Executive Summary

Bitcoin has entered a correction phase, trading -11% below its ATH of $108k but remaining above key support levels, retaining a constructive market structure.

Z-Score analysis suggests cyclical highs typically align with various metrics trading 1.5 to 2.0σ above the mean, offering a framework to help navigate bullish market phases.

Bitcoin's current price is around 10% above the Short-Term Holders' cost basis of $88.4k, underscoring a potential risk of downside if momentum s

💡 New SPL (Solana Programmable Language) Insights: 61 Solana Tokens, Including 52 Memecoins, Now Supported We’re excited to roll out fundamental metrics for 61 Solana-based tokens, including 52 memecoins. These assets now have address activity, transfer activity, and volume metrics. For those with a perpetual futures market, these new metrics complement the existing futures metrics. You can explore these new insights in the SPL Assets category on the charts page. More assets and expanded metric

Executive Summary:

A striking degree of similarity in the Bitcoin price trajectory can be observed across prior cycles despite vastly differing market scales, investor composition, and market structure dynamics.

With price trading above $100k for a few weeks now, Long-Term Holders are taking the opportunity to distribute supply into fresh demand. This has resulted in a new ATH in realized profit being set, breaching $2.1B.

A notable portion of these profit taking volumes are originating from

Bitcoin's blockchain transparency unlocks unique insights into coin holder behavior. In this article, we reveal a fascinating power-law relationship between coin age and spending probability, offering a predictive framework for understanding investor behavior and coin dormancy. Read on to learn how these insights can help refine your on-chain analysis and inform better trading strategies.

Introduction

Bitcoin's transparent blockchain allows for detailed analysis of coin movements and holder be

Executive Summary

The Bitcoin price crossed the $100k mark for the first time on 5 December, after 5,256 trading days, and hitting a market cap briefly exceeding $2 Trillion.

Miners have earned a cumulative $71.49 Billion since inception, reflecting the network's robust security and economic incentives.

The network has processed a total of 1.12 Billion transactions and settled $131.25 Trillion in transfer volume, with entity-adjusted figures providing an even clearer view of genuine economic

Executive Summary

Bitcoin reached a new ATH of $99.4k after a prolonged period of trading within the range of $54k to $74k.

Several risk metrics we monitor have entered the Very High Risk 🟥 zone, reflecting a state of elevated unrealized profits and an increased susceptibility of investor sentiment to corrections.

The Realized Profit/Loss Ratio now shows intense profit-taking is underway, hinting at a potential period of near-term demand exhaustion.

With that said, realized profit volumes h

At the core of on-chain analytics for market intelligence lies a fundamental concept rooted in “timestamping” and “pricestamping”. The transparent nature of blockchain data allows us to observe every on-chain transaction and identify two key details:

When the movement of coins occurred – the timestamp.

At what price the transaction took place – the pricestamp.

This simple yet powerful principle allows us to calculate what is known as the realized price—the cost basis of those coins at the tim

Executive Summary:

As the Bitcoin price rallied towards $100k, Long-Term Holders commenced distributing over 507k BTC, which remains less than the 934k BTC sell-side during the March rally but is significant nonetheless.

Long-term holders are locking in sizeable profit volumes, setting a new ATH of $2.02B in daily realized profit.

When assessing the composition of which entities are spending, the majority of this sell-side pressure appears to originate from coins aged between 6 months and 1 y

Since Friday, Bitcoin has unsuccessfully tried to breach the $100K mark. This leads to a question: has a top been reached for now, or is there more momentum ahead? 

While no one can predict market moves with certainty, on-chain data provides a powerful lens into network health and sentiment.

One such signal has just flashed green for Bitcoin: Momentum in New Addresses has crossed above the yearly average, signaling expanding network activity.

Live chart available here What does this mean?

G

Executive Summary

Bitcoin’s rally to $93k has been fuelled by robust capital inflows from both ETFs, and spot markets. Over $62.9B has entered the market over the last 30 days, with BTC dominating the demand inflows.

Elevated unrealized profits among long-term holders have triggered significant spending activity, with 128k BTC sold between 8-October and 13-November.

