#Bitcoin 1M 25-delta skew keeps climbing, with puts priced at a premium over calls. Traders are paying up for downside protection, reflecting near-term caution, while upside optionality looks cheaper with implied vols still near historic lows.
🔗https://glassno.de/4nnTxNT

#Bitcoin short-term holder RVT has compressed toward cycle lows, reflecting muted realized profits relative to network valuation. Historically, such resets often align with periods of market detox, helping build a foundation for more durable recoveries.


https://glassno.de/471jtJf

Bitcoin dominance has rebounded from 57% to 59% alongside price strength near $114k.
This mean reversion suggests a healthier market structure, as $BTC-led rallies have historically proven more sustainable than those driven by altcoins.
🔗https://glassno.de/4o2XebP

#Bitcoin US Spot ETFs recorded persistent outflows in late September, exceeding 16k BTC over a two-week stretch.
Flows have since reversed, with 3.2k BTC of inflows on Sept 30, highlighting a potential shift in sentiment.
🔗https://glassno.de/4nRAvPC

The Week On-Chain 39, 2025
Bitcoin holds support at the STH cost basis, with ETFs and slowing LTH sell pressure adding stability. Options reset post-expiry as OI rebuilds, vol eases, and flows tilt toward cautious Q4 upside.

Executive Summary
- STH cost basis defended repeatedly, acting as a key pivot between bullish continuation and downside risk. Resistance sits near $118k supply cluster.
- LTH selling cooled after months of distribution, while ETF inflows resumed, stabilizing market structure.
- Fear & Greed Index slid from Greed to Neutral/Fear, showing profit-taking and reduced risk appetite.
- RVT trends confirm cooling, with fewer profits realized relative to network value.
- Options OI reset post-record expiry, now rebuilding into Q4 with room for fresh positioning.
- Volatility easing: front-end IV declining, skew normalizing, term structure in contango with back-end IV steady at 39–43%.
- Flows show cautious upside: traders adding risk reversals, cheap convexity, while selling puts.
- Dealer gamma balanced, muting hedging flows and dampening intraday volatility; no large expiries ahead.


Read more in The Week On-Chain newsletter

The Trend Accumulation Score highlights a shift in recent days. Mid-sized #BTC holders are accumulating strongly, whale distribution has moderated, and smaller entities remain neutral. This points to fresh structural demand emerging despite continued large holder selling.

#Bitcoin spot ETF flows have turned sharply positive, driving price to new all-time highs.
Renewed institutional demand is reinforcing market momentum, marking a key shift in capital flows after weeks of outflows.
Sustained inflows signal strengthening structural support into Q4.

Bitcoin’s cost basis distribution shows thin support between $121K and $120K, with a key cluster near $117K where around 190K BTC were last acquired.
A pullback into this area could attract demand as recent buyers defend the level.

📈: https://glassno.de/48Qooht

#BTC Futures Open Interest rose sharply as traders added longs during the breakout to new highs.

The current pullback is testing these positions, helping to reset leverage. It will be key to see where buyers step in and whether support levels attract renewed demand.

📈 https://glassno.de/46GsDen

With the price breaking above $117k, over 95% of the circulating supply has returned to profit.
This is a hallmark of Euphoria phases, where widespread profitability often fuels accelerated profit-taking and rising market risk.

📈:https://glassno.de/4nDmNQG

Large traders demonstrated expert timing as $BTC reversed from recent highs.

The shift to a net short bias suggests profit-taking on longs alongside new short positioning.

Track these shifts in positioning in real time:
🔗https://glassno.de/3KFjk5N