Short-term holders are back underwater.

Yesterday's drop pushed about 60% of the $BTC held by recent buyers below its cost basis. A day earlier, they were back in profit.

For now, that lowers the risk of recent buyers cashing out into strength.

Leverage grew through the $BTC selloff.

Open interest climbed by about $1B during the US session drop, and by almost $500M more into today's US session.

Funding cooled slightly but is now ramping up again. Longs look to be stepping back in.

$BTC has rarely tracked equities this closely.

Over the last 30 US sessions, the correlation with the S&P 500 reached 0.80. Since 2020 it has spent most of its time far below that.

Despite the talk of bitcoin's relative strength, macro sets the direction for now.

Hyperliquid whales are adding to their $BTC shorts.

Their net positioning turned short 2 weeks ago after 7 months of being long. Short exposure is now the largest since October 2025.

The last time they were this short, price moved down considerably.

Equities volume on Hyperliquid has overtaken $BTC volume again.

Both Bitcoin and stocks have been grinding lower for weeks but crypto-native traders seem to be chasing the stock dip.

The last time the ratio peaked, in August, BTC was near its lows before breaking out.

Altcoin trading volume has returned to normal levels.

Through September, total altcoin volume spiked up to 4x Bitcoin's, marking a period of altcoin froth.

As is often the case, this speculative alt activity coincided with the local market top, with $BTC peaking around 87k.

35.4% of all #BTC (7.12M) has a visible public key, the part a future quantum computer could target.

25.8% of supply is exposed due to address reuse, 11.6% on exchanges. Moving those coins to a fresh address ends this exposure.

Charts now live in Studio: https://glassno.de/exposed-supply

ETF investors are selling $BTC again.

US spot ETFs saw $696M of net outflows on Friday, the largest single day since January.

Only two days in the past year saw larger outflows, and both came before price fell further. A return to steady inflows would ease that pressure.

In our new report with NOWPayments, we look at how stablecoins are used for payments.

We deep dive into how USDT and USDC move on-chain and provide some practical guidance to merchants that accept stablecoin payments.

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Bitcoin has been grinding down and stablecoin supply is shrinking fast; the fastest contraction since June 2022.

Our latest Week On-chain report contains eight more analyses, including cost basis, ETF flows, wallet accumulation and much more.

Bitcoin's biggest liquidation cluster sits near $60k.

These are longs opened near the bottom, and price has not tested their entries since it shot up in August.

Patient buyers have often found opportunity in forced selling, and a sweep of $60k would create plenty of it.