Altcoin Cycle Signal update: the altcoin signal remains firmly in "altcoin season". This is strength beyond the denominator effect we described last month. Alts remain strong both on a relative and absolute basis.
https://glassno.de/3RhFoXG

Quoting @glassnode:
The Altcoin Cycle Signal is back in Altcoin Season. The typical version of this print has alts running while BTC stays bid. Currently, we see alts running out of sellers after nearly two years and BTC drawing down aggressively. For now, the BTC side is still doing most of the work.
https://glassno.de/4eIE8Vr

Bottoms are formed by a shift in regime.

The Vector framework is still signaling a Strong Risk-Off environment for Bitcoin. However, under the surface, metrics are beginning to pivot. A potential bottom may be forming.

We'll alert you the second it confirms

One of our most insightful on chain metrics is the Hyperliquid Entry Price Heatmap. It shows the exact price levels at which traders enter positions. Large longs from $72-76k and shorts from $60k are currently under water, leading to fragility in either direction.

https://glassno.de/44Imuwb

The options market is currently pricing in low future volatility for $BTC. While upside expectations remain unchanged we see less demand for short exposure. This could be the first sign of optimism returning to the options market.

https://glassno.de/4wpfdgH

First eventful order flow in weeks. Aggressive shorting into the 58k lows, twice. Unfortunately for bears, the retest coincided with spot sell pressure easing. All of this short OI has since been flushed. Notably, BTC remained strong today despite negative news of MSTR selling