U.S. Spot ETFs played a pivotal role, absorbing around 90% of the selling pressure from long-term holders over the analyzed peri

We are pleased to announce Glassnode’s recent collaboration with Fasanara Digital to deliver an in-depth view of today’s crypto market landscape!

📄 Download your copy of the report here .

Our joint Q4 report combines Glassnode’s on-chain analytics with Fasanara Digital’s scientific approach to trading, providing insights into institutional behaviors, market structure, and capital flows. This partnership demonstrates the practical applications of Glassnode’s data-driven tools, offering a valu

Executive summary

This article explores Bitcoin’s recent rally to a new all-time high, examining the factors driving this upward momentum, particularly the strong demand in spot markets over perpetual futures.

We analyze the impact of the recent U.S. election on institutional inflows, highlighting how U.S. spot ETFs and CME futures open interest have surged as cash-and-carry strategies gain popularity.

The ATH discovery phase is assessed, focusing on the percentage of supply in profit and the

Executive Summary

The demand side of the market has declined notably since the March ATH, with investor attention thinning as the market chops sideways within this price range.

On the supply side, available coins are also constricting, with several measures of ‘active supply’ compressing to relatively low levels.

Historically, tightness in the Bitcoin supply side has been a precursor for a regime of heightened volatility.

It often describes an equilibrium being reached between the wealth hel

Executive Summary

Bull Market Drawdowns remain relatively shallow but in line with historical bull market uptrends. This highlights both the similarities and the relative resiliency of the current cycle.

Both Short-Term Holder positioning and their spending behaviour have largely improved as the spot price attempts to reclaim the Short-Term Holder cost-basis at $62.5k.

A significant amount of Futures Open Interest remains in place, which may expose the market to deleveraging and liquidation c

Executive Summary

When comparing Bitcoin’s cyclical price performance since the bear market was low, an uncanny similarity emerges over the prior three cycles, with the index trading at a nearly identical position.

There has been a rise in the number of Long-term Holder coins held in loss, as large volumes of BTC acquired near the $73k ATH mature across the 155-day threshold.

However, the magnitude of unrealized loss held by these investors remains small in scale, suggesting minimal financial

Executive Summary

Bitcoin has reclaimed the Short-Term Holder cost basis ($61.9k) and 200DMA ($63.9k) following a 0.50% interest rate cut by the Federal Reserve.

Short-term holders are under marginally less pressure as prices rise above their cost basis, after a period of net capital outflows.

New investors show a degree of resilience, seen in realized losses being of a relatively small magnitude, suggesting confidence in the overall uptrend.

The perpetual futures market displays a cautious

Executive Summary

Market demand-side remains lacklustre for digital assets, with the magnitude of both capital inflows and outflows remaining small in scale.

HODLing remains the primary investor dynamic, with all measures of actively tradable supply declining and large volumes of coins maturing into Long-Term Holder status.

Price action has been remarkably stagnant over the past six months, driving all variants of the Sell-Side Risk Ratio to low levels, suggesting an expectation for higher vo

We are excited to announce that our analytics platform now supports more than 500 new ERC-20 tokens. This major expansion reinforces Glassnode's commitment to providing the highest quality data and most innovative analysis tools for both Bitcoin and Ethereum markets.

You can access the full list of supported tokens here.

Solidifying Our Leadership in On-Chain Analytics

For years, Glassnode has been the leader in on-chain analytics for Bitcoin, offering fresh insights into the market dynamics

Executive Summary

Hash Rate remains just shy of ATHs, as continued investment by Miners demonstrates immense conviction in the Bitcoin Network despite depressed revenues.

Investor interactions with exchanges are in decline, with contracting volumes across the board, suggesting there is a diminished appetite for investors and trade.

Both the Bitcoin and Ethereum ETFs are exhibiting outflows, however, investor interest in the Bitcoin ETFs remain significantly larger in scale and magnitude.

💡

Executive Summary

On average, BTC investors are holding relatively small unrealized losses compared to prior cycles, suggesting a relatively favourable position overall.

However, Short-Term Holder unrealized losses remain quite elevated, indicating they are the primary cohort at risk.

Profit and Loss taking activities remain remarkably light, with critical metrics such as the Sell-Side Risk Ratio alluding to a potential for heightened volatility in the near future.

💡 View all charts in thi