Glassnode

Glassnode is expanding its macro indicator suite — bringing traditional market data directly into on-chain analysis.
This gives investors the tools to find alpha in the cross-analysis of crypto and macro.
No more switching between platforms.
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$BTC swung from $76k to $67k before rebounding to $70k. Spot and ETF demand cooled, derivatives turned more defensive, and on-chain activity stayed soft, pointing to a consolidative, cautious market backdrop.
Read more in this week’s Market Pulse👇

Supply Cleared, Conviction Pending
Bitcoin has cleared the $59k–$72k supply cluster and entered a thinly accumulated air gap up to $82k.
Spot CVD is recovering, ETF inflows are rebounding, and perp funding remains negative — short covering is doing the work here.
But currently, only 60% of the supply is in profit, where prior cycles' early bounces were exhausted multiple times before a structural shift.
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As price edged above $74k this week, the STH-Realized Profit (12HR-SMA) spiked to $18.4M/hr.
Consistent with the pattern observed over February, where short-term holders continue to exhaust each rally at the +$70k level, absorbing momentum before any breakout can develop.
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$Bitcoin rebounded from the $66k higher low, grinding steadily higher through the week with strong daily closes that pushed price back toward $73k.
Read more in this week’s Market Pulse👇

$Bitcoin rebounded from the $66k higher low, grinding steadily higher through the week with strong daily closes that pushed price back toward $73k.
Read more in this week’s Market Pulse👇

A large pocket of negative gamma sits near the $75k strike in $BTC options markets.
Market makers appear structurally short calls at this level. As spot approaches, hedging flows could intensify, potentially amplifying upside price moves.
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New Metric Launch: Options Max Pain (Time Series)
Max Pain is the strike price at which the total value of expiring options (calls + puts) is minimized, theoretically maximizing losses for option holders.
Glassnode now tracks this across maturity buckets (1W, 1M, 3M, 6M, aggregated) at 10-min, hourly, and daily resolution.
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A hallmark of bear markets: STH Supply in Profit falling below 50%, meaning the majority of recent buyers are underwater.
Demand-side risk appetite tends to remain suppressed until this flips back above 50%.
Watch this level as a precondition for any sustained recovery.
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The aggregated spot volume for the top 500 crypto assets has been declining since late January. Meanwhile, Bitcoin spot volume has been more resilient and rising for most of February.
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Resilient in the Face of War
Bitcoin is showing early signs of stabilisation as ETF inflows return and spot demand recovers. Negative funding points to crowded shorts, while options vol is easing.
Read the full Week On-Chain👇

#Bitcoin pulled back from $74k but internals are stabilizing. Momentum, ETF inflows, and profitability metrics improved modestly, though capital flows and conviction remain weak.
Read more in this week’s Market Pulse👇

20 million #bitcoin now exist.
This took 6,267 days.
The final 1 million will take 114 years.
Here's the time it took to reach other 20 million on-chain milestones on #Bitcoin 👇

$BTC Spot ETF flows are stabilising after sustained outflows. The 14-day netflow trend has turned higher, signalling easing distribution pressure as BTC breaks above 70k. Institutional demand remains tentative, but early re-accumulation signs are emerging.

Perpetual Open Interest posted its largest daily % increase since July 2025.
Leverage expanded as price tested $69.4k. This was consistent with speculators betting on a $70k breakout that didn't materialize.
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Waiting for Conviction
$BTC is range-bound between key valuation anchors, with $60k–$69k absorbing sell pressure. Profitability and breadth are fading, spot and ETF flows stay negative, and leverage has reset.
Read the full Week On-Chain👇

$BTC options positioning has flipped.
Our full-history GEX heatmap shows expanding negative gamma (red) around and below spot, while positive “gamma walls” thin out above.
With price in a short-gamma pocket, dealer hedging can amplify moves.

#Bitcoin stayed range-bound around ~$64–68K, momentum modestly improving but participation weak. Sell pressure eased slightly yet spot, derivatives, ETF, and on-chain indicators remain defensive.
Read more in this week’s Market Pulse👇

Since early February, every attempt to reclaim $70k has met demand exhaustion, with even >$5M/hour in net realized profit triggering rejection.
Contrast that with Q3 2025’s euphoric phase, when profit realization surged to $200–350M/hour.
Ongoing regime of thin liquidity makes a sustained recovery into the $70–80k range structurally challenging.
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