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Charting Crypto Q2 2025 is now live!

Produced by Coinbase Institutional and Glassnode, this quarter’s edition tracks how macro uncertainty is reshaping digital asset markets - and where capital is finding conviction.

Here’s what you’ll find inside:

🔹Bitcoin’s growing dominance amid a broad risk-off shift
🔹Institutional flows into spot BTC and ETH ETFs
🔹Solana’s record-setting revenue vs. other L1s and L2s
🔹Stablecoins’ rise as crypto’s global settlement layer
🔹Broker platform restrictions - and the untapped ETF demand they signal

Built for institutional investors, the report offers high-resolution insights into liquidity, positioning, and market structure.

Get the full report: https://get.glassnode.com/charting-crypto-q2-2025/
10.04.202515:20
The Week On-Chain, Week 14
The announcement of Trump’s “Liberation Day” tariffs sent shock-waves through financial markets, with major macro indexes experiencing a unilateral decline. Digital assets have been no exception, experiencing a broad-based contraction occurring across all sectors.

Executive Summary
🔸Capital inflows into the major digital assets have ground to a halt, causing major headwinds and a contraction of liquidity.

🔸The collapse across digital assets has been broad-based, with the altcoin market devaluing from $1T in Dec 2024 to a current value of $583B.

🔸Confluence between on-chain and technical models suggests that $93k is a key area of interest which must be reclaimed before upward momentum is re-established. On the downside, the $65k to $71k region remains a critical threshold for the Bitcoin bulls to hold.

🔗Read the full report here.
🔗Access charts from this report in a Glassnode Studio Dashboard.
📊 SOL URPD: Identifying Key Support and Resistance Levels

Glassnode’s URPD metrics provide insights into price levels where supply is concentrated, helping investors gauge key levels of interest.

🔹 Support:
$112.10
: 9.7M SOL (1.67% of supply) was acquired here. Since Jan 19, investors added 4M SOL, indicating strong conviction.
$94, $97, and $100 collectively hold 21M SOL (3.5%). If lost, downside risk increases due to low supply until $56.

🔹 Recent Accumulation:
$123
(16.2M SOL, 2.7%) and $126 (19M SOL, 3.2%) saw strong demand, potentially stabilizing the downtrend.

🔹 Resistance:
$135
holds 26.6M SOL, but $144 is crucial - 27M SOL (5% of supply) was acquired here, making it a significant test for further upside.

URPD was originally developed for Bitcoin but is now available for $SOL, $BNB, $TON, $DOGE, $TRX, and $XRP, offering investors granular insights to navigate key price levels.

Access URPD metric for Solana and other assets here.
The Week On-Chain - Week 07, 2025

Bitcoin is trading in the $93k-$97k range, leading to a wider digital asset market cooldown. Capital inflows are weakening, and derivatives activity is declining. Short-term holder accumulation patterns somewhat resemble May 2021, which was a relatively challenging set of market conditions.

Executive Summary

🔸After Bitcoin’s second attempt to break above $105k in late January, the market has entered a contraction phase, with monthly price momentum sharply declining across major assets.

🔸Solana has emerged as a market leader in capital inflows over the past two years, in contrast to Ethereum, which has comparatively struggled to attract sustained demand.

🔸Perpetual futures open interest has declined across Bitcoin (-11.1%), Ethereum (-23.8%), Solana (-6.2%), and Memecoins Index (-52.1%), reflecting a diminished appetite for leveraged speculation.

🔗Read the full report.
💡View all charts in this edition in The Week On-chain Dashboard.
05.02.202508:55
The Week On-Chain - Week 05, 2025

The regulatory environment surrounding Bitcoin is constantly changing, and new financial instruments such as derivatives and ETF products continue to develop. In this article, we analyze how the composition of digital asset investors is changing around it.

Executive Summary

🔸Bitcoin has evolved into a global asset with extremely deep liquidity, available 24/7, allowing investors to express their macroeconomic views even when traditional markets are closed.

🔸Bitcoin continues to prove itself as both a store of value asset, accruing over $850B in net capital inflows, and a medium of exchange asset, processing nearly $9B in economic volume per day.

🔸Multipple metrics show new demand remains elevated but is well below previous cycle peaks.

🔸Institutional investors are growing, reducing drawdown severity and compressing volatility over time.

