Glassnode

#Bitcoin pushed higher in a sharp impulsive move, reclaiming the $69k level after consolidating above $65k, with momentum accelerating into the end of the period.
Read more in this week’s Market Pulse👇

As price probed the $70K region, Realized Profit/hour spiked above $20M, signalling a local exhaustion.
A pattern consistent since February 2026:
Every approach to the $70k–$80K band meets thin liquidity and profit-taking pressure, capping the bounce.
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The big hands are bleeding.
With price contracting from ATH, Sharks & Whales (0.1K–10K BTC) are realizing losses at scale. The 7D-SMA of realized loss is now at >$200M/day.
Typical capitulation behaviour from larger entities.
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Bitcoin Block 943,400
Only 1,600 blocks (~11 days) until we hit the halfway point to the next halving.
Block 945,000 is coming.
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No Catalyst, No Range Break
$BTC remains rangebound between $60k and $70k as spot demand begins to absorb supply and derivatives reset. Volatility cools, but without a clear catalyst, a sustained breakout remains unlikely.
Read the full Week On-Chain👇

The 30D-SMA of total daily transaction fees has declined to 2.5 BTC/day, the lowest level since March 2011.
Fee compression of this magnitude reflects a significant reduction in on-chain demand for block space, consistent with subdued network.
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The 7D-SMA of US Spot ETF Netflow has turned negative since early last week, with 200–500 BTC in net daily outflows.
Small in magnitude, but persistent. A quiet signal that institutional demand conviction remains tentative at current price levels.
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$BTC broke back below $70k before finding support near $65k, with a modest rebound back towards $67k into the weekend. Momentum remains tentative, with lower highs still defining the short-term structure.
Read more in this week’s Market Pulse👇

Tokyo is pinging the Hyperliquid API in ~3ms. Amsterdam is sitting at ~221ms. Distance is a tax on your execution. We just deployed a live map of global probes tracking API and direct validator latency to Hyperliquid in real-time:
🇯🇵 Tokyo: ~15.9ms
🇰🇷 Seoul: ~50.2ms
🇭🇰 Hong Kong: ~66.9ms
🇸🇬 Singapore: ~136.1ms
🇺🇸 Virginia: ~163.5ms
🇳🇱 Amsterdam: ~245.2ms

Awaiting Liquidity
$BTC has stabilised around $70k, with ETF flows improving and sell-side pressure easing. However, muted spot volume and overhead supply suggest stronger demand is still needed to turn this into a recovery.
Read the full Week On-Chain👇

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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