The Week On-Chain - Week 05, 2025
The regulatory environment surrounding Bitcoin is constantly changing, and new financial instruments such as derivatives and ETF products continue to develop. In this article, we analyze how the composition of digital asset investors is changing around it.
Executive Summary
🔸Bitcoin has evolved into a global asset with extremely deep liquidity, available 24/7, allowing investors to express their macroeconomic views even when traditional markets are closed.
🔸Bitcoin continues to prove itself as both a store of value asset, accruing over $850B in net capital inflows, and a medium of exchange asset, processing nearly $9B in economic volume per day.
🔸Multipple metrics show new demand remains elevated but is well below previous cycle peaks.
🔸Institutional investors are growing, reducing drawdown severity and compressing volatility over time.
🔗Read the full report.
💡View all charts in this edition in The Week On-chain Dashboard.
The regulatory environment surrounding Bitcoin is constantly changing, and new financial instruments such as derivatives and ETF products continue to develop. In this article, we analyze how the composition of digital asset investors is changing around it.
Executive Summary
🔸Bitcoin has evolved into a global asset with extremely deep liquidity, available 24/7, allowing investors to express their macroeconomic views even when traditional markets are closed.
🔸Bitcoin continues to prove itself as both a store of value asset, accruing over $850B in net capital inflows, and a medium of exchange asset, processing nearly $9B in economic volume per day.
🔸Multipple metrics show new demand remains elevated but is well below previous cycle peaks.
🔸Institutional investors are growing, reducing drawdown severity and compressing volatility over time.
🔗Read the full report.
💡View all charts in this edition in The Week On-chain Dashboard.
📢 New Report Release: Glassnode x Gemini - 2025 Crypto Asset Trends
Explore the forces shaping the crypto market in 2025 with our latest 35-page report, featuring:
🔸Retail investor resurgence
🔹Insights into derivatives and institutional participation
🔸Solana's rise compared to Ethereum
🔹ETF market impacts
🔸Memecoin sector analysis
🔹Regional adoption trends
Download the full report for comprehensive, data-driven insights.
Explore the forces shaping the crypto market in 2025 with our latest 35-page report, featuring:
🔸Retail investor resurgence
🔹Insights into derivatives and institutional participation
🔸Solana's rise compared to Ethereum
🔹ETF market impacts
🔸Memecoin sector analysis
🔹Regional adoption trends
Download the full report for comprehensive, data-driven insights.
Stablecoin circulating supply has increased by $16.97B since the start of 2025, rising from $194.2B to $211.2B. However, the pace of growth has varied, with a slowdown in early 2025 before picking up again in February.
Throughout November and December, stablecoins were growing by ~$450M per day. In January, the rate declined to ~$400M per day, but February has seen a rebound, with $541M per day. This suggests renewed liquidity expansion after a period of deceleration.
Momentum accelerated in mid-January as the 7-day average moved above the 30-day SMA, signaling increased short-term demand.
Throughout November and December, stablecoins were growing by ~$450M per day. In January, the rate declined to ~$400M per day, but February has seen a rebound, with $541M per day. This suggests renewed liquidity expansion after a period of deceleration.
Momentum accelerated in mid-January as the 7-day average moved above the 30-day SMA, signaling increased short-term demand.
Stage 2 of our TON Blockchain integration is live!
Glassnode now offers an expanded suite of on-chain and derivatives metrics for TON, providing deeper insights into its market activity, supply dynamics, and investor behavior.
Newly added metrics include:
🔹 Supply Last Active by Age Bands: track dormant vs. active supply
🔹 Futures OI & Volume: monitor derivatives activity
🔹 MVRV & SOPR: assess profitability and market cycles
Use these to analyze holding trends, liquidity, investor sentiment, and more!
Explore the full suite of TON metrics, starting with our dedicated Dashboard.
Glassnode now offers an expanded suite of on-chain and derivatives metrics for TON, providing deeper insights into its market activity, supply dynamics, and investor behavior.
Newly added metrics include:
🔹 Supply Last Active by Age Bands: track dormant vs. active supply
🔹 Futures OI & Volume: monitor derivatives activity
🔹 MVRV & SOPR: assess profitability and market cycles
Use these to analyze holding trends, liquidity, investor sentiment, and more!
Explore the full suite of TON metrics, starting with our dedicated Dashboard.
The Week On-Chain - Week 07, 2025
Bitcoin is trading in the $93k-$97k range, leading to a wider digital asset market cooldown. Capital inflows are weakening, and derivatives activity is declining. Short-term holder accumulation patterns somewhat resemble May 2021, which was a relatively challenging set of market conditions.
Executive Summary
🔸After Bitcoin’s second attempt to break above $105k in late January, the market has entered a contraction phase, with monthly price momentum sharply declining across major assets.
