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Strategy Watch #2 is live. A full breakdown of strategy performance, capital flows, and allocator positioning in digital assets. The data shows a market under pressure, with capital rotating defensively. 👉 glassno.de/47m1Nbe

Wrap Up The options market is sending mixed signals. Skew is compressing, but volatility isn’t expanding despite bullish flows. Vol carries no premium, while some protection remains. This rally isn’t led by options, and positioning remains uncertain.

Put Demand Holds, But Isn’t Expanding At the 70K put strike, net premium remains tilted toward put buying, showing consistent demand for protection. However, the gap isn’t widening, suggesting this demand is stable rather than accelerating. glassno.de/4sLEwHz

Bitcoin is attempting to break above the 74–75K zone after two rejections in March. Here’s what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface.

Chart of The Week: Options ATM Implied Volatility, Skew & more 📈glassno.de/4ctsxYS

We asked the Glassnode team: How can I use the platform more effectively? @glassnode is an intelligence platform that analyzes on-chain data and market indicators to deliver actionable insights. 📊Tips for Studio 🔸Select the edit button within any chart and add metrics to compare multiple assets simultaneously, with support for custom formula calculations. 🔸Use the AI feature located in the top right corner of each chart to query chart contents and get answers to your questions through an AI agent. 🔸Pre-built dashboards provide model-driven answers to key market questions, including whether conditions favor an altcoin season and where local tops and bottoms may be. If you're already using Glassnode, explore the pre-built dashboards to access curated, customized insights tailored to your needs🎶

Approaching the Ceiling $BTC holds ~$74K, ~5% below key $78K resistance. Spot and ETF demand improve, but profit-taking and cautious options positioning suggest a twitchy, flow-driven recovery lacking strong conviction. Read the full Week On-Chain👇 glassno.de/481MVPA

After a persistent net short bias through Q4 and the Feb drawdown, Hyperliquid net positions have flipped modestly long (+434 $BTC), with sustained long exposure building into April. Early signs of positioning reset, but size remains relatively light. 📈glassno.de/3OsP6Fb

Spot ETFs were frequently buying $1b-2b weekly during pops throughout 2024-25, so yea, the charts do fully account for this scale of activity. $BTC

What do 3,500+ Bitcoin metrics tell us about where the market is headed? In this episode of Open Interest, @AbishekFi sits down with Anton Feingold and @ChrisBeamish_ of @Glassnode to break down the $BTC metrics that matter—and why $54K is the level to watch.

Relative Unrealized Loss measures total unrealized loss as a % of market cap, a gauge of how deeply underwater the holder base sits. As today: SOL: 54.8% XRP: 31.8% BTC: 11.9% ETH: 16.6% The elevated loss levels in altcoins reflect how heavy the top is in these markets, where supply is more concentrated among buyers who entered near cycle highs. 📉 glassno.de/4ejyOce

Following recent positive momentum across crypto markets, ETH has reclaimed the 1-3 month holder cost basis at $2.3k. So far, this structure is consistent with a bear market relief rally, comparable to the bounces observed in Q3-Q4 2022, rather than a structural trend reversal. 📉glassno.de/3Oo9047

$BTC momentum breaks above prior highs as spot buying strengthens. Futures OI climbs while Options show easing bearish bias, and on-chain activity cools, pointing to consolidation with improving sentiment. Read more in this week’s Market Pulse👇 glassno.de/4mu0zkr

Following the aggressive deleveraging event in early October 2025, which saw perpetual OI collapse from 7B to 2B XRP (−71%), positioning has continued to compress. OI has since declined a further 25% to 1.5B XRP. The market has yet to rebuild speculative exposure, signaling sustained caution among derivatives participants. 📉 glassno.de/4804f7z

With BTC at $70.8k, the Number of Addresses in Loss stands at ~13.5M. This indicates that a meaningful portion of the network acquired coins above the current spot price. 📉 glassno.de/4t6uFNx