🔗Read the full report.
💡View all charts in this edition in The Week On-chain Dashboard.
23.09.202418:16
Ethereum’s recent price surge, driven largely by speculative tokens, can seem chaotic. Glassnode’s new ERC-20 metrics - recently expanded by over 500 new assets - can help you make sense of this volatile market. Understand recent trends in this market with metrics giving you insights into profit and loss realization, speculator and long-term investor cost basis, or wealth distribution.

For three more weeks, get free access to all these metrics and assets, no matter your subscription plan. Use this time to get a clearer view of the market and hedge your bets more effectively. Start your analysis here: https://glassno.de/3BhgOOs
The Week On-Chain, Week 16

Bitcoin has surged back to $94.7k amid optimism surrounding tariff relief, with the market reclaiming key levels and sparking profit-taking. Short-term holders have taken profits, traders shorted the rally, and ETF inflows hit $1.54B – signalling an important sentiment shift behind the move.

Executive Summary:

🔹Bitcoin hit $94.7K on optimism around U.S.–China trade. Price briefly reclaimed the STH Cost Basis ($92.9K), a key level dividing bullish and bearish regimes.

🔹87.3% of BTC supply is in profit, up from 82.7%.

🔹The STH P/L Ratio hit 1.0, indicating break-even for recent buyers. Profit-taking has spiked, mainly from short-term holders.

🔹Futures OI is up 15.6%, while funding rates flipped negative, suggesting traders are shorting into the rally.

🔹On Apr 22, BTC ETFs saw $1.54B inflows, highlighting strong institutional demand. ETH ETF flows remain low, explaining ETH’s lag.

Read the full report here.
Access the charts from this edition in a Glassnode Studio dashboard.
04.04.202508:27
Puts are trading at a premium to calls, signaling a spike in demand for downside protection. This skew is most pronounced in short-term maturities - a level of fear not seen since BTC was in the $20Ks in mid-’23.

Despite this, BTC hasn't broken down like equities did on recent tariff headlines. That disconnect - rising panic without a price collapse - makes the current options market setup especially notable.

Skew like this usually appears when positioning is one-sided and fear runs high. TLDR: panic is elevated, but price is holding. That’s often what a bottom looks like.

Charts (available to Glassnode Professional plan users):
🔗https://glassno.de/41XBvd1
🔗https://glassno.de/42uRHmb
Are Metaverse tokens still relevant to investors?

Our latest analysis applies the Cost Basis Distribution (CBD) framework to major Metaverse assets like SAND, MANA, and AXS - offering a new perspective on investor conviction and engagement.

This article explores:

🔸How has the cost basis of long-term holders evolved over time?
🔸Are certain investor cohorts still accumulating Metaverse tokens?
🔸What can cost basis trends reveal about the potential for renewed interest?

Read the full report here.
13.02.202515:07
Stage 2 of our TON Blockchain integration is live! 

Glassnode now offers an expanded suite of on-chain and derivatives metrics for TON, providing deeper insights into its market activity, supply dynamics, and investor behavior.

Newly added metrics include:

🔹 Supply Last Active by Age Bands: track dormant vs. active supply
🔹 Futures OI & Volume: monitor derivatives activity
🔹 MVRV & SOPR: assess profitability and market cycles

Use these to analyze holding trends, liquidity, investor sentiment, and more!

Explore the full suite of TON metrics, starting with our dedicated Dashboard.
Last night, David Duong, Head of Research at Coinbase Institutional, and our Lead Analyst, James Check, hosted an insightful webinar, highlighting key takeaways from our Q4 Guide to Crypto Markets.

A big thank you to all the institutional participants who joined us. If you missed it, you can access the recording here: https://glassno.de/3YdZ8Lr
The Week On-Chain 38, 2024
The Bitcoin market is currently experiencing a period of stagnation, with both demand and supply sides showing signs of inactivity. The market is characterized by minimal capital inflows and outflows, as the stagnant Realized Cap indicates.

Executive Summary
- Market demand-side remains lacklustre for digital assets, with the magnitude of both capital inflows and outflows remaining small in scale.
- HODLing remains the primary investor dynamic, with all measures of actively tradable supply declining and large volumes of coins maturing into Long-Term Holder status.
- Price action has been remarkably stagnant over the past six months, driving all variants of the Sell-Side Risk Ratio to low levels, suggesting an expectation for higher volatility ahead.

