Glassnode
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World leading onchain & financial metrics, charts, data & insights for Bitcoin & digital assets.
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Rethinking Foundations
Executive Summary
The macroeconomic environment remains uncertain with the restructuring of global trade relations ongoing. This uncertainty has contributed to heightened volatility across both the U.S. Treasury and equity markets.
In response to the challenging economic backdrop, Bitcoin has recorded its largest drawdown of the cycle. Nevertheless, this remains within typical bounds of previous corrections during bull markets. Additionally, the median drawdown of the cycle remains an order o
The macroeconomic environment remains uncertain with the restructuring of global trade relations ongoing. This uncertainty has contributed to heightened volatility across both the U.S. Treasury and equity markets.
In response to the challenging economic backdrop, Bitcoin has recorded its largest drawdown of the cycle. Nevertheless, this remains within typical bounds of previous corrections during bull markets. Additionally, the median drawdown of the cycle remains an order o
Tariffs and Turmoil
Executive Summary
The announcement of US tariffs has caused significant disruption to major financial markets, with many experiencing some of their worst trading days since March 2020.
Capital inflows into the major digital assets have ground to a halt, causing major headwinds and a contraction of liquidity.
However, loss taking events across Bitcoin and Ethereum appear to be reducing in scale with each price leg lower, suggesting investors may be approaching a degree of near-term seller exha
The announcement of US tariffs has caused significant disruption to major financial markets, with many experiencing some of their worst trading days since March 2020.
Capital inflows into the major digital assets have ground to a halt, causing major headwinds and a contraction of liquidity.
However, loss taking events across Bitcoin and Ethereum appear to be reducing in scale with each price leg lower, suggesting investors may be approaching a degree of near-term seller exha
Rippling Away
Executive Summary
The Bitcoin market continues to consolidate within the $76k to $87k range, with the Realized Profit/Loss Ratio starting to show signs of near-term seller exhaustion but not yet a renewal of sustained bullish momentum.
A longer-term view reveals a deterioration of investor profitability, and an on-chain ‘Death-Cross’ has occurred, suggesting the market may remain weak for the foreseeable future.
Supply in loss remains elevated at 4.7M BTC, while the behavior of coins held in-
The Bitcoin market continues to consolidate within the $76k to $87k range, with the Realized Profit/Loss Ratio starting to show signs of near-term seller exhaustion but not yet a renewal of sustained bullish momentum.
A longer-term view reveals a deterioration of investor profitability, and an on-chain ‘Death-Cross’ has occurred, suggesting the market may remain weak for the foreseeable future.
Supply in loss remains elevated at 4.7M BTC, while the behavior of coins held in-
Glassnode Shortlisted At the 2025 Hedgeweek Global Digital Assets Awards
We’re proud to share that Glassnode has been shortlisted in three categories at this year’s Hedgeweek Global Digital Assets Awards:
Alternative Data Provider of the YearDigital Asset Research Provider of the YearSolution Provider of the Year: Data and Research
These awards celebrate excellence among service providers in the digital asset space - from fund administrators and legal advisors to research and data platforms. The selection is based on peer voting, making the recognition especially m
Alternative Data Provider of the YearDigital Asset Research Provider of the YearSolution Provider of the Year: Data and Research
These awards celebrate excellence among service providers in the digital asset space - from fund administrators and legal advisors to research and data platforms. The selection is based on peer voting, making the recognition especially m
Forging Long-Term Holders
Executive Summary
New demand inflows continue to wane, evidenced by a stark contraction in profit and loss volumes absorbed by the market.
The magnitude of profit and loss locked in by investors is now similar to the later stages of the 2024 accumulation range, with prices trading between $50k-$70k.
The number of Short-Term Holder coins in loss has recorded its largest value since 2018, suggesting the majority of new-investors are now underwater on their position. However, the dollar value of
New demand inflows continue to wane, evidenced by a stark contraction in profit and loss volumes absorbed by the market.
The magnitude of profit and loss locked in by investors is now similar to the later stages of the 2024 accumulation range, with prices trading between $50k-$70k.
