Glassnode
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Institutional Data and Market Intelligence for Digital Assets.

https://studio.glassnode.com/
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On-chain supply levels and liquidation clusters show strong confluence.

The cost-basis bands line up well with the leverage pain points.

We cover the range and what to look for in our latest newsletter 👇 https://twitter.com/glassnode/status/2095187077084377561
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The signal that marked the $126K $BTC top is Risk-On again.

After the Bitcoin Vector Signal flipped risk off in October 2025, BTC drew down 54%.

It flipped long again as BTC broke above 70k. Sign up below 👇

https://glassno.de/btc-vector
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The median altcoin is 58% below its price at the BTC high.

The privacy sector is 213% above it, and not only because of $ZEC.

Read the full article: https://x.com/i/article/2096912210077380609
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#BTC is trading like a different asset than it was in March.

Back then its 90d correlation with the Nasdaq-100 was 0.57 and with gold 0.21.

Today the readings are swapped: 0.22 NDX and 0.57 gold. https://twitter.com/n3ocortex/status/2095871699103179145
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BTC volatility is currently historically low.

However, the strongest driver of low vol is not market cap.

It is who holds the coins.

Long-term holder supply explains more of realized vol than market cap, open interest, or turnover.
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Bitcoin ETFs took in $643M last Thursday.

That is the biggest single-day inflow since January.

It follows the strongest month ETFs have had all year.
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Bitcoin holds near $79.1k after a flat week.

Capital inflows, ETF demand and futures leverage all build, while cooling spot momentum and a deeply negative volatility spread keep the market finely balanced.

Read this week’s Market Pulse
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Two cities produce more than half of all Solana blocks.

Frankfurt 33%
Amsterdam 19%

310 of 675 validators sit in those two cities.

That is 46% of the network by validator count, 53% by stake.

https://latency.glassnode.com
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Bitcoin is still stuck beneath the edge of a thick resistance band.

Moving above this level, would indicate a shift in long term market structure.

A return lower would result in significant pain for late longs.

https://x.com/i/article/2097710104237969408
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US spot Bitcoin ETFs have climbed back toward break-even after an $18B drawdown.

Institutional cost basis is now a resistance level that price has to move through for further upside

https://x.com/glassnode/status/2097716683976978596
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$BTC is stuck beneath a wall of long-term holder supply around $83-$85k.

However, investors are acquiring coins here.

Should we break below this newly forming cluster, $75k is the level to watch.

After that a full retrace to $60k would be in play.

https://twitter.com/glassnode/status/2097716683976978596
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Bitcoin is sitting at $78k, down around 1% on the week, and holding its range.

Spot and perpetual selling and ETF outflows weigh, but capital inflows and elevated profitability show a market absorbing pressure, not breaking down.

https://glassno.de/4Ae0qrW
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Late August saw the broadest burst of altcoin gains this year.

At the same time, multiple holder cohorts used the bounce to take profit.

We monitor these metrics and more on our Market Compass.

👉 Full report for this edition
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