#Bitcoin open interest has dropped by ~30%, flushing excess leverage from the market. With funding now near neutral, the market is far less vulnerable to another liquidation cascade.

🔗https://glassno.de/4obq1v9

#Bitcoin futures open interest remains muted following October’s leverage flush, showing little sign of new speculative build-up. Derivatives activity has slowed materially, mirroring the broader backdrop of subdued market sentiment.

🔗https://glassno.de/47Ksfup

The majority of #Bitcoin supply sits in long-term holder’s hands, while Ethereum shows greater turnover and productive use on-chain. In our joint research with Keyrock, we assess how BTC and ETH supply dynamics shape their respective store-of-value profiles. Grounded in on-chain data, our analysis cuts through the narratives, showing Bitcoin’s dominant savings-asset profile and Ethereum’s hybrid position as both reserve capital and working collateral within DeFI.

Read the report for full insights: https://glassno.de/47F7FNu

The Week On-Chain 45, 2025
#Bitcoin consolidates near $103k, with support at $100K and resistance at $106K. ETF outflows, low leverage, and strong put demand highlight a cautious market still searching for conviction.

Executive Summary
- Bitcoin remains in a mild bearish phase, trading between $97K and $111.9K, with resistance near $116K marked by top-buyers’ supply cluster.
- Seller exhaustion and renewed accumulation near $100K provide short-term support but lack strong follow-through demand.
- A dense supply cluster between $106K–$118K continues to cap rallies as investors exit near breakeven.
- ETF flows have turned modestly negative, reflecting fading institutional demand and a cautious risk appetite.
- Futures markets show muted funding rates and low open interest, signalling subdued speculative activity across both Bitcoin and altcoins.
- Options traders maintain a defensive stance, with put protection concentrated around $100K, while the 25-delta skew remains a key gauge for sentiment shifts.
- Overall, the market is consolidating within a defined range, awaiting stronger inflows or macro catalysts to break out of the current equilibrium.



Read more in The Week On-Chain

The Week On-Chain 49, 2025
#Bitcoin is stuck in a fragile range as losses climb, LTH selling grows, and demand stays weak. ETFs, liquidity, and futures remain muted while options price short-term volatility ahead of FOMC.

Executive Summary
- Bitcoin remains in a structurally fragile range, pressured by rising unrealized losses, elevated realized loss realization, and significant profit-taking by long-term holders. Despite this, patient demand has kept price anchored above the True Market Mean.
- The market’s inability to reclaim key thresholds, particularly the 0.75 quantile and the STH Cost Basis, reflects persistent sell pressure from both recent top buyers and seasoned holders. A near-term retest of these levels is possible if seller exhaustion emerges.
- Off-chain indicators remain weak. ETF flows are negative, spot liquidity is thin, and futures positioning shows little speculative conviction, leaving price more sensitive to macro catalysts.
- Options markets reveal defensive positioning, with traders bidding short-dated IV, accumulating both wings, and showing consistent demand for downside protection. The surface signals short-term caution but more balanced sentiment across longer maturities.
- With the FOMC meeting as the final major catalyst of the year, implied volatility is expected to decay into late December. Market direction hinges on whether liquidity improves and sellers relent, or whether the current time-driven bearish pressure persists.

Read more in The Week On-Chain

The Week On-Chain 3, 2026
#Bitcoin is consolidating in a low-volume regime, with easing spot pressure, light leverage, and volatility priced as short-lived rather than structural.

Executive Summary
- On-chain structure remains fragile, with price hovering around key cost-basis levels and limited confirmation of durable long-term holder conviction.

- Supply overhang persists, as recent buyers continue to face overhead resistance, constraining upside follow-through and keeping rallies vulnerable to distribution.

- Spot flows have turned more constructive, with sell-side pressure easing across major venues, though accumulation remains selective rather than aggressive.

- Corporate treasury activity is sporadic, characterised by isolated, event-driven inflows rather than coordinated accumulation, leaving corporates a marginal demand source.

- Derivatives participation remains thin, with futures volume compressed and leverage deployment subdued, reinforcing a low-engagement market regime.

- Options markets are pricing risk only at the front end, with short-dated implied volatility reacting while medium- and long-dated tenors remain anchored.

- Hedging demand briefly intensified, as reflected by a spike in the put/call volume ratio, but has since normalised, signalling tactical rather than structural risk aversion.

- Dealer gamma positioning has skewed lower, reducing mechanical support for price stability and reinforcing sensitivity to liquidity shocks.




Read more in The Week On-Chain

#Bitcoin's Yardstick has fallen to its lowest level on record, pushing valuation into an unprecedented zone. Conditions like this have rarely persisted, often marking periods where downside exhaustion meets long-term opportunity.
📉https://glassno.de/45NLi75

Now live in Market Compass: the #Bitcoin Cycle Position Composite, with heatmap, and snapshot charts – updated daily.

Included in all Advanced and Pro plans.

Quoting @n3ocortex:
As requested: the cycle position composite as a time-series 👇 https://twitter.com/n3ocortex/status/2084300783021944891