The number of Short-Term Holder coins in loss has recorded its largest value since 2018, suggesting the majority of new-investors are now underwater on their position. However, the dollar value of
Liquidity Crush
Executive Summary
Liquidity continues to contract across on-chain and spot markets, with net capital inflows grinding to a halt, and exchange inflows slowing down.
Open Interest across futures contracts has pulled back, suggesting a reduction in hedging and speculative activity. Alongside this, an unwind in the cash-and-carry trade on CME Group futures appears to be underway, providing additional headwinds for market liquidity.
Key options metrics express a preference for downside risk aversi
Liquidity continues to contract across on-chain and spot markets, with net capital inflows grinding to a halt, and exchange inflows slowing down.
Open Interest across futures contracts has pulled back, suggesting a reduction in hedging and speculative activity. Alongside this, an unwind in the cash-and-carry trade on CME Group futures appears to be underway, providing additional headwinds for market liquidity.
Key options metrics express a preference for downside risk aversi
Market Pulse: Week 11
Overview
The Bitcoin market continues to navigate a complex landscape, with spot market strength contrasting with ETF outflows, declining futures activity, and weakening on-chain conditions. Options markets show heightened risk perception, while profitability and liquidity indicators suggest growing investor caution.
Spot markets have shown resilience, with rising price momentum and steady trading activity, though ETF flows have turned sharply negative, signalling institutional de-risking. Fut
The Bitcoin market continues to navigate a complex landscape, with spot market strength contrasting with ETF outflows, declining futures activity, and weakening on-chain conditions. Options markets show heightened risk perception, while profitability and liquidity indicators suggest growing investor caution.
Spot markets have shown resilience, with rising price momentum and steady trading activity, though ETF flows have turned sharply negative, signalling institutional de-risking. Fut
Post-ATH Distribution
Executive Summary
Bitcoin entered a phase of strong investor distribution in early January, with the Accumulation Trend Score confirming persistent sell-side pressure.
Heightened volatility, weak demand, and liquidity constraints have prevented meaningful accumulation from restarting, reinforcing downside risks.
Panic-driven selling has intensified, with STH-SOPR spiking well below the break-even level of 1, signalling fear and loss realization among recent buyers.
A custom SOPR-adjusted CDD
Bitcoin entered a phase of strong investor distribution in early January, with the Accumulation Trend Score confirming persistent sell-side pressure.
Heightened volatility, weak demand, and liquidity constraints have prevented meaningful accumulation from restarting, reinforcing downside risks.
Panic-driven selling has intensified, with STH-SOPR spiking well below the break-even level of 1, signalling fear and loss realization among recent buyers.
A custom SOPR-adjusted CDD
On-Chain Retention: a Novel Concept to Measure Engagement With Digital Assets
Introduction
User retention is a fundamental measure of business health and a key success indicator for any industry with growth ambitions. It reflects how consistently users engage with a product or service over time.
For instance, a platform might report 100,000 weekly active users, but if 80% never return after their first interaction, its growth is unsustainable. Therefore, retention effectively encapsulates engagement, loyalty, and long-term viability, all of which directly impact profita
User retention is a fundamental measure of business health and a key success indicator for any industry with growth ambitions. It reflects how consistently users engage with a product or service over time.
For instance, a platform might report 100,000 weekly active users, but if 80% never return after their first interaction, its growth is unsustainable. Therefore, retention effectively encapsulates engagement, loyalty, and long-term viability, all of which directly impact profita
Violent Volatility
Executive Summary:
Digital Assets have experienced significant sell-side pressure in recent weeks, with Bitcoin tumbling by -28%, and Ethereum and Solana prices collapsing by more than -50% since their cycle highs.
As the market sells off, realized losses have increased massively, recording the second largest loss taking event of the cycle, and underscoring the severity of the correction.
The major digital assets did rebound briefly following the announcement of a Strategic Digital Asset Rese
Digital Assets have experienced significant sell-side pressure in recent weeks, with Bitcoin tumbling by -28%, and Ethereum and Solana prices collapsing by more than -50% since their cycle highs.
