🔄 Update:
With the spot price surging to $97K, the key on-chain price models have now shifted slightly:

🔴 STH Cost Basis: $98.4K
--- Spot Price: $97K ---
🟡 Active Investors Mean: $87.8k
🟢True Market Mean: $81.1K
🔵 Realized Price: $56.2K

📊 http://glassno.de/3XDy2xe

Ethereum’s Month-over-Month Activity Retention shows a sharp spike in the “New” cohort, indicating a surge in first-time interacting addresses over the past 30 days.
This reflects a notable influx of new wallets engaging with the Ethereum network, rather than activity being driven solely by existing participants.
📈 http://glassno.de/3ZaUPRQ

The current market structure for XRP closely resembles that of February 2022.
Investors active over the 1W–1M window are now accumulating below the cost basis of the 6M–12M cohort.
As this structure persists, psychological pressure on top buyers continues to build over time.

📉glassno.de/3Nu6Vmu

STH-NUPL, which measures the unrealized profit or loss of new investors relative to STH-market cap, indicates new investors have been carrying net unrealized losses since November 2025.
A recovery above ~$98K appears to be the minimum threshold required to return this cohort to a net profitable state.

📉http://glassno.de/4jQjx3u

The Week On-Chain 3, 2026
#Bitcoin is consolidating in a low-volume regime, with easing spot pressure, light leverage, and volatility priced as short-lived rather than structural.

Executive Summary
- On-chain structure remains fragile, with price hovering around key cost-basis levels and limited confirmation of durable long-term holder conviction.

- Supply overhang persists, as recent buyers continue to face overhead resistance, constraining upside follow-through and keeping rallies vulnerable to distribution.

- Spot flows have turned more constructive, with sell-side pressure easing across major venues, though accumulation remains selective rather than aggressive.

- Corporate treasury activity is sporadic, characterised by isolated, event-driven inflows rather than coordinated accumulation, leaving corporates a marginal demand source.

- Derivatives participation remains thin, with futures volume compressed and leverage deployment subdued, reinforcing a low-engagement market regime.

- Options markets are pricing risk only at the front end, with short-dated implied volatility reacting while medium- and long-dated tenors remain anchored.

- Hedging demand briefly intensified, as reflected by a spike in the put/call volume ratio, but has since normalised, signalling tactical rather than structural risk aversion.

- Dealer gamma positioning has skewed lower, reducing mechanical support for price stability and reinforcing sensitivity to liquidity shocks.




Read more in The Week On-Chain

The recent attempt to move above STH-cost basis ($98.4K) was capped by sell-side pressure from 3–6 month holders, whose average cost basis sits near $112.6K.
This cohort ramped up spending into the move, realizing elevated losses and weighing on upside momentum.

📰http://glassno.de/3ZosaJ7

Ethereum network fees just hit their lowest level since May 2017.

📉http://glassno.de/4agE1PG