#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

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.

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.

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

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

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

$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

The ETF bid is gone again.

It came back in late August, ran for just over three weeks, and has already flipped to net redemptions.

The ETFs bought during and after the rally, but are not currently buying the $BTC dip.

Bitcoin has slipped below its multi-week range just as the Fed decides on rates.

Support under price is thin, but the potential catalyst here is strong.

Our latest Week On-Chain report covers what to watch for.

$BTC has slipped below the bottom of the range.

That floor aligned with the True Market Mean and price needs to reclaim it for conditions to remain bullish.

If it does not, the short-term holder cost basis near $70k becomes increasingly likely.

Read more below 👇
https://twitter.com/glassnode/status/2100232147449811310