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

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 $BTC retracing from $82K to $69K, highlighting materially softer demand.
📉https://glassno.de/3POhzGl

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.

📉 glassno.de/lth-url-loss

Small caps surged in 2024. Yet raw aggregate market-cap data captured little of the rally.

The reason is structural: when an asset performs well and crosses the $100M threshold, it leaves the small-cap cohort taking its gains with it. The raw series systematically understates small-cap market moves.

As assets appreciate, decline, launch, and disappear, aggregate market analysis beyond price is increasingly difficult.

We just launched Glassnode Global Metrics: a new suite of aggregate metrics and normalized indices for consistent analysis of market-cap cohorts, sectors, and custom asset baskets through time.

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Explore the metrics → glassno.de/3RzjwqN

Prediction markets have a choke point: the API.

Every Polymarket and Kalshi order passes through a centralized endpoint, making network latency a direct input into order placement speed.

Where do you deploy from if you trade both venues? Polymarket pulls you towards London, Kalshi toward Ohio. You can't optimize for both.

Our live Latency Monitor for prediction market exchanges tracks real-time latency from probes deployed around the world → glassno.de/4o7fWAi

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The share of ETH supply sitting at more than 3x profit has dropped to 11%, the lowest reading since February 2017.

What makes this cycle structurally different?

In the previous two cycles, this cohort exceeded 50% of total supply at peak. This time, that threshold was never reached. ETH's profitability profile has fundamentally compressed relative to prior cycles.

📉 http://glassno.de/eth-supply-pnl-relative