$BTC is boxed in between $80K and $87K.

Below, buyers refilled the bids at the ETF and treasury cost basis. Above, the top buyers' break-even, the main asks and the largest liquidation clusters share one zone.

More on ETF flows, MSCI and altcoins in this week's Week On-chain.

BTC treasury companies are in profit but barely buying.

They hold $BTC at a cost basis of about $80K, and price has closed above it since September 18.

In profit, buying can feed on itself: purchases lift price, price lifts their shares, and their shares fund more purchases.

$BTC is testing the ETF cost basis around $81K again.

The same level capped the May rally before a deep drop, and caught last week's sweep from just below.

A convincing close below it would put mid $70K levels back into play.

Traditional finance is moving onto crypto rails.

Perpetuals on stocks, gold and oil grew into a large part of perp trading on major venues while $BTC sat in a bear market.

Our new report with Fasanara Digital examines what that means for allocators.

Speculation rotated into equities during Bitcoin's bear market.

On Hyperliquid, TradFi perps hit over 3x the $BTC perp's volume in August, just when BTC investors capitulated.

More in our report with @FasanaraDigital:
https://glassno.de/fasanara-q4

AI agents can now use our custom backtesting engine.

Connect Claude or ChatGPT to Glassnode Alpha Lab, describe the goal, and it tests strategies using our data.

The agent asks & our machine learning framework does the heavy lifting.

Watch on X

Recent $BTC buyers have left the strong sell zone.

In late September, almost all short-term holder supply was in profit. Now it has cooled to about 70%.

For buyers who expect the uptrend to continue, that makes this a considerably better entry than a month ago.

Our backtesting engine found this $BTC rule.

It buys when the 30-day RSI of entities in profit crosses above its threshold.

Since July 2023, its worst drawdown was 20%, against 53% for holding.

Discover your own strategy 👈

Hyperliquid whales are net short $BTC for the first time since March.

This group managed to long the bottom, but the positioning flipped last week.

The question is whether they are early to a deeper pullback, or about to be squeezed if price turns higher.

$BTC is beating the S&P 500 again.

Over recent weeks it has won more trading days than it lost. In June it won only one day in five, its weakest stretch in more than five years.

Outperformance like this could become reflexive as investors move to the strongest asset class.

$85K keeps turning $BTC back.

Since January, Bitcoin has closed above it on only five days, never more than three in a row. It's a truly tough level to break.

More in depth analysis in our latest Week on Chain report

This market looks a lot like summer 2023.

In 2023, $BTC's first big move off the bottom ran into a meme and altcoin frenzy. Volatility then sank. This year has followed the same order, with volatility now at the lows.

More on these parallels in this week's Week On-chain.