Puts are trading at a premium to calls, signaling a spike in demand for downside protection. This skew is most pronounced in short-term maturities - a level of fear not seen since BTC was in the $20Ks in mid-’23.
Despite this, BTC hasn't broken down like equities did on recent tariff headlines. That disconnect - rising panic without a price collapse - makes the current options market setup especially notable.
Skew like this usually appears when positioning is one-sided and fear runs high. TLDR: panic is elevated, but price is holding. That’s often what a bottom looks like.
Charts (available to Glassnode Professional plan users):
🔗https://glassno.de/41XBvd1
🔗https://glassno.de/42uRHmb
Despite this, BTC hasn't broken down like equities did on recent tariff headlines. That disconnect - rising panic without a price collapse - makes the current options market setup especially notable.
Skew like this usually appears when positioning is one-sided and fear runs high. TLDR: panic is elevated, but price is holding. That’s often what a bottom looks like.
Charts (available to Glassnode Professional plan users):
🔗https://glassno.de/41XBvd1
🔗https://glassno.de/42uRHmb
The Week On-Chain, Week 14
The announcement of Trump’s “Liberation Day” tariffs sent shock-waves through financial markets, with major macro indexes experiencing a unilateral decline. Digital assets have been no exception, experiencing a broad-based contraction occurring across all sectors.
Executive Summary
🔸Capital inflows into the major digital assets have ground to a halt, causing major headwinds and a contraction of liquidity.
🔸The collapse across digital assets has been broad-based, with the altcoin market devaluing from $1T in Dec 2024 to a current value of $583B.
🔸Confluence between on-chain and technical models suggests that $93k is a key area of interest which must be reclaimed before upward momentum is re-established. On the downside, the $65k to $71k region remains a critical threshold for the Bitcoin bulls to hold.
🔗Read the full report here.
🔗Access charts from this report in a Glassnode Studio Dashboard.
The announcement of Trump’s “Liberation Day” tariffs sent shock-waves through financial markets, with major macro indexes experiencing a unilateral decline. Digital assets have been no exception, experiencing a broad-based contraction occurring across all sectors.
Executive Summary
🔸Capital inflows into the major digital assets have ground to a halt, causing major headwinds and a contraction of liquidity.
🔸The collapse across digital assets has been broad-based, with the altcoin market devaluing from $1T in Dec 2024 to a current value of $583B.
🔸Confluence between on-chain and technical models suggests that $93k is a key area of interest which must be reclaimed before upward momentum is re-established. On the downside, the $65k to $71k region remains a critical threshold for the Bitcoin bulls to hold.
🔗Read the full report here.
🔗Access charts from this report in a Glassnode Studio Dashboard.
Supply Mapping is now live in Glassnode Studio
Supply Mapping is a new Glassnode metric that reveals which investor profiles are driving token supply - based on the intent behind their buy or sell decisions.
Built on top of Cost Basis Distribution, this new tool segments token holders based on the intent behind their actions - whether it's conviction buying, FOMO-driven entries, panic selling, or profit-taking.
This allows you to:
🔹Spot early signs of trend reversals 🔹Identify tops and bottoms based on investor segment behavior 🔹Understand the emotional dynamics shaping supply flows
In volatile markets, reading investor psychology is key. Supply Mapping turns on-chain data into actionable insight - across Bitcoin and hundreds of ERC-20 tokens.
Dive into our analysis to learn more about this metric and how you can use it: https://glassno.de/4jB8ZEe
Access Supply Mapping now in Glassnode Studio: https://glassno.de/42FWDVv
Supply Mapping is a new Glassnode metric that reveals which investor profiles are driving token supply - based on the intent behind their buy or sell decisions.
Built on top of Cost Basis Distribution, this new tool segments token holders based on the intent behind their actions - whether it's conviction buying, FOMO-driven entries, panic selling, or profit-taking.
This allows you to:
🔹Spot early signs of trend reversals 🔹Identify tops and bottoms based on investor segment behavior 🔹Understand the emotional dynamics shaping supply flows
In volatile markets, reading investor psychology is key. Supply Mapping turns on-chain data into actionable insight - across Bitcoin and hundreds of ERC-20 tokens.
Dive into our analysis to learn more about this metric and how you can use it: https://glassno.de/4jB8ZEe
Access Supply Mapping now in Glassnode Studio: https://glassno.de/42FWDVv
The Week On-Chain, Week 15
The macroeconomic environment remains uncertain with the restructuring of global trade relations ongoing. In spite of this, the performance of hard assets remains remarkable with Gold surging to a new ATH of $3300 and Bitcoin residing above $80k.
Executive Summary:
🔹Macroeconomic uncertainty persists amid shifting global trade, driving volatility in U.S. Treasuries and equities.
