To size how intensely long-term holders are anchoring the sell side, we can zoom into exchange flows directly.

The Relative LTH/STH Realized P&L to Exchanges breaks down what share of coins flowing into exchanges carry a profit or loss, and which cohort is driving it. Currently, more than 65% of exchange inflows are attributable to long-term holders realizing losses, a reading consistent with prior bear market phases where this cohort dominated the sell side before eventually exhausting.

Until this share begins to compress, the structural sell pressure from cycle-top buyers remains the dominant force in exchange flow.

📉 http://glassno.de/btc-lth-sth-exchange-rpnl

Quoting cryptovizart:
One of the metrics I watch most closely when trying to gauge a bear market's end is, Realized Loss volume (in USD) by the 1-2 year holders.

This age bracket captures coins last moved roughly 12 to 24 months ago, placing them closest to cycle-peak buyers. As frustration builds with sustained price underperformance, this cohort tends to progressively increase loss realization.

Historically, bear markets have not found durable footing until this specific group exhausts its sell pressure. When the 30D-SMA of their realized loss cools and rolls over, it has often been among the clearest early signals that the heaviest distribution phase is behind the market.

Worth watching closely.

📉 http://glassno.de/btc-realized-loss-1y2y

$BTC options are turning more constructive: volatility is easing, the put/call ratio is at a six-month low, and upside exposure is rebuilding.

Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface.👇

$BTC implied volatility has fallen from 48 to 40 as price recovered. The decline in DVOL shows the options market unwinding part of June’s fear premium, although volatility remains above May lows, signalling that uncertainty has eased, not disappeared.
https://glassno.de/4fkriN4

$BTC is consolidating near $63K, below a dense negative-gamma cluster around $68K–$70K. A move into this zone could trigger more pro-cyclical dealer hedging and amplify volatility.
https://glassno.de/4wRJMvO

$BTC’s options put/call ratio has fallen to a six-month low near 0.59, signalling a decisive shift toward call-heavy positioning. As price stabilises around $64K, traders appear to be reducing downside hedges and rebuilding upside exposure, a constructive shift in sentiment.
https://glassno.de/45aozBe

🔄 Update:
With the spot price trading at $64.9K, the key on-chain price models are as follows:

🟡 Active Investors Mean: $83.5k
🟢True Market Mean: $76.2K
🔴 STH Cost Basis: $69.5K
---- Spot Price: $64.9K ----
🔵 Realized Price: $52.9K

📊 http://glassno.de/3XDy2xe

Solana rotates block production to a new leader every 1.6 seconds.

This epoch, 67% of blocks are being produced in Europe.

Our dashboard helps users identify optimal connection points to minimize latency.

Frankfurt average: 72ms. US East average: 140ms
http://latency.glassnode.com/solana

Strategy Watch #6 is live📊

June turned risk-off: directional funds fell (Fundamental -11.6%) while market-neutral held up, and net capital left every major asset.

Our monthly read on fund performance & flows, with Crypto Insights Group