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The market has gone very quiet: spot volumes, exchange flows, and vols are sitting at the extremes. Meanwhile treasuries have out-yielded the crypto carry trade for only the second time on record. Read the full Week on Chain Report "Paid to Wait" here glassno.de/4fsLiP3

bitcoin:native rebounded from $64K to $65.1K but remains range-bound. Softer leverage, ETF outflows and muted on-chain activity signal cautious consolidation despite resilient holders. Read this week’s Market Pulse👇 glassno.de/4fAEgq7

Speculative supply is thinning while dormant coins climb. Our 3Q26 Charting Crypto report with @CoinbaseInsto outlines how the macro liquidity cycle is steering price, and where early accumulation signals are forming. Download the report👉 glassno.de/3RUO8mS

25-delta skew has fallen sharply at the front end, with 1W dropping near 4%, while 3M–6M remain around 11–12%. Near-term downside hedging is unwinding, but longer-dated options retain a defensive premium. glassno.de/4fCt2Sf

$BTC ATM implied volatility remains compressed across the curve, with 1W at 34.3% versus 6M at 40.8%. The upward-sloping term structure shows near-term event risk is being discounted, while longer-dated uncertainty retains a modest premium.

$BTC options are turning less defensive as put/call ratios and short-dated skew fall, while volatility stays compressed. Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface.👇

Strategy Watch #6 is live📊 June turned risk-off: directional funds fell (Fundamental -11.6%) while market-neutral held up, and net capital left every major asset. Our monthly read on fund performance & flows, with @CIG_Crypto👇 glassno.de/4fuI5NL

Hedges are off, shorts are closed, and ETF flows have flipped positive. What bitcoin:native needs now is confirmation at the Short-Term Holder Cost Basis at $69k; rejection there puts the lower demand shelf back in play. Read the full Week On-Chain report👇 glassno.de/4fxLoDW

Solana rotates block production to a new leader every 1.6 seconds. This epoch, 67% of blocks are being produced in Europe. Our dashboard helps users identify optimal connection points to minimize latency. Frankfurt average: 72ms. US East average: 140ms latency.glassnode.com/solana

bitcoin:native is consolidating near $64.5K, supported by strong profitability and stable derivatives. Rising hot capital and sell-side pressure, however, leave the market increasingly sensitive to volatility. Read this week’s Market Pulse👇 glassno.de/4hmMoNB

🔄 Update: With the spot price trading at $64.9K, the key on-chain price models are as follows: 🟡 Active Investors Mean: $83.5k 🟢True Market Mean: $76.2K 🔴 STH Cost Basis: $69.5K ---- Spot Price: $64.9K ---- 🔵 Realized Price: $52.9K 📊 glassno.de/3XDy2xe

The STH Cost Basis Distribution heatmap shows a fresh wave of supply rotating into new buyers' hands over the $62k-$65k range, during the rally from $57k. This is a double-edged structure. On one hand, buyers aggressive accumulated into the strength create a potential cost basis floor that could support a further test of $66k and above. On the other, much of this accumulation was concentrated toward the tail end of this local rally, which raises the risk of a local top formation if price fails to breach $66k convincingly. The $66k level is the near-term arbiter between these two scenarios. 📉 glassno.de/btc-sth-cbd-he…

$BTC’s options put/call ratio has fallen to a six-month low near 0.59, signalling a decisive shift toward call-heavy positioning. As price stabilises around $64K, traders appear to be reducing downside hedges and rebuilding upside exposure, a constructive shift in sentiment. glassno.de/45aozBe

$BTC is consolidating near $63K, below a dense negative-gamma cluster around $68K–$70K. A move into this zone could trigger more pro-cyclical dealer hedging and amplify volatility. glassno.de/4wRJMvO

$BTC options are turning more constructive: volatility is easing, the put/call ratio is at a six-month low, and upside exposure is rebuilding. Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface.👇

When analysing ETF flows, BlackRock (IBIT) and Fidelity (FBTC) are the cleanest signal to isolate, as the two largest entities. Their combined 30D-SMA sits at more than -1,250 BTC/day in net outflows, a sustained pace of institutional selling that stands out even relative to prior stress periods in 2025. Compounding this, daily trade volume has collapsed from above 65M BTC/day to 15-20M BTC/day. Sell pressure is persistent while speculative participation has largely withdrawn. Both directional conviction and activity levels among the top two ETF vehicles remain deeply muted. Any durable recovery will need this dynamic to reverse meaningfully. 📉 glassno.de/btc-etf-flows-…

To size how intensely long-term holders are anchoring the sell side, we can zoom into exchange flows directly. The Relative LTH/STH Realized P&L to Exchanges breaks down what share of coins flowing into exchanges carry a profit or loss, and which cohort is driving it. Currently, more than 65% of exchange inflows are attributable to long-term holders realizing losses, a reading consistent with prior bear market phases where this cohort dominated the sell side before eventually exhausting. Until this share begins to compress, the structural sell pressure from cycle-top buyers remains the dominant force in exchange flow. 📉 glassno.de/btc-lth-sth-ex…

One of the metrics I watch most closely when trying to gauge a bear market's end is, Realized Loss volume (in USD) by the 1-2 year holders. This age bracket captures coins last moved roughly 12 to 24 months ago, placing them closest to cycle-peak buyers. As frustration builds with sustained price underperformance, this cohort tends to progressively increase loss realization. Historically, bear markets have not found durable footing until this specific group exhausts its sell pressure. When the 30D-SMA of their realized loss cools and rolls over, it has often been among the clearest early signals that the heaviest distribution phase is behind the market. Worth watching closely. 📉 glassno.de/btc-realized-l…