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Glassnode is the leading on-chain analytics provider for institutional investors.
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#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.
🔸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.
$BTC spot volume delta (7D SMA) has turned sharply negative over the past 3 days:
🔻Apr 27: -$30.9M
🔻Apr 28: -$76.1M
🔻Apr 29: -$193.4M
Aggressive sellers are dominating and spot demand is weakening - potential signs of profit-taking, buyer exhaustion, or a reversal.
🔻Apr 27: -$30.9M
🔻Apr 28: -$76.1M
🔻Apr 29: -$193.4M
Aggressive sellers are dominating and spot demand is weakening - potential signs of profit-taking, buyer exhaustion, or a reversal.
$SOL Hot Capital reached $9.46B on 28 Apr - its highest since 12 Mar. Over the past 7 days, it increased by $4.72B (+100%). This is the largest 7-day increase in SOL hot capital since 23 Jan 2025, when it rose by $4.75B: https://glassno.de/42AKiC7
$ETH Hot Capital, after bottoming at $2.60B on 17 Apr, has rebounded sharply to $4.34B as of 28 Apr - its highest level since 26 Mar.
#Bitcoin's Hot Capital (sum of coins moved in the last 24h + 1d–1w) reached $39.1B on 28 Apr - its highest since 10 Feb. This metric captures short-term holder activity and is a proxy for speculative capital entering the market: https://glassno.de/4364goq
$BTC Supply Mapping update:
First Buyers and Momentum Buyers continue to show strong engagement, while Profit Takers' activity remains moderate.
This is constructive, as it suggests ongoing demand from new and trend-following participants without significant distribution pressure, supporting the durability of the recent rally.
First Buyers and Momentum Buyers continue to show strong engagement, while Profit Takers' activity remains moderate.
This is constructive, as it suggests ongoing demand from new and trend-following participants without significant distribution pressure, supporting the durability of the recent rally.
Last week, US spot #Bitcoin ETFs recorded a net inflow of 31,323 $BTC, equivalent to approximately $2.9 billion. In #BTC terms, it was the fifth-largest weekly inflow on record.
Open Interest in perpetual swaps has risen to 281K $BTC, up +15.6% since early March. This suggests a build-up of leverage in the market as prices rebound, increasing the potential for amplified volatility via liquidations and stop-outs.
We’re pleased to share the Q2 2025 edition of Charting Crypto - the newly renamed and redesigned joint market report from @Glassnode and @CoinbaseInsto. This quarter’s insights reflect a market in transition, where macro pressure is exposing what’s durable in crypto 🧵👇
#Bitcoin’s STH Profit/Loss Ratio has rebounded to the neutral 1.0 level, signaling a balance between coins in profit and loss. Historically, this threshold acts as resistance during bear phases. A sustained move above would suggest stronger momentum and recovery.
#Bitcoin briefly reclaimed the STH cost basis as ETF inflows surged to $1.54B. Nearly 5% of supply rotated, shorts build up, and profit-taking intensifies. A key retest - but strength above $92.9k still unconfirmed. Read more in the latest Week On-Chain: https://glassno.de/42pPZme
#Bitcoin Whales are back in full force:
🔺Holders of >10K $BTC are showing near-perfect accumulation (~0.9)
🔺1K–10K $BTC wallets follow closely (~0.7)
🔺100–1K $BTC are also pivoting to accumulation (~0.5).
So far, large players have been buying into this rally.
🔺Holders of >10K $BTC are showing near-perfect accumulation (~0.9)
🔺1K–10K $BTC wallets follow closely (~0.7)
🔺100–1K $BTC are also pivoting to accumulation (~0.5).
So far, large players have been buying into this rally.
#Bitcoin Whales are back in full force:
🔺Holders of >10K $BTC are showing near-perfect accumulation (~0.9)
🔺1K–10K BTC wallets follow closely (~0.7)
🔺100–1K BTC are also pivoting to accumulation (~0.5).
So far, large players have been buying into this rally.
🔺Holders of >10K $BTC are showing near-perfect accumulation (~0.9)
🔺1K–10K BTC wallets follow closely (~0.7)
🔺100–1K BTC are also pivoting to accumulation (~0.5).
So far, large players have been buying into this rally.
$ETH Cost Basis Distribution shows the next major supply overhead near the current price - at $1,895.50, where 1.64M $ETH is concentrated. Most holders at this level were last active in Nov 2024, buying into the rally and pushing their cost basis higher.
US spot #Bitcoin ETFs recorded a particularly large net inflow of 11,898 $BTC yesterday. This was the largest daily inflow since November 11, 2024, marking a notable resurgence in demand. A brief breakdown of how this compares historically 🧵
US spot #Bitcoin ETFs recorded a particularly large net inflow of 11,898 $BTC on yesterday.
This was the largest daily inflow since November 11, 2024, marking a notable resurgence in demand.
A brief breakdown of how this compares historically 🧵👇
This was the largest daily inflow since November 11, 2024, marking a notable resurgence in demand.
A brief breakdown of how this compares historically 🧵👇
Glassnode’s Supply Mapping for $BTC shows a strong activity in April from First Buyers:
🔺RSI stayed >50 all month
🔺Hit 100 last week
🔺Still elevated at 80 today
This suggests rising FOMO and fresh capital entering the market, even at higher prices: https://glassno.de/4jlDez0
🔺RSI stayed >50 all month
🔺Hit 100 last week
🔺Still elevated at 80 today
This suggests rising FOMO and fresh capital entering the market, even at higher prices: https://glassno.de/4jlDez0
Still, there is plenty of supply overhead for $BTC to clear if it’s to reclaim $100K. Cost Basis Distribution data shows a particularly dense cluster at ~$97K, where investors hold ~392K BTC. Some may sell at break-even, making this a key resistance zone: https://glassno.de/3E6DMJF
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