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Glassnode
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Pioneering on-chain market analysis.

Advanced charts/data/insights for investors in Bitcoin and digital assets.

https://studio.glassnode.com/
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After peaking on 16 July (Spot: $10.22B, Futures: $60.17B), both BTC spot and futures volumes have trended lower. However, current levels (7 Aug) at $6.61B and $41.05B remain well above the early-July lows of $4.85B and $33.82B, respectively.
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XRP futures activity surged, with 24h volume up +208% to $12.4B - overtaking Solana’s $9.6B. Open interest climbed to $5.9B (+15%), while a positive funding rate suggests heavy long positioning - which could raise liquidation risk if price turns lower.
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Bitcoin has rebounded from last week’s dip below $114k, climbing back toward $121k.

This week’s Market Pulse looks at spot, derivatives, ETFs, and on-chain signals to assess if the recovery can sustain - or if profit-taking will take over: https://glassno.de/4majDDk
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Since Jun 21, short-term holders - investors holding BTC <155 days - have added over 220K BTC to their balance (+9.9%). While notable, it’s modest compared to Jan–Mar, when supply surged by 540K BTC (+25%) in one of the sharpest rotations this cycle.
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At 29.79%, Bitcoin’s 3-month realized volatility is at its lowest since Sep 2023. This cycle’s volatility profile stands out - staying mostly below 50%, compared to frequent 80–100% readings in the last two bull markets.
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A useful gauge of short-term demand trends and potential reversals: when the cost basis of 1w–1m holders exceeds that of 1m–3m holders, it signals newer buyers paying a premium - a bullish sign. The gap remains wide, suggesting short-term demand for Bitcoin is still strong.
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With ETH shooting up above $4.6K, its price came just 3.9% below its previous all-time high. As Ethereum strength builds, capital rotates further along the risk curve.
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BTC dominance fell from 65% to 59% over two months, underscoring the growing appeal of altcoins amid broader risk-on behavior.
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ETH futures open interest printed a new ATH around $35.5B as spot pushed to ~$4.59k. Leverage has rebuilt across venues, setting the stage for larger moves as positioning concentrates.
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Shorts are feeling it: ~$66M in short liquidations on Aug 12 with price near $4.62k. This is the second largest shorts liquidation event this year-to-date.
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In options, ETH OI has climbed to a YTD high ~$16.1B, alongside spot around $4.6k. Elevated open interest signals strong demand for optionality around the breakout.
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Premiums confirm the tilt: call premium paid ~$82M (Aug 8) and still ~$31.5M (Aug 11), consistently outpacing puts. Traders are paying up for upside convexity as ETH presses higher.
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In periods of heightened volatility, Glassnode’s Supply by Investor Behavior metric gives a deeper pulse of the market. For Bitcoin, we are seeing:

🔸Supply held by First Buyers has risen +1.0% (4.88M → 4.93M BTC) over the past 5 days - showing fresh demand continues to enter.

🔸Conviction Buyers rose +10.1% (933K → 1.03M BTC) over 5 days. Yet compared to April’s surge, engagement looks muted - suggesting this dip is too shallow for strategic buying, or investors remain hesitant.

🔸Loss Sellers spiked +37.8% (63K → 87K BTC) over the past 5 days. Still, compared to earlier this year, realized losses remain contained - suggesting few investors are panicking.

🔸Profit Takers jumped +5.4% (1.73M → 1.83M BTC), the largest spike YTD. For some investors, this clearly has been a time to lock in gains and take chips off the table.

Learn more about Supply by Investor Behavior metric here.
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Friday’s BTC options saw a record ~$226M in premiums (~69% calls) as both sides repriced risk. By Monday it slumped to ~$18M with puts mostly sold ($5.5M received vs $0.37M paid) and calls ~flat - protection demand faded; market is leaning to stabilization/vol compression.
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BTC options positioning has shifted higher: the net-premium heatmap shows a fresh cluster of net call buying in the $124k–$130k strikes (+$41M cum.) while sub-spot put demand is light. After last week’s spike, positioning implies a 120–130k magnet, not new downside hedging.
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