Binance asks and the biggest liquidation clusters sit around $87K.

The top buyers still cap $BTC price near the same levels.

A daily close above that level with ETF inflows would show buyers absorbing the supply.

More in this week's Week On Chain

$BTC is boxed in between $80K and $87K.

Below, buyers refilled the bids at the ETF and treasury cost basis. Above, the top buyers' break-even, the main asks and the largest liquidation clusters share one zone.

More on ETF flows, MSCI and altcoins in this week's Week On-chain.

BTC treasury companies are in profit but barely buying.

They hold $BTC at a cost basis of about $80K, and price has closed above it since September 18.

In profit, buying can feed on itself: purchases lift price, price lifts their shares, and their shares fund more purchases.

$BTC is testing the ETF cost basis around $81K again.

The same level capped the May rally before a deep drop, and caught last week's sweep from just below.

A convincing close below it would put mid $70K levels back into play.

Traditional finance is moving onto crypto rails.

Perpetuals on stocks, gold and oil grew into a large part of perp trading on major venues while $BTC sat in a bear market.

Our new report with Fasanara Digital examines what that means for allocators.

Speculation rotated into equities during Bitcoin's bear market.

On Hyperliquid, TradFi perps hit over 3x the $BTC perp's volume in August, just when BTC investors capitulated.

More in our report with @FasanaraDigital:
https://glassno.de/fasanara-q4

AI agents can now use our custom backtesting engine.

Connect Claude or ChatGPT to Glassnode Alpha Lab, describe the goal, and it tests strategies using our data.

The agent asks & our machine learning framework does the heavy lifting.

Watch on X

Recent $BTC buyers have left the strong sell zone.

In late September, almost all short-term holder supply was in profit. Now it has cooled to about 70%.

For buyers who expect the uptrend to continue, that makes this a considerably better entry than a month ago.