glassnode
@glassnode
Digital asset data, analytics, and research.
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Your AI agent can now buy Glassnode data.
x402 pays per call: from your @coinbase balance via Coinbase for Agents (live today), or any USDC wallet via Base MCP.
Try: "Pull Glassnode's MVRV and NUPL for BTC and tell me if the market is overheated"
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Top traders on Hyperliquid are aggressively long bitcoin:native , showing some of the highest sustained long positioning we’ve recorded. This exposure exceeds what was seen during the last run to around $83k, pointing to strong speculative demand at these levels.
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$BTC volume sent from long-term holders in profit to exchanges has faded and sits near its lowest since early 2023.
LTH profit-taking has effectively switched off.
First eventful order flow in weeks. Aggressive shorting into the 58k lows, twice. Unfortunately for bears, the retest coincided with spot sell pressure easing. All of this short OI has since been flushed. Notably, BTC remained strong today despite negative news of MSTR selling
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Bitcoin's easing into consolidation. Selling has cooled, futures longs are piling back in, and options traders aren't as spooked about downside anymore. ETF outflows are drying up too. Hot capital is creeping back though, which could stir up volatility even as profits climb.
Read this week’s Market Pulse👇
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The options market is currently pricing in low future volatility for $BTC. While upside expectations remain unchanged we see less demand for short exposure. This could be the first sign of optimism returning to the options market.
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One of our most insightful on chain metrics is the Hyperliquid Entry Price Heatmap. It shows the exact price levels at which traders enter positions. Large longs from $72-76k and shorts from $60k are currently under water, leading to fragility in either direction.
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Bottoms are formed by a shift in regime.
The Vector framework is still signaling a Strong Risk-Off environment for Bitcoin. However, under the surface, metrics are beginning to pivot. A potential bottom may be forming.
We'll alert you the second it confirms:
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Altcoin Cycle Signal update: the altcoin signal remains firmly in "altcoin season". This is strength beyond the denominator effect we described last month. Alts remain strong both on a relative and absolute basis.
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The Altcoin Cycle Signal is back in Altcoin Season. The typical version of this print has alts running while BTC stays bid. Currently, we see alts running out of sellers after nearly two years and BTC drawing down aggressively. For now, the BTC side is still doing most of the work.
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Accumulation Below the Surface
$BTC has fallen below $60K as ETF outflows persist. Despite the weakness, long-term holders are absorbing supply, suggesting patient capital is returning.
Read the full Week On-Chain👇
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Following @Strategy's June 29 announcement, its preferred shares rebounded strongly into month-end, with $STRC recovering around 13%. Bitcoin continued to show weakness, closing June below $60k.
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$BTC fell from around $63K to a local low near $58K before stabilising. Defensive positioning persists across spot, derivatives and ETFs, while on-chain activity suggests the market remains in consolidation.
Read this week’s Market Pulse👇
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Institutional demand isn’t absorbing new $BTC supply – it’s adding to the overhang.
ETFs shed 71.6K BTC over the past month, DATs added just 7.5K.
Adjusted for issuance, combined flows are −77K #BTC#.
Until this flips positive, any recovery is fighting net wrapper supply.
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Directional managers posted strong gains in May, led by Fundamental (+8.62%) and Event Driven (+11.43%) approaches. Stock selection drove the standout returns rather than market direction. Strategy Watch, produced with @CIG_Crypto, is live:
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Analyzing Spot bitcoin:native ETF Volumes
Chart of the Week👇
The Altcoin Cycle Signal is back in Altcoin Season. The typical version of this print has alts running while BTC stays bid. Currently, we see alts running out of sellers after nearly two years and BTC drawing down aggressively. For now, the BTC side is still doing most of the work.
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Exchange OS launches today on @XLayerOfficial, a permissionless, builder-first protocol where anyone can deploy spot, perps, and outcome markets on shared infrastructure.
Glassnode is supporting @OKX and @XLayerOfficial as a data provider. Our unified on-chain, spot, and derivatives intelligence was built for exactly this kind of cross-market environment, feeding deployers, market makers, and the wider ecosystem with reference data and analytics.
Excited to see what builders ship on top.
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#Bitcoin# network activity is rebounding fast.
Historically, surges in Network Growth above the 60 level have coincided with the end of local bottoms and the return of stronger market conditions.
Our Vector framework shows #BTC# is now approaching that same inflection zone. ▶︎
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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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