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$BTC rolled over from a local peak above $82K into the mid-$76Ks, with spot demand, ETF flows, and speculative positioning weakening. Long-term holder strength remains a key source of support. Read this week’s Market Pulse👇 glassno.de/4nzZuIp

At $76.7k, more than 7.8M BTC are currently held at a loss. The supply overhang from buyers near cycle highs remains substantial, a weight the market will need to absorb before any sustained move higher becomes structurally credible. 📉 glassno.de/4wrCX4y

Median SOPR across the top 500 coins just hit break-even (SOPR=1), the highest reading since BTC traded near all time highs. The move was met with heavy selling across the market. The typical altcoin holder has been realizing losses since late 2024. 📊 glassno.de/4wBiDxG

#Bitcoin network activity is rebounding fast. Historically, surges in Network Growth above the 60 level have coincided with the end of local bottoms and the return of stronger market conditions. Our Vector framework shows #BTC is now approaching that same inflection zone. ▶︎glassno.de/3QxhI0I

Wrap Up Volatility has reset lower at the front end. Skew shows hedging demand has cooled. Realized vol is falling faster than implied. Flows lean balanced but still cautious. Positioning points to 82K as the trigger zone, with 85K as the next upside test.

85K Flow Stays Two Sided Positioning around the 85K strike remains balanced. Bought and sold call premium continue rising together. Traders are actively positioning around 85K, but without a strong directional bias yet. glassno.de/4dcq32R

Bitcoin is holding above 80K despite ETF outflows and a slightly hotter CPI print. Here’s what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface.

Chart of The Week: Exchange Reshuffling Ratio Breakdown 📈glassno.de/4uamxMj

The 7D-SMA of US Spot ETF Netflow dropped to -$88M/day, the largest outflow since mid-February. February's outflows occurred into price weakness. This wave is selling into strength, with BTC trading near $80k. Institutional participants were using the recovery over the recent days as an exit, not responding to fear. 📉glassno.de/4nrzXRD

Rally Without Conviction $BTC has recovered above $80K as ETF inflows, spot demand, and positioning improve. However, weaker capital inflows and heavy overhead supply near $86K keep conviction below prior bull phases. Read the full Week On-Chain👇 glassno.de/4wo7d0c

US 10Y yields have rebounded toward 4.4%, a level that previously coincided with pressure on $BTC. This time, BTC has recovered above $80K despite the rates backdrop, suggesting the market is absorbing the macro headwind more effectively than earlier in the cycle. 📈glassno.de/4nqHY9i

LTH Relative Unrealized Loss peaked at 15% in early April. In prior deep bear markets, this metric exceeded 75%. Long-term holders have so far experienced a fraction of the stress seen at historical cycle lows, suggesting recent drawdown, while significant, did not test their conviction at the same depth. 📉glassno.de/4uFvUn7

At $82.1k, the unrealized loss in the market equals ~6.9% of the market cap. 📉 glassno.de/4aqd4Ik

$BTC climbed from the high-$77Ks to low-$82Ks as spot demand and futures activity strengthened. Momentum cooled near highs, while options markets continued pricing elevated uncertainty. Read this week’s Market Pulse👇 glassno.de/48PCn6D