Glassnode

Clearing the Decks
Bitcoin enters 2026 with a cleaner market structure after a major reset. Profit-taking has eased, and risk appetite is rebuilding, but reclaiming key cost-basis levels is critical for confirming upside.
Read the full Week On-Chain👇

$BTC and aggregate altcoin spot volumes printed their lowest levels since Nov 2023. This weakening demand contrasts sharply with upside moves across the market, highlighting increasingly thin liquidity conditions behind recent price strength.
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Since early November, the 30D-SMA of net flows into both Bitcoin and Ethereum ETFs has turned negative and remained so.
This persistence suggests a phase of muted participation and partial disengagement from institutional allocators, reinforcing the broader liquidity contraction across the crypto market.
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With price back above $90K, perpetual open interest has risen from 304K to 310K BTC (~2% increase), while the funding rate has heated up from 0.04% to 0.09%.
This combination signals a renewed buildup in leveraged long positioning, as perpetual traders position for a potential year-end move.
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On a 90D-SMA, stablecoins now dominate on-chain value transfer:
• 🔵USDC: ~$124B
• 🟢USDT: ~$68B
Major assets:
• 🟠BTC: ~$81B
• 🟣ETH: ~$7.9B
• 🔵SOL: ~$9.6B
• ⚫️XRP: ~$2.2B
• 🟡BNB: ~$1.6B
Stablecoins have become the primary liquidity rails, while native asset transfers remain comparatively subdued.
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$BTC DATs continue selective but steady BTC accumulation. Flows remain modest compared to late-2024 peaks, yet buying has broadened across miners, tech, and financial firms. Despite volatility, balance-sheet adoption remains a quiet structural tailwind.
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Unrealized losses across the crypto ecosystem have recently climbed to ~$350B, including ~$85B in BTC alone.
With multiple on-chain indicators signalling shrinking liquidity across the board, the market is likely entering a high-volatility regime in the weeks ahead.
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$ETH Spot ETFs are showing the first signs of life after weeks of steady outflows.
Modest inflows are starting to return, hinting at easing redemption pressure. A sustained move back into positive territory would signal improving demand into year-end.

Anchored, But Under Strain
#Bitcoin is stuck in a fragile range as losses climb, LTH selling grows, and demand stays weak. ETFs, liquidity, and futures remain muted while options price short-term volatility ahead of FOMC.
Read the full Week On-Chain👇

The aggregated size of Bitcoin treasuries held by public and private companies has grown from 197K BTC to 1.08M BTC, a ~448% increase since January 2023.
Corporate balance sheets are becoming an increasingly significant pillar of demand for BTC.
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Since early November, the Total Fees Paid per Day on Ethereum (90D-SMA) have fallen below 300 ETH/day, the lowest level recorded since July 2017.
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$BTC's drawdown has triggered the largest spike in realized losses since the FTX collapse in late 2022.
STHs account for the bulk of the losses, while LTH losses stay comparatively contained, indicating that the stress is largely on recent buyers.
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Echoes of Early 2022
Bitcoin stabilizes above the True Market Mean, but market structure now mirrors Q1 2022 with over 25% of supply underwater. Demand is weakening across ETFs, spot, and futures, while options show compressed volatility & cautious positioning.
Read the full Week On-Chain👇

BTC faced a strong rejection at $93K last week, but as price attempts to break through this level again today, we’re seeing large short-liquidation clusters forming.
Short liquidations can act as fuel for upside, as forced buyers amplify momentum.
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At similar price levels to 21 Nov, $BTC 1W put IV spiked to 76%, reflecting aggressive downside hedging. Yesterday’s move saw only ~63%, showing a more muted risk premium. The market appears less worried, but any further downside could trigger a far sharper repricing.

A new cost-basis cluster formed after Bitcoin’s drop into the low-$80K region, showing fresh accumulation at these levels. This zone is now one of the densest on the heatmap and could act as a strong support area, likely to be defended by recent buyers.
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Liquidity on Edge
Bitcoin is stuck in a fragile $81K–$89K range as liquidity thins and realized losses surge. Futures deleverage, options stay defensive, and demand remains weak.
Read the full Week On-Chain👇
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Whales on Hyperliquid turned net-long as price fell from $90K into the low-$80K range, marking the longest sustained long positioning in months. That move has since unwound, with exposure rotating modestly net-short, reflecting shallow conviction.
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Realized losses among new investors in major altcoins are rising, as prices continue to struggle to recover, signalling growing stress across the speculative end of the market.
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$BTC sits beneath every short-term holder's realized price but remains well above deeper realized levels, leaving the market in no-man’s-land.
Regaining these bands would mark the first meaningful sign of structural recovery.
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