This is the first $BTC bear market that never closed below the Realized Price.

This means that the average BTC holder stayed in profit this entire time.

More on the next levels, sell pressure and ETF flows in this week's Week On-chain 👇

https://twitter.com/glassnode/status/2102766576730812638

AI agents can now use Glassnode data via x402.

On-chain, derivatives, ETF metrics and more, paid per call from your @coinbase USDC balance.

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Spot traders are turning to altcoins.

Total spot volume now runs close to 4x Bitcoin's, the highest since September 2025.

Demand for higher risk like this has often lined up with local tops in $BTC.

$BTC has stalled under its heaviest supply cluster.

More long-term holder coins sit at $84k–$85k than at any other price on the chart.

Price needs to break through and hold above this level for the rally to continue.

$BTC is rallying on less leverage.

Price is up 35% from the August low, while coin-denominated open interest is down almost 20%.

That puts open interest at its lowest since March, potentially making the rally less susceptible to leverage flushes.

There are several ways to earn yield on Bitcoin.

In our latest report with @xapobankapp, we examine the Bitcoin yield landscape in detail.