As the market sells off, realized losses have increased massively, recording the second largest loss taking event of the cycle, and underscoring the severity of the correction.
The major digital assets did rebound briefly following the announcement of a Strategic Digital Asset Rese
Capitulation Metrics: Using Cost Basis Distribution to Derive the On-Chain Bottom Signal
In our previous article on the practical applications of the Cost Basis Distribution metric (CBD), we explained the concept of cost basis lines to show how investors increase or decrease their cost-basis.
This week, we’ll look at how sharp shifts in supply at certain price levels reflect investors throwing in the towel - often a key indicator of a local market bottom.
Cost Basis Distribution - A Quick Recap
CBD reflects the total supply held by addresses with an average cost basis within spec
This week, we’ll look at how sharp shifts in supply at certain price levels reflect investors throwing in the towel - often a key indicator of a local market bottom.
Cost Basis Distribution - A Quick Recap
CBD reflects the total supply held by addresses with an average cost basis within spec
Bybit Hack Postmortem
Executive Summary
Bybit suffered one of the largest hacks in crypto history, losing 403,996 ETH (~$1.13B) from its cold wallets due to a smart contract exploit. This breach led to panic withdrawals, with total exchange outflows reaching approximately $4.3B across Bitcoin and stablecoins.
Market sentiment deteriorated rapidly, triggering a broad sell-off. Bitcoin monthly performance dropped to -13.6%, while Ethereum (-22.9%), Solana (-40%), and Meme Coins (-36.9%) erased months of gains, resett
Bybit suffered one of the largest hacks in crypto history, losing 403,996 ETH (~$1.13B) from its cold wallets due to a smart contract exploit. This breach led to panic withdrawals, with total exchange outflows reaching approximately $4.3B across Bitcoin and stablecoins.
Market sentiment deteriorated rapidly, triggering a broad sell-off. Bitcoin monthly performance dropped to -13.6%, while Ethereum (-22.9%), Solana (-40%), and Meme Coins (-36.9%) erased months of gains, resett
Expanding Cost Basis Distribution (CBD) Coverage: ETH, ERC20, and SPL Now Included
In our ongoing mission to push the boundaries of on‑chain analytics, we are excited to announce the expansion of Cost Basis Distribution (CBD) coverage beyond Bitcoin – now incorporating Ethereum (ETH), ERC‑20 tokens, and SPL tokens.
This marks a significant leap in visibility over how investors position themselves across multiple asset classes – shedding light on market conviction, capitulation, and the evolving cost basis of investors.
Below, we revisit what CBD is, why it is such a powerful
This marks a significant leap in visibility over how investors position themselves across multiple asset classes – shedding light on market conviction, capitulation, and the evolving cost basis of investors.
Below, we revisit what CBD is, why it is such a powerful
Falling Tides
Executive Summary
After Bitcoin’s second attempt to break above $105k in late January, the market has entered a contraction phase, with monthly price momentum sharply declining across major assets.
Bitcoin has held relatively steady, while Ethereum, Solana, and Memecoins have faced much deeper corrections, reflecting a shifting appetite for risk.
Solana has emerged as a market leader in capital inflows over the past two years, in contrast to Ethereum, which has comparatively struggled to attr
After Bitcoin’s second attempt to break above $105k in late January, the market has entered a contraction phase, with monthly price momentum sharply declining across major assets.
Bitcoin has held relatively steady, while Ethereum, Solana, and Memecoins have faced much deeper corrections, reflecting a shifting appetite for risk.
Solana has emerged as a market leader in capital inflows over the past two years, in contrast to Ethereum, which has comparatively struggled to attr
Profiling the Sell-Off
Executive Summary:
Bitcoin investors have realized large losses during the downturn, with BTC prices falling as far as $93k.
When we normalize these losses into a BTC denomination however, the severity of the damage does appear to be in line with other local corrections.
The majority of the locked in losses originate from the Short-Term Holder cohort, as local top buyers experience a rapid decline in their profitability.
