glassnode

Stalling at the Threshold
bitcoin:native has pulled back from the low-$80K region back toward $75K as spot demand, ETF inflows, and volatility expectations continue fading. Positioning has reset, but conviction remains limited.
Read the full Week On-Chain👇

Funding rates have flipped decisively positive again, with traders increasingly paying a premium to maintain long exposure as $BTC consolidates near the mid-$70Ks.
The move marks a sharp reversal from April’s heavily short-biased positioning.
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At current price, ~7.75M BTC are held at a loss.
This supply overhang is a structural feature of bear markets, typically resolved only as weaker hands capitulate.
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#Bitcoin pulled back from $79K to $74K before rebounding toward $77K, with momentum and activity cooling. Despite softer sentiment, easing sell pressure hints at early signs of stabilization.
Read this week’s Market Pulse👇

#Bitcoin pulled back from $79K to $74K before rebounding toward $77K, with momentum and activity cooling. Despite softer sentiment, easing sell pressure hints at early signs of stabilization.
Read this week’s Market Pulse👇

Since May 7, US Spot ETFs have recorded net outflows on nearly every trading day, a persistent institutional sell signal now running for more than two weeks.
This steady drip of outflow continues to add to the supply side without a visible demand offset.
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Rally Slows Into Resistance
$BTC remains structurally resilient, but weakening spot demand, slowing ETF inflows, and increasingly crowded long positioning suggest upside momentum is cooling beneath the surface.
Read the full Week On-Chain👇

At $76.7k, more than 7.8M BTC are currently held at a loss.
The supply overhang from buyers near cycle highs remains substantial, a weight the market will need to absorb before any sustained move higher becomes structurally credible.
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Median SOPR across the top 500 coins just hit break-even (SOPR=1), the highest reading since BTC traded near all time highs. The move was met with heavy selling across the market.
The typical altcoin holder has been realizing losses since late 2024.
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#Bitcoin network activity is rebounding fast.
Historically, surges in Network Growth above the 60 level have coincided with the end of local bottoms and the return of stronger market conditions.
Our Vector framework shows #BTC is now approaching that same inflection zone. ▶︎

Rally Without Conviction
$BTC has recovered above $80K as ETF inflows, spot demand, and positioning improve. However, weaker capital inflows and heavy overhead supply near $86K keep conviction below prior bull phases.
Read the full Week On-Chain👇

$BTC climbed from the high-$77Ks to low-$82Ks as spot demand and futures activity strengthened. Momentum cooled near highs, while options markets continued pricing elevated uncertainty.
Read this week’s Market Pulse👇

Bulls Approach the Ceiling
$BTC pushes beyond $80K toward key resistance near $85K, with bulls in control. ETF demand builds and shorts persist, but overhead supply may cap upside without stronger spot follow-through.
Read the full Week On-Chain👇

As price spiked from $78k to $80k, the 2Y-3Y holder cohort, those who accumulated ahead of the ETF launch, ramped up profit-taking to over $209M/hr, realizing 60%-100% in gains.
Long-term holders are using this strength to exit into liquidity.
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#Bitcoin has entered a choppier, reactive phase following a sharp rally into the $80K region, with recent price action marked by a swift rejection from local highs and a pullback back toward the mid-$78K range.
Read this week’s Market Pulse👇

Macro factors now overshadow crypto-native drivers in shaping near-term price action. Our Q2 Charting Crypto report with @CoinbaseInsto outlines how liquidity is rotating, and where conviction is building (or not).
Download report👉

Heading into today’s FOMC decision (2pm ET), BTC traders are adding leverage with a bearish tilt.
- OI rising since yesterday’s $79k retest
- Funding predominantly below neutral
- Spot & Futures CVD diverging, with futures driving selling pressure
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Trapped Below Market Mean
bitcoin:native remains capped below the True Market Mean, with support at $65k–$70k. Spot selling is easing and flows stabilise, but demand is weak. Heavy short positioning leaves room for squeezes.
Read the full Week On-Chain👇

Bitcoin spot volumes across major exchanges have fallen to their lowest levels since October 2023.
Such low volume environments often coincide with reduced market depth and heightened sensitivity to flow shifts
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