Glassnode

The aggregated spot volume for the top 500 crypto assets has been declining since late January. Meanwhile, Bitcoin spot volume has been more resilient and rising for most of February.
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Resilient in the Face of War
Bitcoin is showing early signs of stabilisation as ETF inflows return and spot demand recovers. Negative funding points to crowded shorts, while options vol is easing.
Read the full Week On-Chain👇

#Bitcoin pulled back from $74k but internals are stabilizing. Momentum, ETF inflows, and profitability metrics improved modestly, though capital flows and conviction remain weak.
Read more in this week’s Market Pulse👇

20 million #bitcoin now exist.
This took 6,267 days.
The final 1 million will take 114 years.
Here's the time it took to reach other 20 million on-chain milestones on #Bitcoin 👇

$BTC Spot ETF flows are stabilising after sustained outflows. The 14-day netflow trend has turned higher, signalling easing distribution pressure as BTC breaks above 70k. Institutional demand remains tentative, but early re-accumulation signs are emerging.

Perpetual Open Interest posted its largest daily % increase since July 2025.
Leverage expanded as price tested $69.4k. This was consistent with speculators betting on a $70k breakout that didn't materialize.
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Waiting for Conviction
$BTC is range-bound between key valuation anchors, with $60k–$69k absorbing sell pressure. Profitability and breadth are fading, spot and ETF flows stay negative, and leverage has reset.
Read the full Week On-Chain👇

$BTC options positioning has flipped.
Our full-history GEX heatmap shows expanding negative gamma (red) around and below spot, while positive “gamma walls” thin out above.
With price in a short-gamma pocket, dealer hedging can amplify moves.

#Bitcoin stayed range-bound around ~$64–68K, momentum modestly improving but participation weak. Sell pressure eased slightly yet spot, derivatives, ETF, and on-chain indicators remain defensive.
Read more in this week’s Market Pulse👇

Since early February, every attempt to reclaim $70k has met demand exhaustion, with even >$5M/hour in net realized profit triggering rejection.
Contrast that with Q3 2025’s euphoric phase, when profit realization surged to $200–350M/hour.
Ongoing regime of thin liquidity makes a sustained recovery into the $70–80k range structurally challenging.
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Range-Bound Under Pressure
Bitcoin has broken below the True Market Mean, slipping into a defensive range toward the Realized Price (~$54.9k). Spot and ETF demand remain weak, and panic hedging has eased.
Read the full Week On-Chain👇

$BTC Realized Profits-to-Value (30D MA) has retraced sharply, unwinding much of the prior profit-taking impulse. However, it remains above the historical capitulation band.
This suggests profit realization is cooling, but not yet broad capitulation.

The recent drop to $60k imposed drastic psychological pressure on “diamond hands,” comparable to the May 2022 LUNA crash.
In both cases, the 7D EMA of Long-Term Holder SOPR fell below 1 after trading for 1-2 years above it.
Simply put, long-term holders realized significant losses—a rare shift in conviction typically seen in deeper stages of bear markets.
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The LTH Cost Basis Distribution (CBD) Heatmap maps supply density across price levels.
The recent support above $65k is anchored in the 2024 H1 accumulation range. This demand zone has absorbed recent sell pressure.
A decisive break would likely open the path toward Realized Price (~$54k).
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$BTC NUPL is back in Hope/Fear (~0.18), showing profit cushions are thin. This regime tends to be reactive: rallies meet sell pressure, and downside can extend as conviction fades.
Chart of the Week available below👇

Structural Weakness
Bitcoin remains defensive in the $60k–$72k zone while overhead supply caps rallies. Treasury outflows, reactive spot volume, and cooling futures signal shallow demand.
Read the full Week On-Chain👇

Assuming the early October ATH marked the end of the recent bull market, this cycle saw very modest drawdowns, similar to the 2015–2017 market.
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At $67.4k, more than 9.3M bitcoins are underwater. This is the highest level since January 2023.📉

The $BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling. These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning.

Bears In ControlThe $BTC bear market rages on as profitability resets, realised losses rise, spot demand stays weak, and leverage unwinds. Options keep pricing elevated downside risk.Read the full Week On-Chain👇