glassnode
@glassnode
Digital asset data, analytics, and research.
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Chart of The Week: Exchange Reshuffling Ratio Breakdown
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The 7D-SMA of US Spot ETF Netflow dropped to -$88M/day, the largest outflow since mid-February.
February's outflows occurred into price weakness. This wave is selling into strength, with BTC trading near $80k.
Institutional participants were using the recovery over the recent days as an exit, not responding to fear.
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Rally Without Conviction
$BTC has recovered above $80K as ETF inflows, spot demand, and positioning improve. However, weaker capital inflows and heavy overhead supply near $86K keep conviction below prior bull phases.
Read the full Week On-Chain👇
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Rally Without Conviction
$BTC has recovered above $80K as ETF inflows, spot demand, and positioning improve. However, weaker capital inflows and heavy overhead supply near $86K keep conviction below prior bull phases.
Read the full Week On-Chain👇
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US 10Y yields have rebounded toward 4.4%, a level that previously coincided with pressure on $BTC.
This time, BTC has recovered above $80K despite the rates backdrop, suggesting the market is absorbing the macro headwind more effectively than earlier in the cycle.
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LTH Relative Unrealized Loss peaked at 15% in early April. In prior deep bear markets, this metric exceeded 75%.
Long-term holders have so far experienced a fraction of the stress seen at historical cycle lows, suggesting recent drawdown, while significant, did not test their conviction at the same depth.
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At $82.1k, the unrealized loss in the market equals ~6.9% of the market cap.
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At $82.1k, the unrealized loss in the market equals ~6.9% of the market cap.
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At $70k, the unrealized loss in the market equals ~16% of the market cap. Current market pain echoes a similar structure seen in early May 2022.
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$BTC climbed from the high-$77Ks to low-$82Ks as spot demand and futures activity strengthened. Momentum cooled near highs, while options markets continued pricing elevated uncertainty.
Read this week’s Market Pulse👇
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Chart of The Week: BTC Perpetual Futures Funding Rates
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New addresses appearing on the XRP network have collapsed from 18k/day in Dec 2024 to 2.7k/day today, an 85% decline.
Monthly active supply tells a similar story, dropping from 7.45B XRP/day to ~2B XRP/day over the same period.
The speculative wave that drove XRP's late-2024 surge has largely unwound at the network level.
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The share of XRP supply in profit has fallen to 58.5%, the lowest since Nov 2024, when price was $0.53.
Today, despite trading ~4× higher ($2.15), 41.5% of supply (~26.5B XRP) sits in loss — a clear sign of a top-heavy and structurally fragile market dominated by late buyers.
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Bulls Approach the Ceiling
$BTC pushes beyond $80K toward key resistance near $85K, with bulls in control. ETF demand builds and shorts persist, but overhead supply may cap upside without stronger spot follow-through.
Read the full Week On-Chain👇
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Hyperliquid whales have further increased their long positions. This represents a new record for sustained net long positioning this year.
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Whales on Hyperliquid have been longing the breakout of the range. Their conviction and long positioning have steadily increased over the past two months, signaling strong bullish sentiment among big perp players.
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As price spiked from $78k to $80k, the 2Y-3Y holder cohort, those who accumulated ahead of the ETF launch, ramped up profit-taking to over $209M/hr, realizing 60%-100% in gains.
Long-term holders are using this strength to exit into liquidity.
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Whales on Hyperliquid have been longing the breakout of the range. Their conviction and long positioning have steadily increased over the past two months, signaling strong bullish sentiment among big perp players.
📊
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At $70k, the unrealized loss in the market equals ~16% of the market cap. Current market pain echoes a similar structure seen in early May 2022.
📉
The share of XRP supply in profit has fallen to 58.5%, the lowest since Nov 2024, when price was $0.53.
Today, despite trading ~4× higher ($2.15), 41.5% of supply (~26.5B XRP) sits in loss — a clear sign of a top-heavy and structurally fragile market dominated by late buyers.
📉
Show more
