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
To navigate market cycles effectively, it's not enough to track price. You need to understand who is driving those moves.
Glassnode’s latest visualization segments BTC, ETH, and ERC-20 token supply by investor type — based on real on-chain spending behavior. This lets you identify whether market moves are driven by:
→ Long-term conviction
→ New capital inflows
→ Short-term momentum
→ Panic selling
Three key takeaways from current BTC trends:
🔹 Conviction buyers tend to spike at inflection points. In bear markets, they mark cycle bottoms. In bull markets, they stabilize pullbacks.
🔹 First Buyers (new capital) are essential for sustained uptrends. Recent spikes from July–Dec 2024 and Mar–May 2025 coincided with major expansions.
🔹 Momentum Buyers can sustain trends when other cohorts are flat. Their recent uptick signals growing short-term engagement.
Explore the full visualization in Glassnode Studio - available for BTC, ETH, and ERC-20 tokens: https://glassno.de/3SUoOu6
Glassnode’s latest visualization segments BTC, ETH, and ERC-20 token supply by investor type — based on real on-chain spending behavior. This lets you identify whether market moves are driven by:
→ Long-term conviction
→ New capital inflows
→ Short-term momentum
→ Panic selling
Three key takeaways from current BTC trends:
🔹 Conviction buyers tend to spike at inflection points. In bear markets, they mark cycle bottoms. In bull markets, they stabilize pullbacks.
🔹 First Buyers (new capital) are essential for sustained uptrends. Recent spikes from July–Dec 2024 and Mar–May 2025 coincided with major expansions.
🔹 Momentum Buyers can sustain trends when other cohorts are flat. Their recent uptick signals growing short-term engagement.
Explore the full visualization in Glassnode Studio - available for BTC, ETH, and ERC-20 tokens: https://glassno.de/3SUoOu6
The Week On-Chain, Week 21, 2025
Strength in the Bitcoin market persists, with the leading digital asset reaching a new ATH of $111k and setting the third fresh ATH of this cycle. This has resulted in a broad uptick in activity across all major segments of the market.
Executive Summary
🔹Investor profitability and spending behavior have both increased notably, but current levels remain below the extremes reached at prior bull market peaks.
🔹Activity is also increasing in the derivatives sector, where both futures and options markets are experiencing significant growth in open interest.
🔹In the event of further upside, the $120k level appears as a key zone of interest.
Read the full report here.
Strength in the Bitcoin market persists, with the leading digital asset reaching a new ATH of $111k and setting the third fresh ATH of this cycle. This has resulted in a broad uptick in activity across all major segments of the market.
Executive Summary
🔹Investor profitability and spending behavior have both increased notably, but current levels remain below the extremes reached at prior bull market peaks.
🔹Activity is also increasing in the derivatives sector, where both futures and options markets are experiencing significant growth in open interest.
🔹In the event of further upside, the $120k level appears as a key zone of interest.
Read the full report here.
This cycle, Bitcoin and Ethereum no longer grow in tandem.
To capture the distinctive market structures and investor trends shaping each asset, we partnered with CME Group to produce two separate institutional-grade reports for H1 2025.
📘 Bitcoin H1 2025 Report: https://glassno.de/43D6oTM
📘 Ethereum H1 2025 Report: https://glassno.de/43Dhng3
Each report provides a comprehensive view of both the on-chain and off-chain dynamics of the market:
• Capital inflows, MVRV ratios, and realized caps
• Derivatives market structure including open interest, funding rates, and positioning
• ETF flows, on-chain cost bases, and asset accumulation trends
• Ethereum-specific fundamentals such as validator activity and staking behavior
Published by CME Group and Glassnode, this dual report set is designed for institutional investors, analysts, and allocators.
To capture the distinctive market structures and investor trends shaping each asset, we partnered with CME Group to produce two separate institutional-grade reports for H1 2025.
📘 Bitcoin H1 2025 Report: https://glassno.de/43D6oTM
📘 Ethereum H1 2025 Report: https://glassno.de/43Dhng3
Each report provides a comprehensive view of both the on-chain and off-chain dynamics of the market:
• Capital inflows, MVRV ratios, and realized caps
• Derivatives market structure including open interest, funding rates, and positioning
• ETF flows, on-chain cost bases, and asset accumulation trends
• Ethereum-specific fundamentals such as validator activity and staking behavior
Published by CME Group and Glassnode, this dual report set is designed for institutional investors, analysts, and allocators.
We’re proud to share that Glassnode has been named Digital Asset Research Provider of the Year by Hedgeweek®!
This recognition reflects the work we’ve put into building a research function that empowers institutional investors with clarity and conviction – and our commitment to delivering rigorous analysis in a market where data is abundant, but signals that truly inform trading decisions are rare.
A few reasons behind this recognition:
→ We’re a trusted research partner to top-tier institutions across both digital assets and traditional finance.
→ In Week On-Chain, reaching tens of thousands each week, we pioneer frameworks that link on-chain activity with market structure and investor behaviour
→ We continue to broaden our offering – most recently with Market Pulse, a concise, high-signal view of flows, derivatives, ETFs, and fundamentals, built to help decision-makers form a view and act quickly
As our research function continues to grow, its distribution model may evolve – stay tuned and subscribed.
This recognition reflects the work we’ve put into building a research function that empowers institutional investors with clarity and conviction – and our commitment to delivering rigorous analysis in a market where data is abundant, but signals that truly inform trading decisions are rare.
A few reasons behind this recognition:
→ We’re a trusted research partner to top-tier institutions across both digital assets and traditional finance.
→ In Week On-Chain, reaching tens of thousands each week, we pioneer frameworks that link on-chain activity with market structure and investor behaviour
→ We continue to broaden our offering – most recently with Market Pulse, a concise, high-signal view of flows, derivatives, ETFs, and fundamentals, built to help decision-makers form a view and act quickly
As our research function continues to grow, its distribution model may evolve – stay tuned and subscribed.
Join Us for a Live Webinar
Join us July 2nd for a live webinar with Glassnode and Avenir Group as we examine the key liquidity trends shaping the Bitcoin market now. Register today.
We’ll share findings from our latest joint research report – looking at how on-chain activity, exchange flows, institutional trading, and macro conditions are interacting to reshape Bitcoin’s market behaviour.
Understand how liquidity influences not just short-term volatility, but also long-term market structure and investor participation.
Register now to join live or receive the full recording.
Join us July 2nd for a live webinar with Glassnode and Avenir Group as we examine the key liquidity trends shaping the Bitcoin market now. Register today.
We’ll share findings from our latest joint research report – looking at how on-chain activity, exchange flows, institutional trading, and macro conditions are interacting to reshape Bitcoin’s market behaviour.
Understand how liquidity influences not just short-term volatility, but also long-term market structure and investor participation.
Register now to join live or receive the full recording.