🔸Solana has emerged as a market leader in capital inflows over the past two years, in contrast to Ethereum, which has comparatively struggled to attract sustained demand.
🔸Perpetual futures open interest has declined across Bitcoin (-11.1%), Ethereum (-23.8%), Solana (-6.2%), and Memecoins Index (-52.1%), reflecting a diminished appetite for leveraged speculation.
🔗Read the full report.
💡View all charts in this edition in The Week On-chain Dashboard.
Bitcoin is trading in the $93k-$97k range, leading to a wider digital asset market cooldown. Capital inflows are weakening, and derivatives activity is declining. Short-term holder accumulation patterns somewhat resemble May 2021, which was a relatively challenging set of market conditions.
Executive Summary
🔸After Bitcoin’s second attempt to break above $105k in late January, the market has entered a contraction phase, with monthly price momentum sharply declining across major assets.
🔸Solana has emerged as a market leader in capital inflows over the past two years, in contrast to Ethereum, which has comparatively struggled to attract sustained demand.
🔸Perpetual futures open interest has declined across Bitcoin (-11.1%), Ethereum (-23.8%), Solana (-6.2%), and Memecoins Index (-52.1%), reflecting a diminished appetite for leveraged speculation.
🔗Read the full report.
💡View all charts in this edition in The Week On-chain Dashboard.
Bitcoin’s momentum has stalled after an attempt to push into price discovery.
After a strong rally, BTC is now down 5.9% since early February, while ETH and SOL have dropped 16.9% and 33.1%. Memecoins, which surged +90.2% in late 2024, have now corrected -37.4%.
Diverging Performance Since 2023
🔹 Bitcoin → Trading 3.4x above April 2023 🔹 Solana → Peaked at 11.8x, now at 7.6x 🔹 Ethereum → Struggling, ranging between 1.3x and 2.0x 🔹 Memecoins → Peaked at 5.2x, now the weakest sector.
Moreover, Ethereum & Memecoins capital flows have flipped negative, with capital outflows of -0.1% and -5.9%, respectively.
Create Your Own Cross-Sector Analysis
For this comparison, our analysts built a Memecoin Index, but you can compare any project with BTC, its L1, and sector benchmarks. With Glassnode Studio covering BTC, major L1s, 700+ ERC-20s, and 60+ SPL tokens, you can build your own cross-asset analysis—no coding required.
🔗 Start here.
After a strong rally, BTC is now down 5.9% since early February, while ETH and SOL have dropped 16.9% and 33.1%. Memecoins, which surged +90.2% in late 2024, have now corrected -37.4%.
Diverging Performance Since 2023
🔹 Bitcoin → Trading 3.4x above April 2023 🔹 Solana → Peaked at 11.8x, now at 7.6x 🔹 Ethereum → Struggling, ranging between 1.3x and 2.0x 🔹 Memecoins → Peaked at 5.2x, now the weakest sector.
Moreover, Ethereum & Memecoins capital flows have flipped negative, with capital outflows of -0.1% and -5.9%, respectively.
Create Your Own Cross-Sector Analysis
For this comparison, our analysts built a Memecoin Index, but you can compare any project with BTC, its L1, and sector benchmarks. With Glassnode Studio covering BTC, major L1s, 700+ ERC-20s, and 60+ SPL tokens, you can build your own cross-asset analysis—no coding required.
🔗 Start here.
📢 Cost Basis Distribution (CBD) now includes Ethereum, ERC-20, and SPL tokens!
Previously exclusive to Bitcoin, this innovative tool now provides a clearer view of investor positioning across multiple asset classes.
🔹 Identify key support and resistance levels 🔹 Track accumulation and distribution trends 🔹 Now fully accessible via the Glassnode API
Learn more in this dedicated article.
Explore the expanded dashboard.
Previously exclusive to Bitcoin, this innovative tool now provides a clearer view of investor positioning across multiple asset classes.
🔹 Identify key support and resistance levels 🔹 Track accumulation and distribution trends 🔹 Now fully accessible via the Glassnode API
Learn more in this dedicated article.
Explore the expanded dashboard.
The Week On-Chain, Week 08, 2025
Bybit’s historic $1.48B hack triggered panic withdrawals and a market-wide sell-off, pushing Bitcoin to $87K, 20.2% below its ATH. As a result, new investors faced severe unrealized losses, and with the STH-MVRV at 0.95, loss realization intensified. Without a strong demand catalyst, the downtrend may continue.
Executive Summary
🔸Bybit Hack: A smart contract exploit drained 403,996 ETH (~$1.13B) from Bybit’s cold wallets, triggering $4.3B in outflows across Bitcoin and stablecoins.
🔸Market Sell-Off: Sentiment collapsed, with Bitcoin down -13.6%, Ethereum -22.9%, Solana -40%, and Meme Coins -36.9%, resetting momentum to April 2024 levels.
