glassnode

Digital asset data, analytics, and research.

[glassnode @glassnode]

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.

[X Layer @XLayerOfficial]

https://t.co/3PiIWU41j4

[glassnode @glassnode]

The Rally That Wasn't

$BTC has fallen to $66K, with profitability collapsing, realized losses surging, and spot sellers regaining control. We are below the ETF cost basis, and options continue pricing elevated risk.

Read the full Week On-Chain👇
https://t.co/IQnTQMH0jr

[glassnode @glassnode]

The market is global; the endpoints aren’t.

Where you trade from matters. We track real-time latency to both Polymarket and Ohio worldwide 👉 https://t.co/I7crikSMXu

[glassnode @glassnode]

Where do you deploy if you trade both @Polymarket and @Kalshi?

Latency becomes a geography problem. Polymarket pulls you towards London, Kalshi toward Ohio. You can optimize for one.
Use our live latency map for prediction markets: https://t.co/I7crikSMXu

[glassnode @glassnode]

Glassnode's 2023 spinout @CenseAG has raised €6.5M in a seed round co-led by @GD_Ventures and Rabo Investments. Powered by Glassnode's on-chain analytics, Cense gives banks the infrastructure to assess and document clients' digital asset activity at scale. https://t.co/z6bzfpO2AJ

[glassnode @glassnode]

We launched a suite of aggregate metrics and normalized indices for analyzing market-cap cohorts, sectors, and custom asset baskets through time without composition bias. Available via API. https://t.co/l2k3WNc0xK

[glassnode @glassnode]

Small caps surged in 2024. Yet raw aggregate data captured almost none of the rally. As winning assets cross the $100M threshold, they leave the small-cap cohort, taking their gains with them.
We built a better way to track it → https://t.co/l2k3WNc0xK

[glassnode @glassnode]

Adjust for basket turnover and the picture changes.

The normalized index reveals the full extent of the 2024 small-cap rally by accounting for changes in cohort composition.

[Chris Beamish @ChrisBeamish_]

Super interesting to see Alts have helped up pretty well while $BTC has been getting crushed. Alt index has even pushed to highs not seen since last year.

🚧🏗️This product is still under construction, but we will ship it soon.

[glassnode @glassnode]

🔄 Update:
With the spot price trading at $68.8K, the key on-chain price models are as follows:

🟡 Active Investors Mean: $85.1k
🟢True Market Mean: $78.0K
🔴 STH Cost Basis: $76.9K
---- Spot Price: $68.8K ----
🔵 Realized Price: $54.0K

📊 https://t.co/mJ1JCnjTff

[glassnode @glassnode]

🔄 Update:
With the spot price trading at $75.7K, the key on-chain price models are as follows:

🟡 Active Investors Mean: $85.0k
🔴 STH Cost Basis: $78.9K
🟢True Market Mean: $78.0K
---- Spot Price: $75.7K ----
🔵 Realized Price: $54.1K

📊 https://t.co/mJ1JCnjTff

[glassnode @glassnode]

At $69.5k, LTH Relative Unrealized Loss sits at 15.5%. For every dollar long-term holders' bags are worth today, they are carrying roughly 15 cents in unrealized loss.
At cyclical extremes, that number has exceeded 50 cents on the dollar.
Stress is present, but the long-term holder base remains far from the levels of pain that have historically marked cycle lows.

📉 https://t.co/8EEjyggcYy

[glassnode @glassnode]

US Spot ETF flows have swung back to persistent net outflows, with the 7-day average now near the weakest levels of the cycle.

The shift in flows has coincided with bitcoin:native retracing from $82K to $69K, highlighting materially softer demand.
📉https://t.co/mNrfLnpEx6

[glassnode @glassnode]

bitcoin:native trades at $71.3K under growing pressure. Sellers dominate spot, ETF outflows accelerate to $1.3B, and fresh capital has stalled. Structure has broken and momentum favours the downside near-term.

Read this week’s Market Pulse👇
https://t.co/pJwWVCl5iY

[glassnode @glassnode]

Wrap Up

Volatility stabilized after the selloff.

Hedging demand remains elevated, but has cooled.

Options still price more movement than spot.

Flow is balanced, while 70K protection is unwinding.

With the 75K expiry behind us, gamma is rebuilding.

[glassnode @glassnode]

Bitcoin retested the 75K strike, a high gamma zone that helped pull price down to 72.5K ahead of this morning’s major options expiry.

Here’s what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface.

[glassnode @glassnode]

70K Protection Demand Builds

Put premium bought at the 70K strike climbed to nearly $10M . Net premium rose during the selloff, reflecting stronger protection demand. The recent reversal suggests profit taking and less concern over downside.

https://t.co/f7oQ4ILk3P