The 30D-SMA of total daily transaction fees has declined to 2.5 BTC/day, the lowest level since March 2011.

Fee compression of this magnitude reflects a significant reduction in on-chain demand for block space, consistent with subdued network.

📉 glassno.de/3NVcqes

The Week On-Chain 13, 2026
No Catalyst, No Range Break

Bitcoin remains rangebound between $60k and $70k as spot demand shows early absorption and derivatives reset. Volatility cools and positioning balances, but without a clear catalyst, the market lacks the conviction needed for a sustained breakout.

Executive Summary

- Total Supply in Loss sits near 8.4M BTC, echoing the Q2 2022 structure, when roughly 3M BTC needed to be redistributed before the market could reclaim its cycle mid-line.

- Coinbase Spot CVD has turned marginally positive, suggesting spot buyers are starting to absorb sell-side pressure, though demand remains well below the levels typically seen at durable lows.

- Perpetual positioning is now far less momentum-driven, with bullish exposure being unwound and short-side interest re-emerging, leaving futures more balanced but also more cautious.

Read the full Week On-Chain

Bitcoin Block 943,400

Only 1,600 blocks (~11 days) until we hit the halfway point to the next halving.
Block 945,000 is coming.

📉 glassno.de/4v5TASP

The big hands are bleeding.

With price contracting from ATH, Sharks & Whales (0.1K–10K BTC) are realizing losses at scale. The 7D-SMA of realized loss is now at >$200M/day.
Typical capitulation behaviour from larger entities.

📉 glassno.de/4v9gzw7

With price trading at $1.33, the Percent of XRP Supply in Profit has declined to 43.4%, the lowest since July 2024.

With more than half of the supply underwater, investors who accumulated above $2 over the past 12 months have been realizing losses at a pace of $20M – $110M/day since November 2025.
📉 glassno.de/4sf6paE

As price probed the $70K region, Realized Profit/hour spiked above $20M, signalling a local exhaustion.
A pattern consistent since February 2026:
Every approach to the $70k–$80K band meets thin liquidity and profit-taking pressure, capping the bounce.
📉 glassno.de/4c3bGfu

USVIX, a TradFi volatility indicator tracking expected 30-day fear in the S&P 500 options market, is now live on @glassnode
.

The timing could not be more relevant.

Since the US Spot Bitcoin ETFs emerged, the link between BTC and US equities has only grown stronger. Stock market fear is now Bitcoin's fear, too.

📉 glassno.de/4dyORCK

The Week On-Chain 14, 2026
Bouncing in a Bear

Bitcoin bounced from $67k to $72k, but weak spot demand and softer futures activity suggest the recovery still lacks strong conviction, even as ETF flows begin to turn modestly positive.

Executive Summary

- Bitcoin remains within a subdued and low-conviction market environment, with weak spot activity and thinner derivatives participation continuing to limit upside follow-through.

- Spot volume remains soft, with Binance’s 30-day relative volume still sitting below the 1.0 baseline, highlighting a lack of strong organic demand beneath the recent stabilization in price.

- Futures volume has contracted sharply, with the 30-day average rolling over and trending lower, reinforcing the view that traders are stepping back rather than aggressively re-engaging after the recent deleveraging event.

Read the full Week On-Chain

LTH Relative Unrealized Loss captures the total unrealized loss held by Long-Term Holders, normalized by market cap, reflecting the depth of pain among the most convicted cohort.
The 30D-SMA currently sits at 14% of market cap, substantially below the levels at which prior bear markets have historically resolved (~70%)

📉 http://glassno.de/4sXmxyH

Relative Unrealized Loss measures total unrealized loss as a % of market cap, a gauge of how deeply underwater the holder base sits.

As today:
SOL: 54.8%
XRP: 31.8%
BTC: 11.9%
ETH: 16.6%

The elevated loss levels in altcoins reflect how heavy the top is in these markets, where supply is more concentrated among buyers who entered near cycle highs.

📉 glassno.de/4ejyOce

Following recent positive momentum across crypto markets, ETH has reclaimed the 1-3 month holder cost basis at $2.3k.
So far, this structure is consistent with a bear market relief rally, comparable to the bounces observed in Q3-Q4 2022, rather than a structural trend reversal.

📉 glassno.de/3Oo9047