The SOPR ratio of <3-month holders—tracking the profit margin of active spenders—bounced off neutral (SOPR = 1) as BTC found support at $107k.
Short-term investors' on-chain behaviour confirms the market is anticipating a positive outcome from this week’s FOMC meeting.
This bounce suggests renewed confidence among recent buyers, with many returning to profitability just days ahead of the Fed decision. Historically, such patterns often precede sharp reactions to macro catalysts.
glassno.de/4po5uo2
Short-term investors' on-chain behaviour confirms the market is anticipating a positive outcome from this week’s FOMC meeting.
This bounce suggests renewed confidence among recent buyers, with many returning to profitability just days ahead of the Fed decision. Historically, such patterns often precede sharp reactions to macro catalysts.
glassno.de/4po5uo2
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This renewed confidence largely stems from price reclaiming the cost basis of all sub-3-month holders, which ranges between $111.8k and $114.2k.
For this momentum to hold, BTC must remain above this range post-FOMC. Failure to do so could signal a classic “sell the news” market structure.
glassno.de/4mud4Lu
For this momentum to hold, BTC must remain above this range post-FOMC. Failure to do so could signal a classic “sell the news” market structure.
glassno.de/4mud4Lu
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#Bitcoin is ~6.8% below its ATH, heading into the most anticipated FOMC meeting of the cycle.
Options traders are rapidly buying options to hedge or position for a volatility spike, reflecting the market’s uncertainty and expectation of a major move.
https://glassno.de/46G8Vz9
Options traders are rapidly buying options to hedge or position for a volatility spike, reflecting the market’s uncertainty and expectation of a major move.
https://glassno.de/46G8Vz9
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This week, crypto rallied broadly—but Perpetual Open Interest tells a mixed story.
BTC and SOL saw notable OI declines, suggesting reduced speculative positioning while squeezing shorts during the move.
Meanwhile, ETH, XRP, and BNB showed rising OI, signaling renewed trader engagement and growing appetite for directional exposure.
📈http://glassno.de/3IqXhih
BTC and SOL saw notable OI declines, suggesting reduced speculative positioning while squeezing shorts during the move.
Meanwhile, ETH, XRP, and BNB showed rising OI, signaling renewed trader engagement and growing appetite for directional exposure.
📈http://glassno.de/3IqXhih
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Over the past 48 hours, centralized exchanges have seen three distinct waves of inflows exceeding $25M per block.
The latest wave aligned with BTC’s pullback from $117.2k, suggesting a partial spot market sell-off.
📈https://glassno.de/46NPO5l
The latest wave aligned with BTC’s pullback from $117.2k, suggesting a partial spot market sell-off.
📈https://glassno.de/46NPO5l
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US Spot #Bitcoin ETFs continue to see net inflows, with recent activity pushing firmly into positive territory. This reinforces institutional demand as a key pillar of market support, even as price slowly climbs near cycle highs.
https://glassno.de/47Qk41y
https://glassno.de/47Qk41y
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#Bitcoin's CBD heatmap shows the supply clustered around $117k, presenting a key resistance zone. Clearing this level could open the way to thinner supply above, while failure risks prolonging consolidation or a contraction.
📈https://glassno.de/4ppLIsx
📈https://glassno.de/4ppLIsx
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The Week On-Chain 37, 2025
Bitcoin is above $115.2K with 95% of supply in profit post-FOMC. Futures saw short squeezes, while options OI hit a record 500K BTC ahead of Sept 26 expiry. Holding $115.2K is key; losing it risks a drop toward $105.5K.
Executive Summary
- Bitcoin gained momentum into the Sept 17 FOMC, with derivatives shifting from risk-off to balanced. Spot showed mild sell pressure, while perpetuals absorbed via short squeezes.
- Perpetual OI peaked at 395K BTC before easing to ~380K as volatility flushed leverage.
- Options OI hit a record 500K BTC ahead of the Sept 26 expiry, with $110K max pain likely to influence spot.
- Volatility repricing lifted the 1M IV–RV spread, while dealer hedging flows support rallies and cushion dips.
- On-chain, BTC trades above $115.2K, cost basis for 95% of supply. Holding is key; losing risks a move toward $105.5K.
Read more in The Week On-Chain newsletter
Bitcoin is above $115.2K with 95% of supply in profit post-FOMC. Futures saw short squeezes, while options OI hit a record 500K BTC ahead of Sept 26 expiry. Holding $115.2K is key; losing it risks a drop toward $105.5K.
Executive Summary
- Bitcoin gained momentum into the Sept 17 FOMC, with derivatives shifting from risk-off to balanced. Spot showed mild sell pressure, while perpetuals absorbed via short squeezes.
- Perpetual OI peaked at 395K BTC before easing to ~380K as volatility flushed leverage.
- Options OI hit a record 500K BTC ahead of the Sept 26 expiry, with $110K max pain likely to influence spot.
- Volatility repricing lifted the 1M IV–RV spread, while dealer hedging flows support rallies and cushion dips.
- On-chain, BTC trades above $115.2K, cost basis for 95% of supply. Holding is key; losing risks a move toward $105.5K.
Read more in The Week On-Chain newsletter
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Bitcoin Liquidation & Positioning Dashboard Now Live on Glassnode
https://glassno.de/4px5Zwi
Built to track leverage and risk across BTC markets.
Post #FOMC, we can see that #BTC shorts at 117k were taken out, and long liquidations are appearing at 112.7k.
Bitcoin traders are leaning net short, with data indicating a net short position of -485 BTC in aggregate. This skew highlights lingering caution, even as spot price holds above $117k.
The Liquidation Wall view shows ~5k BTC of long exposure vulnerable if support breaks, versus a significant build-up of short positions at higher levels. This creates a two-sided risk profile for price.
https://glassno.de/4px5Zwi
Built to track leverage and risk across BTC markets.
Post #FOMC, we can see that #BTC shorts at 117k were taken out, and long liquidations are appearing at 112.7k.
Bitcoin traders are leaning net short, with data indicating a net short position of -485 BTC in aggregate. This skew highlights lingering caution, even as spot price holds above $117k.
The Liquidation Wall view shows ~5k BTC of long exposure vulnerable if support breaks, versus a significant build-up of short positions at higher levels. This creates a two-sided risk profile for price.
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#Bitcoin rallied to $117k into FOMC before slipping below $115k. Spot shows cooling momentum, futures and options signal sell pressure with rising vol, ETF inflows slowed, while on-chain activity improved.
Read more in this week’s Market Pulse👇
https://glassno.de/47WorrW
Read more in this week’s Market Pulse👇
https://glassno.de/47WorrW
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