🔹Bitcoin saw its largest drawdown of the cycle, but it's within bull market norms. Median drawdown remains far milder than in past cycles.
🔹Digital asset liquidity is tightening, with slowing capital inflows and flat stablecoin supply growth.
🔹Investors face record unrealized losses, mostly among new participants; Long-Term Holders remain largely in profit.
Read the full report here. Access the charts from this edition in a Glassnode Studio dashboard.
The macroeconomic environment remains uncertain with the restructuring of global trade relations ongoing. In spite of this, the performance of hard assets remains remarkable with Gold surging to a new ATH of $3300 and Bitcoin residing above $80k.
Executive Summary:
🔹Macroeconomic uncertainty persists amid shifting global trade, driving volatility in U.S. Treasuries and equities.
🔹Bitcoin saw its largest drawdown of the cycle, but it's within bull market norms. Median drawdown remains far milder than in past cycles.
🔹Digital asset liquidity is tightening, with slowing capital inflows and flat stablecoin supply growth.
🔹Investors face record unrealized losses, mostly among new participants; Long-Term Holders remain largely in profit.
Read the full report here. Access the charts from this edition in a Glassnode Studio dashboard.
The Week On-Chain, Week 16
Bitcoin has surged back to $94.7k amid optimism surrounding tariff relief, with the market reclaiming key levels and sparking profit-taking. Short-term holders have taken profits, traders shorted the rally, and ETF inflows hit $1.54B – signalling an important sentiment shift behind the move.
Executive Summary:
🔹Bitcoin hit $94.7K on optimism around U.S.–China trade. Price briefly reclaimed the STH Cost Basis ($92.9K), a key level dividing bullish and bearish regimes.
🔹87.3% of BTC supply is in profit, up from 82.7%.
🔹The STH P/L Ratio hit 1.0, indicating break-even for recent buyers. Profit-taking has spiked, mainly from short-term holders.
🔹Futures OI is up 15.6%, while funding rates flipped negative, suggesting traders are shorting into the rally.
🔹On Apr 22, BTC ETFs saw $1.54B inflows, highlighting strong institutional demand. ETH ETF flows remain low, explaining ETH’s lag.
Read the full report here.
Access the charts from this edition in a Glassnode Studio dashboard.
Bitcoin has surged back to $94.7k amid optimism surrounding tariff relief, with the market reclaiming key levels and sparking profit-taking. Short-term holders have taken profits, traders shorted the rally, and ETF inflows hit $1.54B – signalling an important sentiment shift behind the move.
Executive Summary:
🔹Bitcoin hit $94.7K on optimism around U.S.–China trade. Price briefly reclaimed the STH Cost Basis ($92.9K), a key level dividing bullish and bearish regimes.
🔹87.3% of BTC supply is in profit, up from 82.7%.
🔹The STH P/L Ratio hit 1.0, indicating break-even for recent buyers. Profit-taking has spiked, mainly from short-term holders.
🔹Futures OI is up 15.6%, while funding rates flipped negative, suggesting traders are shorting into the rally.
🔹On Apr 22, BTC ETFs saw $1.54B inflows, highlighting strong institutional demand. ETH ETF flows remain low, explaining ETH’s lag.
Read the full report here.
Access the charts from this edition in a Glassnode Studio dashboard.
Charting Crypto Q2 2025 is now live!
Produced by Coinbase Institutional and Glassnode, this quarter’s edition tracks how macro uncertainty is reshaping digital asset markets - and where capital is finding conviction.
Here’s what you’ll find inside:
🔹Bitcoin’s growing dominance amid a broad risk-off shift
🔹Institutional flows into spot BTC and ETH ETFs
🔹Solana’s record-setting revenue vs. other L1s and L2s
🔹Stablecoins’ rise as crypto’s global settlement layer
🔹Broker platform restrictions - and the untapped ETF demand they signal
Built for institutional investors, the report offers high-resolution insights into liquidity, positioning, and market structure.
Get the full report: https://get.glassnode.com/charting-crypto-q2-2025/
Produced by Coinbase Institutional and Glassnode, this quarter’s edition tracks how macro uncertainty is reshaping digital asset markets - and where capital is finding conviction.
Here’s what you’ll find inside:
🔹Bitcoin’s growing dominance amid a broad risk-off shift
🔹Institutional flows into spot BTC and ETH ETFs
🔹Solana’s record-setting revenue vs. other L1s and L2s
🔹Stablecoins’ rise as crypto’s global settlement layer
🔹Broker platform restrictions - and the untapped ETF demand they signal
Built for institutional investors, the report offers high-resolution insights into liquidity, positioning, and market structure.