The Altcoin sector took the heaviest relative losses during the downtur
Bitcoin investors have realized large losses during the downturn, with BTC prices falling as far as $93k.
When we normalize these losses into a BTC denomination however, the severity of the damage does appear to be in line with other local corrections.
The majority of the locked in losses originate from the Short-Term Holder cohort, as local top buyers experience a rapid decline in their profitability.
The Altcoin sector took the heaviest relative losses during the downtur
A New Mindset
Executive Summary
Bitcoin has evolved into a global asset with extremely deep liquidity that is available at all hours of the day. This creates the conditions for investors to speculate, trade, and express their macro-economic views at times when traditional markets are closed.
Bitcoin continues to prove itself as an emerging store of value asset, accruing over $850B in net capital inflows. It also serves a role as a medium of exchange asset, processing nearly $9B in economic volume per day.
Bitcoin has evolved into a global asset with extremely deep liquidity that is available at all hours of the day. This creates the conditions for investors to speculate, trade, and express their macro-economic views at times when traditional markets are closed.
Bitcoin continues to prove itself as an emerging store of value asset, accruing over $850B in net capital inflows. It also serves a role as a medium of exchange asset, processing nearly $9B in economic volume per day.
Thinking Ahead
The current bull market shows several structural similarities to the 2015–2018 cycle. We explore this idea from the perspective of the drawdown profile, price performance, and changes in the Realized Cap. We also address misconceptions about exchange balances, helping to frame up how many coins are in the custody of these large entities.
Executive Summary
Cyclical Market Growth: The rate of Bitcoin price appreciation has declined cycle by cycle, reflecting a path into market maturity. The draw
Executive Summary
Cyclical Market Growth: The rate of Bitcoin price appreciation has declined cycle by cycle, reflecting a path into market maturity. The draw
Seeking Liquidity
Executive Summary:
Capital flows into Bitcoin remain positive, although they have declined in magnitude since first reaching $100k. This highlights a period of declining sell-side pressure as the market approaches a near-term equilibrium.
Sell-side pressure from long-term investors has also declined, alongside volumes deposited to exchanges for sale.
Several measures of volatility are tightening up, with the market trading within a historically narrow 60-day price range, often a sign that the
Capital flows into Bitcoin remain positive, although they have declined in magnitude since first reaching $100k. This highlights a period of declining sell-side pressure as the market approaches a near-term equilibrium.
Sell-side pressure from long-term investors has also declined, alongside volumes deposited to exchanges for sale.
Several measures of volatility are tightening up, with the market trading within a historically narrow 60-day price range, often a sign that the
Challenging Critical Support
Executive Summary
Bitcoin has entered a correction phase, trading -11% below its ATH of $108k but remaining above key support levels, retaining a constructive market structure.
Z-Score analysis suggests cyclical highs typically align with various metrics trading 1.5 to 2.0σ above the mean, offering a framework to help navigate bullish market phases.
Bitcoin's current price is around 10% above the Short-Term Holders' cost basis of $88.4k, underscoring a potential risk of downside if momentum s
Bitcoin has entered a correction phase, trading -11% below its ATH of $108k but remaining above key support levels, retaining a constructive market structure.
Z-Score analysis suggests cyclical highs typically align with various metrics trading 1.5 to 2.0σ above the mean, offering a framework to help navigate bullish market phases.
Bitcoin's current price is around 10% above the Short-Term Holders' cost basis of $88.4k, underscoring a potential risk of downside if momentum s
Analyzing the Movement of Capital Across the Solana Asset
💡 New SPL (Solana Programmable Language) Insights: 61 Solana Tokens, Including 52 Memecoins, Now Supported We’re excited to roll out fundamental metrics for 61 Solana-based tokens, including 52 memecoins. These assets now have address activity, transfer activity, and volume metrics. For those with a perpetual futures market, these new metrics complement the existing futures metrics. You can explore these new insights in the SPL Assets category on the charts page. More assets and expanded metric
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#BitcoinReserveDeadline
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