Joined July 2018
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May 26
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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Jun 12
Watch this Signal - Percent Supply in Supply in Profit
Watch the Chart of the Week Belowπ
glassno.de/4v73Dqp
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Jun 12
Bitcoin has broken below the February low and bounced from the June low.
Hereβs what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface.
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Jun 12
Short Gamma Sits Above Spot
The largest negative gamma cluster now sits at 65K, just above current spot near 63.8K. With several other short gamma strikes concentrated up to 70K, dealer hedging could amplify upward moves if BTC reclaims this area.
glassno.de/3QdixMy
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Jun 12
Wrap Up
Volatility spiked, then normalized.
Protection demand surged, then faded.
The volatility risk premium has largely closed.
Flow remains defensive, while short gamma sits above spot.
The market has absorbed the initial shock, but options positioning remains cautious.
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Jun 11
The 30D-SMA of US Spot ETF trading volume has contracted from $4.4B/day in October 2025 to $0.96B/day today, a 78% decline.
Combined with the 49% drop in DAT company volumes flagged earlier, both TradFi channels for Bitcoin exposure are signalling the same thing:
Speculative appetite for BTC in traditional markets has largely withdrawn.
π glassno.de/btc-etf-volume
Jun 11
The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months.
Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak.
π glassno.de/btc-dat-volume
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Jun 11
The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months.
Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak.
π glassno.de/btc-dat-volume
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Jun 10
Finding a Floor
$BTC traded down to $60K as profitability collapsed, recent buyers sank into loss, and realized losses accelerated. Institutional demand weakened while options markets continued to price elevated risk.
Read the full Week On-Chainπ glassno.de/4ul8ToV
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Jun 9
The 90D-SMA of XRP's Realized Profit to Loss Ratio has fallen to 0.38. For every dollar of loss being realized in the market, only 38 cents of profit is being taken.
At the 2025 peak, this ratio reached 50, meaning profit-takers were overwhelming loss-sellers by a factor of 50x. That dynamic has fully inverted.
A ratio this deep below 1 reflects a market where the majority of participants who are moving coins are doing so at a loss, a hallmark of intense capitulation.
π glassno.de/xrp-rplr
Jun 9
The 90D-SMA of total fees paid on the XRP network has fallen from 5.9k XRP in Feb 2025 to 0.5k XRP today, a 91.5% decline.
A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the speculative peak.
π glassno.de/xrp-fees
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Jun 9
The 90D-SMA of total fees paid on the XRP network has fallen from 5.9k XRP in Feb 2025 to 0.5k XRP today, a 91.5% decline.
A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the speculative peak.
π glassno.de/xrp-fees
17 Nov 2025
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 ~4Γ higher ($2.15), 41.5% of supply (~26.5B XRP) sits in loss β a clear sign of a top-heavy and structurally fragile market dominated by late buyers.
π glassno.de/48pwOef
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glassnode retweeted
Jun 8
Since 2020, daily issuance has been dwarfed by the volume from long term holders to exchanges- activity that typically suggests desire to sell. This volume has increased since the ETFs launched. When someone relates MSTR or others' buying to daily mined supply, remember this.
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glassnode retweeted
Jun 8
$BTC's CVDD/Price Ratio is at 0.73 and climbing.
At prior cycle lows it peaked near 1 (0.90/0.91/0.95 in 2015/18/22) as price meets the CVDD floor.
With the current floor ~$46K, a repeat would point to a bottom near $52β59K, ~12β13 months past the Oct 2025 ATH β Q4 2026.
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Jun 8
The share of ETH supply sitting at more than 3x profit has dropped to 11%, the lowest reading since February 2017.
What makes this cycle structurally different?
In the previous two cycles, this cohort exceeded 50% of total supply at peak. This time, that threshold was never reached. ETH's profitability profile has fundamentally compressed relative to prior cycles.
π glassno.de/eth-supply-pnl-reβ¦
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Jun 8
bitcoin:native fell from $74K to below $60K in a swift sell-off, triggering heavy liquidation pressure. Buyers stepped in near the lows, helping price recover toward $64K, but the broader trend remains weak.
Read this weekβs Market Pulseπ
glassno.de/43W6EO6
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glassnode retweeted
Jun 6
The 30D-SMA of US Spot ETF netflows has reached -2.45k BTC/day, the fastest sustained pace of outflows since ETF launch.
This is no longer a short-term reaction. A month-long average at record negative territory reflects a structural shift in institutional positioning, not episodic selling.
Until this smoothed trend reverses, the institutional demand side remains a headwind rather than a support.
π glassno.de/btc-etf-netflow
Jun 6
The Cost Basis Distribution heatmap shows a dense supply cluster in the $80kβ$126k range, representing coins still held by buyers near cycle highs.
For a sustained recovery to take shape, this supply needs to gradually migrate into new buyers' hands at lower cost basis levels. As that wall softens, the overhang pressure eases and demand has room to build conviction.
This transition can be achieved through deeper correction and/or bear market continuation.
π glassno.de/btc-cbd-heatmap
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glassnode retweeted
Jun 6
The Cost Basis Distribution heatmap shows a dense supply cluster in the $80kβ$126k range, representing coins still held by buyers near cycle highs.
For a sustained recovery to take shape, this supply needs to gradually migrate into new buyers' hands at lower cost basis levels. As that wall softens, the overhang pressure eases and demand has room to build conviction.
This transition can be achieved through deeper correction and/or bear market continuation.
π glassno.de/btc-cbd-heatmap
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glassnode retweeted
Jun 5
1/ Where is the #Bitcoin bottom?
$BTC has fallen to $62K, nearly 50% below its ATH and down 24% in a month.
Price has now worked through the upper rungs of our pricing framework, moving into the cluster of valuation levels where past cycles have found their floor.
π§΅
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