🔸Bitcoin Weakness: The drop pushed BTC into the $70K-$88K realized supply “air gap,” initially driven by long-term holder sell-offs and worsened by the Bybit hack.
🔸STH Pressure: STH-MVRV at 0.95 shows recent buyers 5% underwater, with profitability down 15.8%, signaling heavy unrealized losses.
Discover more in the latest Week On-Chain
Bybit’s historic $1.48B hack triggered panic withdrawals and a market-wide sell-off, pushing Bitcoin to $87K, 20.2% below its ATH. As a result, new investors faced severe unrealized losses, and with the STH-MVRV at 0.95, loss realization intensified. Without a strong demand catalyst, the downtrend may continue.
Executive Summary
🔸Bybit Hack: A smart contract exploit drained 403,996 ETH (~$1.13B) from Bybit’s cold wallets, triggering $4.3B in outflows across Bitcoin and stablecoins.
🔸Market Sell-Off: Sentiment collapsed, with Bitcoin down -13.6%, Ethereum -22.9%, Solana -40%, and Meme Coins -36.9%, resetting momentum to April 2024 levels.
🔸Bitcoin Weakness: The drop pushed BTC into the $70K-$88K realized supply “air gap,” initially driven by long-term holder sell-offs and worsened by the Bybit hack.
🔸STH Pressure: STH-MVRV at 0.95 shows recent buyers 5% underwater, with profitability down 15.8%, signaling heavy unrealized losses.
Discover more in the latest Week On-Chain
📊 Who is realizing the most losses in Bitcoin’s latest sell-off?
Between Feb 25-27, over $2.16B in realized losses came from the most recent market entrants.
We break down the losses by age cohorts, contrast with prior peaks, and assess the market impact:
🟠1d-1w cohort: $927M (42.85% of young cohort losses)
🟡1w-1m cohort: $678M (31.3%)
🟣1m-3m cohort: $257M (11.9%)
🔴24h cohort: $322M (14.0%)
Bottomline: The largest capitulations came from those who bought BTC within the past week (‼️)
In contrast, losses among those who held BTC for 3m-6m or longer remain negligible:
🔵3m-6m cohort: $6.5M (0.3% of young cohort losses)
🟢6m-12m cohort: $3.2M (0.15%)
This suggests that those who entered in H2 2024 or earlier are largely holding, while more recent buyers are exiting under pressure.
Across all cohorts, Feb 26 was still the largest single-day sell-off in months, with $1.13B in aggregate realized losses:
🔹Feb 3: $848M (-25%)
🔹Aug 6: $2.02B (+79%)
🔹July 5: $1.3B (+15%)
Realized Loss by Age chart.
Between Feb 25-27, over $2.16B in realized losses came from the most recent market entrants.
We break down the losses by age cohorts, contrast with prior peaks, and assess the market impact:
🟠1d-1w cohort: $927M (42.85% of young cohort losses)
🟡1w-1m cohort: $678M (31.3%)
🟣1m-3m cohort: $257M (11.9%)
🔴24h cohort: $322M (14.0%)
Bottomline: The largest capitulations came from those who bought BTC within the past week (‼️)
In contrast, losses among those who held BTC for 3m-6m or longer remain negligible:
🔵3m-6m cohort: $6.5M (0.3% of young cohort losses)
🟢6m-12m cohort: $3.2M (0.15%)
This suggests that those who entered in H2 2024 or earlier are largely holding, while more recent buyers are exiting under pressure.
Across all cohorts, Feb 26 was still the largest single-day sell-off in months, with $1.13B in aggregate realized losses:
🔹Feb 3: $848M (-25%)
🔹Aug 6: $2.02B (+79%)
🔹July 5: $1.3B (+15%)
Realized Loss by Age chart.
🔍 Spotting Market Bottoms with On-Chain Data
Where do local bottoms form? Often in zones of maximum pain, when forced selling peaks. Our capitulation metric, based on Cost Basis Distribution, helps pinpoint these moments - offering data-driven insights into potential turning points.
📊 Key Benefits:
✔ Identify capitulation zones where selling pressure exhausts
✔ Track where distressed sellers exit and demand emerges
✔ Use on-chain data to navigate market turning points
Want to explore it yourself?
📖 Read more on Insights.
💡Try it on Google Colab: Backtest historical capitulation events hands-on.
Where do local bottoms form? Often in zones of maximum pain, when forced selling peaks. Our capitulation metric, based on Cost Basis Distribution, helps pinpoint these moments - offering data-driven insights into potential turning points.
📊 Key Benefits:
✔ Identify capitulation zones where selling pressure exhausts
✔ Track where distressed sellers exit and demand emerges
✔ Use on-chain data to navigate market turning points
Want to explore it yourself?