Read more in The Week On-Chain newsletter.
17.04.202514:47
The Week On-Chain, Week 15

The macroeconomic environment remains uncertain with the restructuring of global trade relations ongoing. In spite of this, the performance of hard assets remains remarkable with Gold surging to a new ATH of $3300 and Bitcoin residing above $80k.

Executive Summary:

🔹Macroeconomic uncertainty persists amid shifting global trade, driving volatility in U.S. Treasuries and equities.

🔹Bitcoin saw its largest drawdown of the cycle, but it's within bull market norms. Median drawdown remains far milder than in past cycles.

🔹Digital asset liquidity is tightening, with slowing capital inflows and flat stablecoin supply growth.

🔹Investors face record unrealized losses, mostly among new participants; Long-Term Holders remain largely in profit.

Read the full report here. Access the charts from this edition in a Glassnode Studio dashboard.
03.04.202514:19
The Week On-Chain, Week 13, 2025

Bitcoin prices have continued to slide this week, with signs of seller exhaustion developing but no apparent trend reversal just yet. As a proxy for retail activity, we analyze XRP’s explosive rally as an initial burst of capital inflow stalls, momentum fades, and fragile sentiment raises caution.

Executive Summary
🔸The Bitcoin market continues to consolidate within the $76k to $87k range, with the Realized Profit/Loss Ratio starting to show signs of near-term seller exhaustion but not yet a renewal of sustained bullish momentum.
🔸A longer-term view reveals a deterioration of investor profitability, and an on-chain ‘Death-Cross’ has occurred, suggesting the market may remain weak.
🔹Ripple’s XRP network recently experienced a +490% spike in address activity and a near-doubling of Realized Cap, signalling aggressive retail interest. However, profitability has rapidly faded.

🔗Read the full analysis here.
📊View all charts in this edition in The Week On-chain Dashboard.
The Week On-Chain, Week 10, 2025

Bitcoin continues to face persistent sell pressure, especially from recent buyers. The asset has seen weak demand and fading accumulation since January. Short-term holders are capitulating, driving STH-SOPR into loss territory, mirroring the August 2024 crash to $49k.

Executive Summary

🔸
Bitcoin entered a phase of strong investor distribution in early January, with the Accumulation Trend Score confirming persistent sell-side pressure.

🔸Heightened volatility, weak demand, and liquidity constraints have prevented meaningful accumulation from restarting, reinforcing downside risks.

🔸Panic-driven selling has intensified, with STH-SOPR spiking well below the break-even level of 1, signalling fear and loss realization among recent buyers.

🔸A custom SOPR-adjusted CDD metric we developed shows that the intensity of the sell-off mirrors past capitulation events, notably the one in August 2024, as the market plunged to $49k.

Read more in the latest Week On-Chain. Charts here.
11.02.202514:50
Stablecoin circulating supply has increased by $16.97B since the start of 2025, rising from $194.2B to $211.2B. However, the pace of growth has varied, with a slowdown in early 2025 before picking up again in February.

Throughout November and December, stablecoins were growing by ~$450M per day. In January, the rate declined to ~$400M per day, but February has seen a rebound, with $541M per day. This suggests renewed liquidity expansion after a period of deceleration.

Momentum accelerated in mid-January as the 7-day average moved above the 30-day SMA, signaling increased short-term demand.
The Week On-Chain 39, 2024
In the wake of the Federal Reserve's 0.5% interest rate cut, Bitcoin has reclaimed the Short-Term Holder cost basis of ~$61.9k. This rally could achieve technical significance if the price also holds above the 200-day moving average at $63.9k.

Executive Summary
- Bitcoin has reclaimed the Short-Term Holder cost basis ($61.9k) and 200DMA ($63.9k) following a 0.50% interest rate cut by the Federal Reserve.
- Short-term holders are under marginally less pressure as prices rise above their cost basis, after a period of net capital outflows.
- New investors show a degree of resilience, seen in realized losses being of a relatively small magnitude, suggesting confidence in the overall uptrend.
- The perpetual futures market displays a cautious recovery in sentiment, with gradually increasing demand but still below levels seen during strong bull markets.

Read more in The Week On-Chain newsletter.
We're thrilled to announce the expansion of our analytics platform, which now supports over 500 new ERC-20 tokens! With this update, you can apply the same in-depth metrics from your Bitcoin analysis to a wide range of assets within the Ethereum ecosystem, helping you to formulate a comprehensive view of the market.

