Ethereum network fees just hit their lowest level since May 2017.

📉http://glassno.de/4agE1PG

Any meaningful transition back toward a strong market rally should be reflected in liquidity-sensitive indicators such as the Realized Profit/Loss Ratio (90D-SMA).
A sustained rise above ~5 has historically signalled a renewal of liquidity inflows into the market.

📉http://glassno.de/4rjg683

The Week On-Chain 4, 2026
BTC is consolidating with muted volumes, as spot bid rebuilds slowly while options markets lean increasingly defensive.

Executive Summary
- Bitcoin remains pinned near key on-chain cost basis levels, where support is being tested, and conviction is required to prevent further structural weakness.

- Short-Term Holder conditions remain fragile, with any failure to reclaim key breakeven bands keeping recent buyers vulnerable to renewed sell pressure.

- Broader holder behaviour still leans defensive, suggesting this is a consolidation regime driven more by absorption than expansion.

- Liquidity remains the deciding variable, as price stability has persisted despite reduced participation, but breakout continuation still needs demand follow-through.

- Spot ETF flows are stabilising, with the 30D average drifting back toward neutral after sustained outflows, reducing mechanical sell pressure.

- Spot CVD bias is improving across venues, led by Binance, indicating marginal buy pressure is returning, though Coinbase remains comparatively steady.

- Perpetual futures leverage remains muted, with funding largely neutral and speculative positioning still cautious and easily shaken out.

- Options markets are rotating toward downside protection, with bearish skew, elevated short-dated implied volatility, and dealer gamma slipping below zero, increasing downside sensitivity.


Read more in The Week On-Chain

Looking at the cumulative Spent Volume by Long-Term Holders, LTHs have been spending >12K BTC per day on average over the past 30 days — equivalent to ~370K BTC per month.
This highlights the scale of gross distribution activity, beyond what net metrics alone capture.

📉http://glassno.de/3Ob5dqo

The 3D-SMA of Net Realized Profit & Loss is now at –$317M/day, a regime last observed in December 2022.
Loss realization has regained control, liquidity is fading, and patience is being tested.

📉http://glassno.de/4tjaTyH

Hyperliquid positioning tells a clear story:
Traders are net short ~240 BTC. Entry heatmaps show shorts added from higher levels, plus fresh shorts opening around $75k and current prices. Meanwhile, long interest remains notably thin.

📉http://glassno.de/4avfCWF

The Week On-Chain 5, 2026
The #BTC bear market rages on as profitability resets, realised losses rise, spot demand stays weak, and leverage unwinds. Options keep pricing elevated downside risk.

Executive Summary
- BTC has confirmed a decisive breakdown, with price slipping below key structural support levels and keeping market participants firmly on the defensive.

- On-chain profitability has sharply deteriorated, with MVRV Z-Score compressing to its lowest level since Oct 2022, signalling a major reset in unrealised gains.

- Realised losses are accelerating, with sustained sell pressure suggesting many holders are being forced to exit at a loss as downside momentum persists.

- Spot volume remains structurally weak, reinforcing a demand vacuum where sell-side flows are not being met with meaningful absorption.

- Futures markets have entered a forced deleveraging phase, with the largest long liquidation spikes of the drawdown amplifying volatility and downside continuation.

- Demand from major allocators has softened materially, as ETF and treasury-linked netflows fade and fail to provide the consistent bid seen during prior expansion phases.

Options markets continue to price elevated downside risk, with volatility staying bid and skew steepening as traders pay up for protection.

- With leverage being flushed but spot demand still absent, the market remains vulnerable, and any relief rallies are likely to be corrective rather than trend-reversing.


Read more in The Week On-Chain

The #BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling.
These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning.
https://glassno.de/3LSM2kJ

On Feb 04, Bitcoin’s Entity-Adjusted Realized Loss (7D-SMA) hit $889M per day, the highest daily loss realization since November 2022.

📉http://glassno.de/3Mq0ock