In periods of heightened volatility, Glassnode’s Supply by Investor Behavior metric gives a deeper pulse of the market. For Bitcoin, we are seeing:
🔸Supply held by First Buyers has risen +1.0% (4.88M → 4.93M BTC) over the past 5 days - showing fresh demand continues to enter.
🔸Conviction Buyers rose +10.1% (933K → 1.03M BTC) over 5 days. Yet compared to April’s surge, engagement looks muted - suggesting this dip is too shallow for strategic buying, or investors remain hesitant.
🔸Loss Sellers spiked +37.8% (63K → 87K BTC) over the past 5 days. Still, compared to earlier this year, realized losses remain contained - suggesting few investors are panicking.
🔸Profit Takers jumped +5.4% (1.73M → 1.83M BTC), the largest spike YTD. For some investors, this clearly has been a time to lock in gains and take chips off the table.
Learn more about Supply by Investor Behavior metric here.
🔸Supply held by First Buyers has risen +1.0% (4.88M → 4.93M BTC) over the past 5 days - showing fresh demand continues to enter.
🔸Conviction Buyers rose +10.1% (933K → 1.03M BTC) over 5 days. Yet compared to April’s surge, engagement looks muted - suggesting this dip is too shallow for strategic buying, or investors remain hesitant.
🔸Loss Sellers spiked +37.8% (63K → 87K BTC) over the past 5 days. Still, compared to earlier this year, realized losses remain contained - suggesting few investors are panicking.
🔸Profit Takers jumped +5.4% (1.73M → 1.83M BTC), the largest spike YTD. For some investors, this clearly has been a time to lock in gains and take chips off the table.
Learn more about Supply by Investor Behavior metric here.
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Last week, Bitcoin surged to a new ATH above $123k before retreating toward $114k. This week’s edition of BTC Market Pulse unpacks this slowdown: ETF demand remains strong, derivatives run hot, but on-chain signals point to fragility. Read it here: https://glassno.de/41c4VDB
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The market is showing signs of contraction following significant profit-taking from investors holding for over 1 month (excluding daily traders).
Let’s look at when and how much profit was realized (30D-EMA) across the top 5 assets:
Bitcoin (BTC)
On July 18, >1-month BTC holders realized over $1.5B in profit, marking the largest profit-taking spike since December 2024.
Ethereum (ETH)
On August 16, realized profit peaked at $575M, the largest profit-taking spike of this cycle so far. A clear sign of longer-term ETH holders taking risk off the table.
Solana (SOL)
On August 17, >1-month holders realized over $105Min profit, the biggest profit event since the early 2025 surge.
XRP
On July 24, profit-taking by longer-term holders spiked to $375M, suggesting strong distribution similar to December 2024 rally.
TRON (TRX)
August 6 saw a profit realization peak of $230M, highest in Tron’s history, reflecting broader sell pressure across altcoins.
Let’s look at when and how much profit was realized (30D-EMA) across the top 5 assets:
Bitcoin (BTC)
On July 18, >1-month BTC holders realized over $1.5B in profit, marking the largest profit-taking spike since December 2024.
Ethereum (ETH)
On August 16, realized profit peaked at $575M, the largest profit-taking spike of this cycle so far. A clear sign of longer-term ETH holders taking risk off the table.
Solana (SOL)
On August 17, >1-month holders realized over $105Min profit, the biggest profit event since the early 2025 surge.
XRP
On July 24, profit-taking by longer-term holders spiked to $375M, suggesting strong distribution similar to December 2024 rally.
TRON (TRX)
August 6 saw a profit realization peak of $230M, highest in Tron’s history, reflecting broader sell pressure across altcoins.
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The Week On-Chain 33, 2025
Pressure continues to mount across the digital asset landscape, with broad-based sell-offs hitting major assets. Derivatives activity, in particular, continues to accelerate, leaving the market increasingly sensitive and reflexive in its structure.
Executive Summary
- Capital inflows into Bitcoin continue to decline, even as a new ATH of $124.4k forms, highlighting weaker investor demand.
- Altcoin open interest hit an ATH of $60B, but quickly fell by -$2.6B, marking the 10th largest drop on record.
- Ethereum’s open interest dominance is at its 4th highest level, while perpetual futures volume dominance reached a new ATH of 67%.
- In prior cycles (2015–2018, 2018–2022), ATHs were reached 2–3 months later than where we are in the current cycle.
Read more in The Week On-Chain newsletter.
