Glassnode
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Institutional Data and Market Intelligence for Digital Assets.

https://studio.glassnode.com/
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Bitcoin holds near $79.1k after a flat week.

Capital inflows, ETF demand and futures leverage all build, while cooling spot momentum and a deeply negative volatility spread keep the market finely balanced.

Read this week’s Market Pulse
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Two cities produce more than half of all Solana blocks.

Frankfurt 33%
Amsterdam 19%

310 of 675 validators sit in those two cities.

That is 46% of the network by validator count, 53% by stake.

https://latency.glassnode.com
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Bitcoin is still stuck beneath the edge of a thick resistance band.

Moving above this level, would indicate a shift in long term market structure.

A return lower would result in significant pain for late longs.

https://x.com/i/article/2097710104237969408
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US spot Bitcoin ETFs have climbed back toward break-even after an $18B drawdown.

Institutional cost basis is now a resistance level that price has to move through for further upside

https://x.com/glassnode/status/2097716683976978596
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$BTC is stuck beneath a wall of long-term holder supply around $83-$85k.

However, investors are acquiring coins here.

Should we break below this newly forming cluster, $75k is the level to watch.

After that a full retrace to $60k would be in play.

https://twitter.com/glassnode/status/2097716683976978596
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Bitcoin is sitting at $78k, down around 1% on the week, and holding its range.

Spot and perpetual selling and ETF outflows weigh, but capital inflows and elevated profitability show a market absorbing pressure, not breaking down.

https://glassno.de/4Ae0qrW
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Late August saw the broadest burst of altcoin gains this year.

At the same time, multiple holder cohorts used the bounce to take profit.

We monitor these metrics and more on our Market Compass.

👉 Full report for this edition
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The ETF bid is gone again.

It came back in late August, ran for just over three weeks, and has already flipped to net redemptions.

The ETFs bought during and after the rally, but are not currently buying the $BTC dip.
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Bitcoin has slipped below its multi-week range just as the Fed decides on rates.

Support under price is thin, but the potential catalyst here is strong.

Our latest Week On-Chain report covers what to watch for.
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$BTC has slipped below the bottom of the range.

That floor aligned with the True Market Mean and price needs to reclaim it for conditions to remain bullish.

If it does not, the short-term holder cost basis near $70k becomes increasingly likely.

Read more below 👇
https://twitter.com/glassnode/status/2100232147449811310
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In our joint report with Bybit, we analyze how the crypto derivatives landscape has changed shape.

Read the full report
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ICYMI: Listed companies added just 5.9K $BTC over three months, versus 89K in July 2025 alone.

With spot just below their $80.5K average cost basis, corporate buyers face modest unrealized losses while providing little fresh demand.

This week's analysis
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