📖 Read more on Insights.
💡Try it on Google Colab: Backtest historical capitulation events hands-on.
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📢 New Metric Release: Introducing On-Chain Retention
What is On-Chain Retention?
Retention is a fundamental metric for assessing engagement and sustainability of a business, but until now, digital assets lacked a robust framework for measuring it.
Glassnode introduces a solution to this problem with On-Chain Retention - a set of metrics tracking user engagement and investor loyalty across BTC, ETH, and 700+ ERC-20 tokens.
Why does this matter?
Traditional on-chain metrics track activity and balances, but they don’t categorize users based on commitment.
On-Chain Retention fills this gap by tracking addresses across intuitive categories such as new, retained, resurrected or churned over time.
How can investors use this?
✔️Distinguish real demand from speculation
✔️Detect early signs of capital flight and sell pressure
✔️Compare engagement and loyalty across assets
Read the full research article to learn how On-Chain Retention works and how to use it in practice.
What is On-Chain Retention?
Retention is a fundamental metric for assessing engagement and sustainability of a business, but until now, digital assets lacked a robust framework for measuring it.
Glassnode introduces a solution to this problem with On-Chain Retention - a set of metrics tracking user engagement and investor loyalty across BTC, ETH, and 700+ ERC-20 tokens.
Why does this matter?
Traditional on-chain metrics track activity and balances, but they don’t categorize users based on commitment.
On-Chain Retention fills this gap by tracking addresses across intuitive categories such as new, retained, resurrected or churned over time.
How can investors use this?
✔️Distinguish real demand from speculation
✔️Detect early signs of capital flight and sell pressure
✔️Compare engagement and loyalty across assets
Read the full research article to learn how On-Chain Retention works and how to use it in practice.
Glassnode Insights - On-Chain Market Intelligence
On-Chain Retention: A Novel Concept to Measure Engagement with Digital Assets
We introduce On-Chain Retention, a novel concept for measuring user engagement and investor loyalty in digital assets through Activity Retention (ongoing interactions) and Holder Retention (sustained ownership). These metrics reveal insights into investor…
The Week On-Chain, Week 10, 2025
Bitcoin continues to face persistent sell pressure, especially from recent buyers. The asset has seen weak demand and fading accumulation since January. Short-term holders are capitulating, driving STH-SOPR into loss territory, mirroring the August 2024 crash to $49k.
Executive Summary
🔸Bitcoin entered a phase of strong investor distribution in early January, with the Accumulation Trend Score confirming persistent sell-side pressure.
🔸Heightened volatility, weak demand, and liquidity constraints have prevented meaningful accumulation from restarting, reinforcing downside risks.
🔸Panic-driven selling has intensified, with STH-SOPR spiking well below the break-even level of 1, signalling fear and loss realization among recent buyers.
🔸A custom SOPR-adjusted CDD metric we developed shows that the intensity of the sell-off mirrors past capitulation events, notably the one in August 2024, as the market plunged to $49k.
Read more in the latest Week On-Chain. Charts here.
Bitcoin continues to face persistent sell pressure, especially from recent buyers. The asset has seen weak demand and fading accumulation since January. Short-term holders are capitulating, driving STH-SOPR into loss territory, mirroring the August 2024 crash to $49k.
Executive Summary
🔸Bitcoin entered a phase of strong investor distribution in early January, with the Accumulation Trend Score confirming persistent sell-side pressure.
🔸Heightened volatility, weak demand, and liquidity constraints have prevented meaningful accumulation from restarting, reinforcing downside risks.
🔸Panic-driven selling has intensified, with STH-SOPR spiking well below the break-even level of 1, signalling fear and loss realization among recent buyers.
🔸A custom SOPR-adjusted CDD metric we developed shows that the intensity of the sell-off mirrors past capitulation events, notably the one in August 2024, as the market plunged to $49k.
Read more in the latest Week On-Chain. Charts here.
Are Metaverse tokens still relevant to investors?
Our latest analysis applies the Cost Basis Distribution (CBD) framework to major Metaverse assets like SAND, MANA, and AXS - offering a new perspective on investor conviction and engagement.
This article explores:
🔸How has the cost basis of long-term holders evolved over time?
🔸Are certain investor cohorts still accumulating Metaverse tokens?
🔸What can cost basis trends reveal about the potential for renewed interest?
Read the full report here.
Our latest analysis applies the Cost Basis Distribution (CBD) framework to major Metaverse assets like SAND, MANA, and AXS - offering a new perspective on investor conviction and engagement.
This article explores:
🔸How has the cost basis of long-term holders evolved over time?
🔸Are certain investor cohorts still accumulating Metaverse tokens?
🔸What can cost basis trends reveal about the potential for renewed interest?
Read the full report here.
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