Pressure continues to mount across the digital asset landscape, with broad-based sell-offs hitting major assets. Derivatives activity, in particular, continues to accelerate, leaving the market increasingly sensitive and reflexive in its structure.
Executive Summary
- Capital inflows into Bitcoin continue to decline, even as a new ATH of $124.4k forms, highlighting weaker investor demand.
- Altcoin open interest hit an ATH of $60B, but quickly fell by -$2.6B, marking the 10th largest drop on record.
- Ethereum’s open interest dominance is at its 4th highest level, while perpetual futures volume dominance reached a new ATH of 67%.
- In prior cycles (2015–2018, 2018–2022), ATHs were reached 2–3 months later than where we are in the current cycle.
Read more in The Week On-Chain newsletter.
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The Anatomy of a Local Bottom
1- When the market enters a post-ATH contraction phase, short-term price action is often shaped by how top-buyers react to growing unrealized losses.
Right now, a dense cluster of supply, accumulated between $113k and $120k since early July, belongs to investors holding < 3 months.
CBD Heatmap: https://glassno.de/4g78UHT
2- To assess <3-month investor behavior, we use the SOPR by Age metric.
Currently, their SOPR is hovering around 0.96–1.01, signaling mild loss realization. If pressure builds, local bottoms often form when this group capitulates, typically when SOPR drops below ~0.9.
SOPR by Age: https://glassno.de/4p4cgiX
1- When the market enters a post-ATH contraction phase, short-term price action is often shaped by how top-buyers react to growing unrealized losses.
Right now, a dense cluster of supply, accumulated between $113k and $120k since early July, belongs to investors holding < 3 months.
CBD Heatmap: https://glassno.de/4g78UHT
2- To assess <3-month investor behavior, we use the SOPR by Age metric.
Currently, their SOPR is hovering around 0.96–1.01, signaling mild loss realization. If pressure builds, local bottoms often form when this group capitulates, typically when SOPR drops below ~0.9.
SOPR by Age: https://glassno.de/4p4cgiX
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Institutional Selling Pressure
Recent market weakness has coincided with mounting sell pressure from U.S. spot ETFs. Bitcoin ETFs saw outflows of up to 4.2k BTC, while Ethereum ETFs recorded a massive 111k ETH in outflows, amplifying the broader risk-off tone across the market.
Charts here: https://glassno.de/4oJGSWN & https://glassno.de/4mue5E7
Recent market weakness has coincided with mounting sell pressure from U.S. spot ETFs. Bitcoin ETFs saw outflows of up to 4.2k BTC, while Ethereum ETFs recorded a massive 111k ETH in outflows, amplifying the broader risk-off tone across the market.
Charts here: https://glassno.de/4oJGSWN & https://glassno.de/4mue5E7
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On-Chain Support Levels
Using the UTXO Realized Price Distribution (URPD), the nearest support zone lies between $104k–$108k, where over 1.15M BTC was accumulated over the past year. This dense supply region may serve as a strong support if the market continues to correct.
Chart: https://glassno.de/4mWiKOT
Using the UTXO Realized Price Distribution (URPD), the nearest support zone lies between $104k–$108k, where over 1.15M BTC was accumulated over the past year. This dense supply region may serve as a strong support if the market continues to correct.
Chart: https://glassno.de/4mWiKOT
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ETH Holders in Profit
With Ethereum hitting a new ATH, the MVRV ratio has climbed to 2.15. This means, on average, investors hold over ~2.15x unrealized gains. This level mirrors prior market structures seen in March 2024 and December 2020, both of which preceded periods of elevated volatility and profit-taking.
Chart here: https://glassno.de/3VghiuG
With Ethereum hitting a new ATH, the MVRV ratio has climbed to 2.15. This means, on average, investors hold over ~2.15x unrealized gains. This level mirrors prior market structures seen in March 2024 and December 2020, both of which preceded periods of elevated volatility and profit-taking.
Chart here: https://glassno.de/3VghiuG
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Crucial Support
Bitcoin is now trading just above $110.8k, the average cost basis of 1m-3m old investors who accumulated during the May–July rally to new ATHs. Historically, failure to hold above this level has often led to multi-month market weakness and potential deeper corrections.
Chart here: https://glassno.de/45RDosE
Bitcoin is now trading just above $110.8k, the average cost basis of 1m-3m old investors who accumulated during the May–July rally to new ATHs. Historically, failure to hold above this level has often led to multi-month market weakness and potential deeper corrections.
Chart here: https://glassno.de/45RDosE
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