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bitcoin:native recovered toward $64K, but weak spot participation and subdued on-chain activity suggest the move lacks broad conviction. Institutions are returning, while options remain defensive. Read this week’s Market Pulse👇 glassno.de/3RxpzMD

Bottom Building in Progress Bitcoin remains in deep value after five months below key investor cost bases. LTH capitulation has peaked at $280M/day while ETF flows stay net negative. Derivatives lean cautiously long, but the options surface still prices downside. The bottoming process is advancing, not yet complete. Read the full Week On-Chain👇 glassno.de/4p73wZy

$BTC volume sent from long-term holders in profit to exchanges has faded and sits near its lowest since early 2023. LTH profit-taking has effectively switched off.

First eventful order flow in weeks. Aggressive shorting into the 58k lows, twice. Unfortunately for bears, the retest coincided with spot sell pressure easing. All of this short OI has since been flushed. Notably, BTC remained strong today despite negative news of MSTR selling

Bitcoin's easing into consolidation. Selling has cooled, futures longs are piling back in, and options traders aren't as spooked about downside anymore. ETF outflows are drying up too. Hot capital is creeping back though, which could stir up volatility even as profits climb. Read this week’s Market Pulse👇 glassno.de/4eZQxV4

The options market is currently pricing in low future volatility for $BTC. While upside expectations remain unchanged we see less demand for short exposure. This could be the first sign of optimism returning to the options market. glassno.de/4wpfdgH

One of our most insightful on chain metrics is the Hyperliquid Entry Price Heatmap. It shows the exact price levels at which traders enter positions. Large longs from $72-76k and shorts from $60k are currently under water, leading to fragility in either direction. glassno.de/44Imuwb

Bottoms are formed by a shift in regime. The Vector framework is still signaling a Strong Risk-Off environment for Bitcoin. However, under the surface, metrics are beginning to pivot. A potential bottom may be forming. We'll alert you the second it confirms: glassno.de/4wpdPe0

Altcoin Cycle Signal update: the altcoin signal remains firmly in "altcoin season". This is strength beyond the denominator effect we described last month. Alts remain strong both on a relative and absolute basis. glassno.de/3RhFoXG

With bitcoin:native still trading in negative gamma territory, dealer hedging may continue to amplify price swings. Combined with elevated implied volatility and persistent demand for puts, the options market remains cautiously defensive. glassno.de/3QDXIKu

Despite Bitcoin's rebound from $58K, Skew remains firmly positive, indicating puts continue to command a premium over calls. Demand for downside protection persists, although the retreat from June's extremes suggests defensive positioning is beginning to ease. glassno.de/3SGoSAY

As bitcoin:native extends its drawdown, options markets are repricing risk, volatility, and the probabilities investors assign to the next major move. Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface.👇

Accumulation Below the Surface $BTC has fallen below $60K as ETF outflows persist. Despite the weakness, long-term holders are absorbing supply, suggesting patient capital is returning. Read the full Week On-Chain👇 glassno.de/4wcjSCC

Following @Strategy's June 29 announcement, its preferred shares rebounded strongly into month-end, with $STRC recovering around 13%. Bitcoin continued to show weakness, closing June below $60k. 📉glassno.de/4xXbDfp

$BTC fell from around $63K to a local low near $58K before stabilising. Defensive positioning persists across spot, derivatives and ETFs, while on-chain activity suggests the market remains in consolidation. Read this week’s Market Pulse👇 glassno.de/4eNpI67

Institutional demand isn’t absorbing new $BTC supply – it’s adding to the overhang. ETFs shed 71.6K BTC over the past month, DATs added just 7.5K. Adjusted for issuance, combined flows are −77K #BTC. Until this flips positive, any recovery is fighting net wrapper supply.

Directional managers posted strong gains in May, led by Fundamental (+8.62%) and Event Driven (+11.43%) approaches. Stock selection drove the standout returns rather than market direction. Strategy Watch, produced with @CIG_Crypto, is live: glassno.de/4xX2Udd