The Week On-Chain, Week 11, 2025
The Bitcoin market continues to adjust to its new price range after experiencing a -30% correction. Liquidity conditions are also contracting in both on-chain and futures markets. Additionally, Long-Term Holders remain inactive, reinforcing a picture of a sluggish market and sideways price action.
Executive Summary
🔸Liquidity continues to contract across on-chain and spot markets, with net capital inflows grinding to a halt, and exchange inflows slowing down.
🔸Key options metrics express a preference for downside risk aversion, with the implied volatility priced into put options resulting in elevated premiums.
🔸Short-term investors are experiencing significant pressure to lock in losses.
🔸Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure.
Read the full report here.
View the charts from this edition here.
The Bitcoin market continues to adjust to its new price range after experiencing a -30% correction. Liquidity conditions are also contracting in both on-chain and futures markets. Additionally, Long-Term Holders remain inactive, reinforcing a picture of a sluggish market and sideways price action.
Executive Summary
🔸Liquidity continues to contract across on-chain and spot markets, with net capital inflows grinding to a halt, and exchange inflows slowing down.
🔸Key options metrics express a preference for downside risk aversion, with the implied volatility priced into put options resulting in elevated premiums.
🔸Short-term investors are experiencing significant pressure to lock in losses.
🔸Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure.
Read the full report here.
View the charts from this edition here.
📊 SOL URPD: Identifying Key Support and Resistance Levels
Glassnode’s URPD metrics provide insights into price levels where supply is concentrated, helping investors gauge key levels of interest.
🔹 Support:
$112.10: 9.7M SOL (1.67% of supply) was acquired here. Since Jan 19, investors added 4M SOL, indicating strong conviction.
$94, $97, and $100 collectively hold 21M SOL (3.5%). If lost, downside risk increases due to low supply until $56.
🔹 Recent Accumulation:
$123 (16.2M SOL, 2.7%) and $126 (19M SOL, 3.2%) saw strong demand, potentially stabilizing the downtrend.
🔹 Resistance:
$135 holds 26.6M SOL, but $144 is crucial - 27M SOL (5% of supply) was acquired here, making it a significant test for further upside.
URPD was originally developed for Bitcoin but is now available for $SOL, $BNB, $TON, $DOGE, $TRX, and $XRP, offering investors granular insights to navigate key price levels.
Access URPD metric for Solana and other assets here.
Glassnode’s URPD metrics provide insights into price levels where supply is concentrated, helping investors gauge key levels of interest.
🔹 Support:
$112.10: 9.7M SOL (1.67% of supply) was acquired here. Since Jan 19, investors added 4M SOL, indicating strong conviction.
$94, $97, and $100 collectively hold 21M SOL (3.5%). If lost, downside risk increases due to low supply until $56.
🔹 Recent Accumulation:
$123 (16.2M SOL, 2.7%) and $126 (19M SOL, 3.2%) saw strong demand, potentially stabilizing the downtrend.
🔹 Resistance:
$135 holds 26.6M SOL, but $144 is crucial - 27M SOL (5% of supply) was acquired here, making it a significant test for further upside.
URPD was originally developed for Bitcoin but is now available for $SOL, $BNB, $TON, $DOGE, $TRX, and $XRP, offering investors granular insights to navigate key price levels.
Access URPD metric for Solana and other assets here.
We’re proud to share that Glassnode has been shortlisted in 3 categories at the 2025 Hedgeweek Global Digital Assets Awards:
🔸Alternative Data Provider of the Year
🔸Digital Asset Research Provider of the Year
🔸Solution Provider of the Year: Data and Research
It's a major recognition of our efforts to raise the bar for crypto market intelligence. Thank you for being a part of this journey.
If you'd like to show us your support, we encourage you to cast your vote here: https://glassno.de/3QOobS3
🔸Alternative Data Provider of the Year
🔸Digital Asset Research Provider of the Year
🔸Solution Provider of the Year: Data and Research
It's a major recognition of our efforts to raise the bar for crypto market intelligence. Thank you for being a part of this journey.
If you'd like to show us your support, we encourage you to cast your vote here: https://glassno.de/3QOobS3
The Week On-Chain, Week 13, 2025
Bitcoin prices have continued to slide this week, with signs of seller exhaustion developing but no apparent trend reversal just yet. As a proxy for retail activity, we analyze XRP’s explosive rally as an initial burst of capital inflow stalls, momentum fades, and fragile sentiment raises caution.
Executive Summary
🔸The Bitcoin market continues to consolidate within the $76k to $87k range, with the Realized Profit/Loss Ratio starting to show signs of near-term seller exhaustion but not yet a renewal of sustained bullish momentum.
🔸A longer-term view reveals a deterioration of investor profitability, and an on-chain ‘Death-Cross’ has occurred, suggesting the market may remain weak.
🔹Ripple’s XRP network recently experienced a +490% spike in address activity and a near-doubling of Realized Cap, signalling aggressive retail interest. However, profitability has rapidly faded.
🔗Read the full analysis here.
📊View all charts in this edition in The Week On-chain Dashboard.
Bitcoin prices have continued to slide this week, with signs of seller exhaustion developing but no apparent trend reversal just yet. As a proxy for retail activity, we analyze XRP’s explosive rally as an initial burst of capital inflow stalls, momentum fades, and fragile sentiment raises caution.
Executive Summary
🔸The Bitcoin market continues to consolidate within the $76k to $87k range, with the Realized Profit/Loss Ratio starting to show signs of near-term seller exhaustion but not yet a renewal of sustained bullish momentum.
🔸A longer-term view reveals a deterioration of investor profitability, and an on-chain ‘Death-Cross’ has occurred, suggesting the market may remain weak.
🔹Ripple’s XRP network recently experienced a +490% spike in address activity and a near-doubling of Realized Cap, signalling aggressive retail interest. However, profitability has rapidly faded.
🔗Read the full analysis here.
📊View all charts in this edition in The Week On-chain Dashboard.
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/