Our platform now features expanded coverage of key sectors in the ERC-20 landscape, including DeFi, AI-driven tokens, gaming, and staking. Seamlessly track asset fundamentals, capital flows, and sentiment across these sectors, all in one unified place.

Dive deeper into our ERC-20 token coverage in our latest article: https://glassno.de/4d9t28M
14.04.202515:34
Supply Mapping is now live in Glassnode Studio

Supply Mapping is a new Glassnode metric that reveals which investor profiles are driving token supply - based on the intent behind their buy or sell decisions.

Built on top of Cost Basis Distribution, this new tool segments token holders based on the intent behind their actions - whether it's conviction buying, FOMO-driven entries, panic selling, or profit-taking.

This allows you to:
🔹Spot early signs of trend reversals 🔹Identify tops and bottoms based on investor segment behavior 🔹Understand the emotional dynamics shaping supply flows

In volatile markets, reading investor psychology is key. Supply Mapping turns on-chain data into actionable insight - across Bitcoin and hundreds of ERC-20 tokens.

Dive into our analysis to learn more about this metric and how you can use it: https://glassno.de/4jB8ZEe
Access Supply Mapping now in Glassnode Studio: https://glassno.de/42FWDVv
We’re proud to share that Glassnode has been shortlisted in 3 categories at the 2025 Hedgeweek Global Digital Assets Awards:

🔸Alternative Data Provider of the Year
🔸Digital Asset Research Provider of the Year
🔸Solution Provider of the Year: Data and Research

It's a major recognition of our efforts to raise the bar for crypto market intelligence. Thank you for being a part of this journey.

If you'd like to show us your support, we encourage you to cast your vote here: https://glassno.de/3QOobS3
06.03.202516:59
📢 New Metric Release: Introducing On-Chain Retention

What is On-Chain Retention?
Retention is a fundamental metric for assessing engagement and sustainability of a business, but until now, digital assets lacked a robust framework for measuring it.

Glassnode introduces a solution to this problem with On-Chain Retention - a set of metrics tracking user engagement and investor loyalty across BTC, ETH, and 700+ ERC-20 tokens.

Why does this matter?
Traditional on-chain metrics track activity and balances, but they don’t categorize users based on commitment.

On-Chain Retention fills this gap by tracking addresses across intuitive categories such as new, retained, resurrected or churned over time.

How can investors use this?

✔️Distinguish real demand from speculation
✔️Detect early signs of capital flight and sell pressure
✔️Compare engagement and loyalty across assets

Read the full research article to learn how On-Chain Retention works and how to use it in practice.
05.02.202518:16
📢 New Report Release: Glassnode x Gemini - 2025 Crypto Asset Trends

Explore the forces shaping the crypto market in 2025 with our latest 35-page report, featuring:

🔸Retail investor resurgence
🔹Insights into derivatives and institutional participation
🔸Solana's rise compared to Ethereum
🔹ETF market impacts
🔸Memecoin sector analysis
🔹Regional adoption trends

Download the full report for comprehensive, data-driven insights.
We’re excited to announce that Glassnode will be speaking at Digital Asset Week in London next week, between the 2nd and 3rd of October. Our Chief Commercial Officer, Daniel Blackmore, will be participating in a fireside chat on the transformative power of on-chain analytics at 14:15 on the 3rd of October.

He will be interviewed by Alon Goren, co-founder at Draper Goren Blockchain. The event focuses on the institutional adoption of digital assets, bridging the gap between Traditional Finance and Digital Assets.

Please contact us at sales@glassnode.com if you would like to meet Dan. We look forward to seeing you there!
The Week On-Chain 37, 2024
The competitiveness of the Mining landscape and their conviction in the Bitcoin Network continues to rise, with the Hash Rate blasting towards new ATHs. However, investors remain unconvinced in the short term, with exchange-related on-chain volumes beginning to languish.

Executive Summary
- Hash Rate remains just shy of ATHs, as continued investment by Miners demonstrates immense conviction in the Bitcoin Network despite depressed revenues.
- Investor interactions with exchanges are in decline, with contracting volumes across the board, suggesting there is a diminished appetite for investors and trade.
- Both the Bitcoin and Ethereum ETFs are exhibiting outflows, however, investor interest in the Bitcoin ETFs remain significantly larger in scale and magnitude.

Read more in The Week On-Chain Newsletter
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