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US Spot ETF weekly update:
Last week, spot #Bitcoin ETFs absorbed 15K $BTC, marking the third consecutive week of net inflows.
Demand has accelerated since early June.
Will this trend continue into July as #BTC hovers above $107K?

$ETH and $XRP funding rates have turned sharply positive - 0.0083% and 0.0093% respectively - the highest among top L1s.
This signals growing demand for long exposure, even as on-chain activity and sentiment remain mixed.

$DOGE is the only top 10 asset with higher realized losses than profits in the past 24h - $132M vs $5M.
By contrast:

🟠 $BTC losses are just 2.5% of realized profits ($33M vs $1.3B)
🔵 $ETH losses are 52% of profits ($18.4M vs $35.2M)

Track the essential P&L metrics in Studio.

Funding rates for $BTC and the 3M rolling basis continue to trend lower. Despite high futures activity, appetite for long exposure is fading, reflecting increased caution and possibly more neutral or short-side positioning.

$USDT supply on #TRON has surpassed $80B, now representing over 50% of all circulating #USDT. This solidifies TRON’s position as the dominant stablecoin settlement layer.
Track stablecoin flows with Glassnode: https://glassno.de/4eoHsUP

#Bitcoin's Futures volume stayed elevated during the recent push, contrasting with the spot market. This suggests that recent moves were driven more by leveraged speculation than by organic demand.

Despite recently reaching $111k, $BTC spot volume remains low at $7.7B - well below prior peaks. The lack of volume follow-through weakens the rally's foundation and signals a lack of speculative urgency.

Realized profit has surpassed $650B in this cycle, exceeding 2020–2022 totals. But profit-taking is cooling after the third major wave, suggesting reduced momentum and waning rotation into strength. Read more in the latest Week On-Chain: https://glassno.de/4lpeC9a

#Bitcoin remains range-bound between $100k–$110k. Profit-taking cools, volume fades, and futures show signs of caution. What would it take for $BTC to break out from this trend? Read more in the latest Week On-Chain: https://glassno.de/4lsYeod

The $93k–$100k range remains a key structural support zone for $BTC, with dense accumulation from Q1. Price holding above this band suggests the broader bullish structure is intact despite short-term volatility.

Glassnode Studio now shows Net Unrealized Profit/Loss sentiment across assets - spot capitulation, hope, and belief in real time. See who’s panicking and who’s holding strong. Hover to view NUPL values. Free access on Studio: https://glassno.de/4lpeC9a

As $BTC attempts to reclaim $108K, the Accumulation Trend Score shows no unified cohort behavior. 1–10 #BTC wallets continue distributing, while 10–100 $BTC are net accumulators. Others show mixed signals, though the overall score has rebounded from 0.25 to 0.57

#BTC’s 25 Delta Skew has cooled after last week’s peak. 1w skew dropped from >10% to 2.96%, while 3m and 6m remain negative (-2.6%, -4.3%). Combined with a put-heavy volume profile, this points to reduced short-term panic, but lingering medium-term caution.

Cost Basis Distribution for $TON reveals four key supply clusters:

• $2.01–2.05 (1.32B TON)
• $2.18–2.22 (535M TON)
• $2.91–2.98 (863M TON)
• $3.83–3.87 (261M TON)

These levels represent zones of investor cost concentration - potential support/resistance.

Explore our latest report on #BTC’s evolving liquidity profile - a joint study with Avenir, an innovation-focused, high-frequency trading firm: https://glassno.de/40lyF05
This 20-page report unpacks liquidity across on-chain, exchange, and macro layers, including: 🧵👇

Explore our latest report on #BTC’s evolving liquidity profile - a joint study with Avenir, an innovation-focused, high-frequency trading investment: https://glassno.de/40lyF05
This 20-page report unpacks liquidity across on-chain, exchange, and macro layers, including: 🧵👇

$SOL CME Futures volume just hit an all-time high of 1.75M contracts - the highest on record. This surge suggests institutional investors are positioning aggressively as price rebounds to ~$145.
Track SOL derivatives data: https://glassno.de/4lirj5w

#Bitcoin Long-Term Holder Spending Binary Indicator shows minimal spending for the first time since June 10. With LTH supply near all-time highs (~14.7M $BTC), it signals continued conviction - seasoned investors remain reluctant to distribute despite recent market volatility.

Despite recent price volatility, US Spot #Bitcoin ETFs recorded net inflows of over 11.6K $BTC last week.
This marks the second consecutive week of positive flows, highlighting sustained institutional demand even in uncertain conditions.

Since June 10, $BTC investors classified as Loss Sellers rose 29% (from 74K to 95.6K), showing growing pressure on weak hands. But Conviction Buyers also increased, suggesting sentiment isn’t collapsing. Some are cutting losses - others are actively lowering their cost basis.