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.

Read the full report 👈

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.

US demand for $BTC has gone quiet.

The Coinbase premium has been below zero through the whole slide from the September high. Its 30-day average is the deepest since February.

The rallies of 2024 and 2025 all ran with a premium, and several started from discounts this deep.