The altcoin market has entered a state of optimism.

85% of alts reached funding rates above their mean.

This is the highest print we've seen for this metric since BTC was trading at all time highs.

In an alt season, these conditions can last for many weeks.

#BTC investors are paying up for upside exposure.

25-delta call vol has been outpacing puts at every maturity since the breakout.

Skew is at its lowest of the year across the curve and flipped negative on the front end.

https://twitter.com/n3ocortex/status/2090786305105973305

Market buyers stepped in heavily as $BTC edged above $64k.

This buy-side aggression then helped to fuel the breakout and kept volume delta consistently positive until $76k.

That buy pressure remains strong at these levels.

$5 billion of IBIT options expire on September 18.

Most of that is calls: $3B vs $2B in puts.

Max pain sits at $40, which corresponds to a $BTC price of approximately $71k.

Bitcoin Vector's impulse flipped positive from the lows.

$BTC has advanced roughly 20% since.

The strategy is currently fully allocated and in profit, and the next upside target sits at $82.8k.

Full access

Squeeze into Supply: The Week On-chain 34 is live.

What stands between this recovery and the January high is one band of supply between $81K and $86K.

Bitcoin ran 26% off its mid-August low on a record short flush, and real money followed it up.

After large market moves, staying objective and level-headed is difficult.

Our latest weekly report walks you through the data: the liquidation cascade, who bought the squeeze, and the supply now sitting overhead.

https://twitter.com/glassnode/status/2092605995356966938

1.05M $BTC of long-term holder supply sits between $83K and $86K, the first heavy cost-basis shelf above spot at $79K.

Effectively all of it has held through the entire drawdown, making that band the test of whether patient supply sells at breakeven.

👉 https://research.glassnode.com/the-week-onchain-week-34-2026/