As IBIT options continue to grow, they offer new insight into institutional risk pricing, hedging activity, and positioning.

We just expanded coverage to IBIT options, bringing Glassnode's institutional-grade options market intelligence to the largest US spot Bitcoin ETF.

40+ new metrics available, including:

- OI & Volume
- ATM Implied Volatility
- Proprietary Skew metrics
- IV heatmaps

Use IBIT options data to:

→ Measure institutional sentiment
→ Compare TradFi and crypto-native positioning
→ Monitor hedging activity around macro events and drawdowns
→ Track volatility risk across tenors

📖 Read launch article glassno.de/4eWucJx
📊 Explore the new metrics glassno.de/499a0R5

BTC remains structurally resilient, but weakening spot demand, slowing ETF inflows, and increasingly crowded long positioning suggest upside momentum is cooling down.

Executive Summary
- BTC reclaimed True Market Mean at $78.3k but couldn't hold. History suggests weeks to months of consolidation needed before a bull transition.
- 30D SMA of Realized P/L Ratio jumped from 0.4 to 1.8 during the rally. Needs a sustained move above 2 to confirm real buy-side recovery.
- 30D cost basis at $78.2k flipped from support to resistance. The Feb-April cohort at $71.4k is the next support floor.
- Spot internals have weakened. Aggregate Spot CVD stays negative and Coinbase lags, pointing to softer US institutional demand.
- CME Futures OI keeps recovering with price, showing better institutional participation in derivatives.
- US Spot ETF inflows are slowing, leaving futures to drive positioning as spot demand fades.
- Options positioning stays defensive. Skew shows demand for downside hedges.

glassno.de/43lYUEO

Which coins are currently exposed to quantum risk at rest?

In our latest research, we quantify Bitcoin’s exposed supply and separate exposure into two categories:

• Structural exposure: 1.92M BTC (9.6%) coins exposed by design
• Operational exposure: 4.12M BTC (20.6%) linked to wallet behavior, address reuse, and custody practices.

▷ The larger share is operational, suggesting that part of Bitcoin’s visible exposure may still be reduced through improved wallet and custody management.

▷ Exchange-related balances alone account for 1.63M BTC (8.1% of issued supply).

Read all findings 👉 glassno.de/4v2wdJ1

Directional strategies posted their strongest month of the year as market-neutral books continued to quietly compound gains.

Across a survey of 400+ managers, every major digital asset sub-strategy delivered positive average returns in April — a level of alignment not seen in recent memory.

Read all the insights in the latest edition of Strategy Watch now live: glassno.de/3RqzSSn

Inside the new edition:

▪️ Every major crypto hedge fund sub-strategy finished positive in April

▪️ A deep dive into DeFi/Yield strategies, featuring a CIO’s perspective on where edge comes from as lending spreads compress and smart contract risk evolves

▪️ How 400+ managers are positioning for Q2, with cash levels climbing despite a more constructive market backdrop

▪️ The latest allocator activity across tokenized funds, BTC treasury strategies, and institutional on-chain yield vehicles.

Produced in collaboration with Crypto Insights Group.

Subscribe at glassno.de/4dzrjvW

Since May 7, US Spot ETFs have recorded net outflows on nearly every trading day, a persistent institutional sell signal now running for more than two weeks.

This steady drip of outflow continues to add to the supply side without a visible demand offset.

📉http://glassno.de/43yFdJX

Funding rates have flipped decisively positive again, with traders increasingly paying a premium to maintain long exposure as $BTC consolidates near the mid-$70Ks.

The move marks a sharp reversal from April’s heavily short-biased positioning.
📈glassno.de/4wLHSNT

The Week On-Chain 21, 2026
Stalling at the Threshold

#BTC pushes beyond $80K toward key resistance near $85K, with bulls in control. ETF demand builds and shorts persist, but overhead supply may cap upside without stronger spot follow-through.


Executive Summary

- Bitcoin is consolidating within the $75k–$78k range, with the Short-Term Holder Cost Basis and True Market Mean converging near $78k, creating a top-heavy structure where a sustained hold above the True Market Mean is required to support a pre-bull market transition.


- Spot demand remains directionless despite improving price action, with Spot Volume Delta holding near neutral and BTC recently reclaiming the $110K region, suggesting buying interest is stabilising but conviction remains limited.


- Implied volatility continues to compress across the curve as realized volatility trends lower, reinforcing calmer short term conditions and supportive carry for volatility sellers.


Read the full Week On-Chain

Hidden Signals Inside Crypto Option Premiums

Chart of The Week: Options Premiums👇
https://glassno.de/43AiflI