Week On-Chain below👇

#Ethereum’s Pectra upgrade hasn’t translated into a spike in network engagement just yet. Since the upgrade, the average new and resurrected addresses are down in comparison to YTD values (–1.8% and –8.4% respectively) - but churn is notably lower as well (–8.5%).

Since the #Pectra upgrade, #ETH’s Realized Cap - representing the total capital stored in the asset - has surged from $240.8B (May 7) to $244.6B (May 19).
That's a +$3.8B (+1.6%) rise, reversing a 3-month downtrend since early February.

Since the #Pectra upgrade, #ETH’s Realized Cap - a metric representing the total capital stored in the asset - has surged from $240.8B (May 7) to $244.6B (May 19). That's a +$3.8B (+1.6%) rise, reversing a 3-month downtrend since Feb.

Accumulation is now visible across nearly the entire wallet spectrum. Even <1 $BTC holders have flipped from distribution to light accumulation (~0.55), joining larger cohorts like 100–1K (~0.9) and 1K–10K #BTC (~0.85). Only 1–10 #BTC remain net sellers.

#BTC's price surge stalled just below $106.6K - a level with 31K $BTC held at that cost basis. This supply cluster originated on Dec 16 and remains unshaken. Holders haven’t redistributed, nor averaged down - making $106.6K an important level to watch in the short term.

#Bitcoin's short-term correlation to gold has dropped to -0.54 over the past 30 days - the lowest since February. Meanwhile, 90D and 365D correlations remain positive at 0.39 and 0.60, respectively.

#Bitcoin is testing key resistance at $93K–$95K, breaking its downtrend and forming a higher high. On-chain and technical signals show a market at a turning point. Can the rally hold? Read the full analysis in the latest Week On-Chain: https://glassno.de/44cpjXq

The accumulation trend is spreading top-down:

🔸Whales >10K $BTC remain near peak accumulation (~0.95)
🔸1K–10K and 100–1K $BTC cohorts holding steady around ~0.8–0.9
🔸10–100 $BTC holders are pivoting, trending toward ~0.6.

Only 1–10 $BTC (~0.3) and <1 $BTC (~0.2) remain net distributors.