Glassnode

Bitcoin is bullish.
Our Vector framework has triggered a clear signal
- Momentum: Consolidating above +0.5 triggers bullish, below -0.5 signals bearish. Today, we're at 1.
- Risk: This momentum is accompanied by a completely reset Risk Index of 0.
Check the blue shaded areas on the chart to see how price reacts when this setup triggers. It historically marks major upside moves while keeping you sidelined during the crashes. ▶

Whales on Hyperliquid have been longing the breakout of the range. Their conviction and long positioning have steadily increased over the past two months, signaling strong bullish sentiment among big perp players.
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Mean Reclaimed, Rally on Trial
$BTC reclaims $78k as spot demand and ETF inflows return. Shorts build with negative funding, creating squeeze potential. Yet elevated realized profits and soft volatility signal caution, with upside near $80k facing resistance.
Read the full Week On-Chain👇

Early $IBIT options flows show sharp swings in the put/call ratio, highlighting active positioning shifts as BTC trades near ~$70k.
We’ve expanded our options suite to cover $IBIT, bringing institutional-grade derivatives insights to the largest US spot BTC ETF.
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$BTC bounced from $71K to $78K before rejecting sharply to $74K. ETF inflows and long-term holder confidence are bullish, but rising short pressure, negative CVD, and selling suggest cautious consolidation ahead.
Read this week’s Market Pulse👇

Approaching the Ceiling
$BTC holds ~$74K, ~5% below key $78K resistance. Spot and ETF demand improve, but profit-taking and cautious options positioning suggest a twitchy, flow-driven recovery lacking strong conviction.
Read the full Week On-Chain👇

Relative Unrealized Loss measures total unrealized loss as a % of market cap, a gauge of how deeply underwater the holder base sits.
As today:
SOL: 54.8%
XRP: 31.8%
BTC: 11.9%
ETH: 16.6%
The elevated loss levels in altcoins reflect how heavy the top is in these markets, where supply is more concentrated among buyers who entered near cycle highs.
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$BTC momentum breaks above prior highs as spot buying strengthens. Futures OI climbs while Options show easing bearish bias, and on-chain activity cools, pointing to consolidation with improving sentiment.
Read more in this week’s Market Pulse👇

With BTC at $70.8k, the Number of Addresses in Loss stands at ~13.5M.
This indicates that a meaningful portion of the network acquired coins above the current spot price.
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Bouncing in a Bear
#Bitcoin bounced from $67k to $72k, but weak spot demand and softer futures activity suggest the recovery still lacks strong conviction, even as ETF flows begin to turn modestly positive.
Read the full Week On-Chain👇

$BTC is trading inside a tight negative gamma pocket near $65k–$70k, where dealer hedging can amplify short-term moves. Resistance is building near $72k, while thinner support below leaves downside vulnerable if momentum fades.
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#Bitcoin pushed higher in a sharp impulsive move, reclaiming the $69k level after consolidating above $65k, with momentum accelerating into the end of the period.
Read more in this week’s Market Pulse👇

As price probed the $70K region, Realized Profit/hour spiked above $20M, signalling a local exhaustion.
A pattern consistent since February 2026:
Every approach to the $70k–$80K band meets thin liquidity and profit-taking pressure, capping the bounce.
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The big hands are bleeding.
With price contracting from ATH, Sharks & Whales (0.1K–10K BTC) are realizing losses at scale. The 7D-SMA of realized loss is now at >$200M/day.
Typical capitulation behaviour from larger entities.
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Bitcoin Block 943,400
Only 1,600 blocks (~11 days) until we hit the halfway point to the next halving.
Block 945,000 is coming.
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No Catalyst, No Range Break
$BTC remains rangebound between $60k and $70k as spot demand begins to absorb supply and derivatives reset. Volatility cools, but without a clear catalyst, a sustained breakout remains unlikely.
Read the full Week On-Chain👇

The 30D-SMA of total daily transaction fees has declined to 2.5 BTC/day, the lowest level since March 2011.
Fee compression of this magnitude reflects a significant reduction in on-chain demand for block space, consistent with subdued network.
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The 7D-SMA of US Spot ETF Netflow has turned negative since early last week, with 200–500 BTC in net daily outflows.
Small in magnitude, but persistent. A quiet signal that institutional demand conviction remains tentative at current price levels.
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$BTC broke back below $70k before finding support near $65k, with a modest rebound back towards $67k into the weekend. Momentum remains tentative, with lower highs still defining the short-term structure.
Read more in this week’s Market Pulse👇

Tokyo is pinging the Hyperliquid API in ~3ms. Amsterdam is sitting at ~221ms. Distance is a tax on your execution. We just deployed a live map of global probes tracking API and direct validator latency to Hyperliquid in real-time:
🇯🇵 Tokyo: ~15.9ms
🇰🇷 Seoul: ~50.2ms
🇭🇰 Hong Kong: ~66.9ms
🇸🇬 Singapore: ~136.1ms
🇺🇸 Virginia: ~163.5ms
🇳🇱 Amsterdam: ~245.2ms