Get the full report: https://get.glassnode.com/charting-crypto-q2-2025/
The Week On-Chain, Week 17
Bitcoin price momentum is facing its first wave of meaningful resistance, as price attempts to consolidate and break above key technical and on-chain levels. Under the surface, a number of structural resets have occurred across multiple facets of the Bitcoin economy.
Executive Summary
🔹Bitcoin is testing key resistance at the 111DMA ($91.3K) and STH cost basis ($93.2K).
🔹LTHs remain in HODL mode, with accumulation outweighing spending.
🔹If price climbs, LTHs holding +350% unrealized gains may start taking profits.
🔹A dense cluster of coins held near $95K–$98K could trigger break-even selling.
Read the full Week On-Chain report here: glassno.de/44cpjXq
Access all the charts from this edition in a dedicated dashboard: https://glassno.de/3EuWUBC
Bitcoin price momentum is facing its first wave of meaningful resistance, as price attempts to consolidate and break above key technical and on-chain levels. Under the surface, a number of structural resets have occurred across multiple facets of the Bitcoin economy.
Executive Summary
🔹Bitcoin is testing key resistance at the 111DMA ($91.3K) and STH cost basis ($93.2K).
🔹LTHs remain in HODL mode, with accumulation outweighing spending.
🔹If price climbs, LTHs holding +350% unrealized gains may start taking profits.
🔹A dense cluster of coins held near $95K–$98K could trigger break-even selling.
Read the full Week On-Chain report here: glassno.de/44cpjXq
Access all the charts from this edition in a dedicated dashboard: https://glassno.de/3EuWUBC
Subscribe to Bitcoin Market Pulse - Glassnode’s new weekly intel drop that fuses on-chain and off-chain signals into one coherent view of the market:
Previously reserved for our top-tier customers, Market Pulse is now available in beta to a broader audience.
Every Monday, we cut through the noise with a streamlined, repeatable format designed to highlight developing trends - before they become obvious to the crowd.
📌 What makes it unique?
→ It’s structured around core market components - Spot, Futures, Options, and ETFs - with complimentary on-chain signals.
→ Each section comes with directional indicators, so you can scan the market’s major moving parts at a glance.
→ Instead of overwhelming you with metrics, we show how shifts in market structure, sentiment, and capital flows interlink - across both centralized and decentralized domains.
Whether you manage capital or just want to trade smarter, Market Pulse is your definitive guide to what’s unfolding beneath the surface of the Bitcoin market.
Previously reserved for our top-tier customers, Market Pulse is now available in beta to a broader audience.
Every Monday, we cut through the noise with a streamlined, repeatable format designed to highlight developing trends - before they become obvious to the crowd.
📌 What makes it unique?
→ It’s structured around core market components - Spot, Futures, Options, and ETFs - with complimentary on-chain signals.
→ Each section comes with directional indicators, so you can scan the market’s major moving parts at a glance.
→ Instead of overwhelming you with metrics, we show how shifts in market structure, sentiment, and capital flows interlink - across both centralized and decentralized domains.
Whether you manage capital or just want to trade smarter, Market Pulse is your definitive guide to what’s unfolding beneath the surface of the Bitcoin market.
15 years after 10,000 BTC were exchanged for two pizzas (now worth over $1.1B), a significant portion of the early Bitcoin supply remains intact - but some coins are on the move.
The share of Realized Cap held by coins aged over 10 years has declined from 0.045% to 0.033% over the past year. The steepest drawdown occurred between December and February, followed by a renewed decline since April 20.
This indicates that even decade-old holdings are being spent, and not all supply from that era is lost or vaulted.
As of May 2025:
🔸 More than 3.4 million BTC have not moved in over 10 years
🔸 Approximately 1.46 million BTC are considered probably lost (inactive since 2010)
🔸 Around 3,366 BTC are provably lost (burned, unclaimed, or sent to OP_RETURN)
This leaves close to 2 million BTC from the earliest era of Bitcoin that are likely still under deliberate custody - held by entities with strong conviction or long-term strategic intent.
#Bitcoin #PizzaDay
The share of Realized Cap held by coins aged over 10 years has declined from 0.045% to 0.033% over the past year. The steepest drawdown occurred between December and February, followed by a renewed decline since April 20.
This indicates that even decade-old holdings are being spent, and not all supply from that era is lost or vaulted.
As of May 2025:
🔸 More than 3.4 million BTC have not moved in over 10 years
🔸 Approximately 1.46 million BTC are considered probably lost (inactive since 2010)
🔸 Around 3,366 BTC are provably lost (burned, unclaimed, or sent to OP_RETURN)
This leaves close to 2 million BTC from the earliest era of Bitcoin that are likely still under deliberate custody - held by entities with strong conviction or long-term strategic intent.
#Bitcoin #PizzaDay