The dollar has been rallying since May, and $BTC is taking it worse than almost any dollar rally on record.

Across every dollar rally since 2015, $BTC showed significantly more relative strength.

A flip of this relationship would be a positive signal

https://glassno.de/4c8YqXl

Three-month futures basis has paid less than a 2-year Treasury since February.

Only one other stretch on record has run this long: August 2022 into January 2023. It ended at the cycle low.

This also directly impacts depth and volumes across the market.

https://glassno.de/3REiIkJ

An extreme day for $BTC: As the Coldcard hack news broke on Friday, eight on-chain metrics printed values well above their two-year median.

The data indicates holders are migrating their coins to new wallets rather than sending to exchanges

https://glassno.de/4g6zy54

Your AI agent can now buy Glassnode data.

x402 pays per call: from your Coinbase balance via Coinbase for Agents (live today), or any USDC wallet via Base MCP.

Try: "Pull Glassnode's MVRV and NUPL for BTC and tell me if the market is overheated"

https://glassno.de/451fVoR

Watch on X

Global markets broke to records while Bitcoin stood still. This edition traces that stillness: a theft the market slept through, bottom signals arriving through boredom and an options market priced for nothing while sentiment reacts to everything.

OKX moved its trading infrastructure from Hong Kong to Tokyo this week.

Our latency probes caught the switch live:

Hong Kong: ~5ms → ~63ms
Tokyo: ~52ms → ~4ms

A clean swap. If you’re co-located in Hong Kong for @okx, it’s time to move to Tokyo.

👉 http://latency.glassnode.com/cex

Bitcoin's options skew looks bearish – but not because traders are aggressively paying for protection.

While downside IV is cheap, the real extreme is upside IV: an all-time low of 23%.

Nobody is paying for $BTC upside anymore.

Quoting @glassnode:
Global markets broke to records while Bitcoin stood still. This edition traces that stillness: a theft the market slept through, bottom signals arriving through boredom and an options market priced for nothing while sentiment reacts to everything. http://x.com/i/article/2084996338773864448

Following the Coldcard firmware exploit, the number of active Bitcoin addresses surged to 0.98M/day, the highest since December 2024.

This is fear-driven on-chain activity. Holders migrating seeds and moving funds to alternative custody reflects an operational security response, not a change in market conviction.

📉 http://glassno.de/btc-active-addresses