Glassnode

Bears In ControlThe $BTC bear market rages on as profitability resets, realised losses rise, spot demand stays weak, and leverage unwinds. Options keep pricing elevated downside risk.Read the full Week On-Chain👇

Hyperliquid positioning tells a clear story: Traders are net short ~240 BTC. Entry heatmaps show shorts added from higher levels, plus fresh shorts opening around $75k and current prices. Meanwhile, long interest remains notably thin. 📉

Stress Builds Below Resistance$BTC is consolidating with muted volumes, as spot bid rebuilds slowly while options markets lean increasingly defensive.Read the full Week On-Chain👇

Ethereum network fees just hit their lowest level since May 2017. 📉

Failed Breakout\n\n#Bitcoin is consolidating in a low-volume regime, with easing spot pressure, light leverage, and volatility priced as short-lived rather than structural.\n\nRead the full Week On-Chain👇\n

During the November–December bottoming phase, supply accumulation was primarily driven by larger entities, while smaller cohorts were distributing.
This divergence appears to be driven in part by exchange-related wallet reshuffling, and also by large holders buying the dip.
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Ethereum’s Month-over-Month Activity Retention shows a sharp spike in the “New” cohort, indicating a surge in first-time interacting addresses over the past 30 days.
This reflects a notable influx of new wallets engaging with the Ethereum network, rather than activity being driven solely by existing participants.
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Bouncing Into Supply
#Bitcoin has entered the new year with constructive momentum, printing two higher highs and extending price to $98k, but the advance now runs directly into a historically significant supply zone.
Read the full Week On-Chain👇

Across the top 500 cryptocurrencies, the latest move triggered the largest short-liquidation event since 10/10.
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Using the newly launched Short-Term Holder Cost Basis Distribution (CBD) Heatmap, the recent $80K–$95K consolidation reflects a top-heavy cost-basis structure meeting renewed demand above $80K.
Overhead supply from recent buyers has absorbed bounce attempts, anchoring price despite sustained buying interest following the drawdown.
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Long-term $BTC holder distribution has decelerated. Net outflows have rolled over from extreme levels, indicating that the market is progressively absorbing long-held supply and that a large portion of overhead supply may now be largely worked through.
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$BTC's VDD Multiple remains anchored in the low band.
This accumulation regime reflects limited long-term holder spending and subdued distribution pressure.
The market continues to absorb prior gains in a structurally constructive manner.
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Clearing the Decks
Bitcoin enters 2026 with a cleaner market structure after a major reset. Profit-taking has eased, and risk appetite is rebuilding, but reclaiming key cost-basis levels is critical for confirming upside.
Read the full Week On-Chain👇

$BTC and aggregate altcoin spot volumes printed their lowest levels since Nov 2023. This weakening demand contrasts sharply with upside moves across the market, highlighting increasingly thin liquidity conditions behind recent price strength.
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Since early November, the 30D-SMA of net flows into both Bitcoin and Ethereum ETFs has turned negative and remained so.
This persistence suggests a phase of muted participation and partial disengagement from institutional allocators, reinforcing the broader liquidity contraction across the crypto market.
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With price back above $90K, perpetual open interest has risen from 304K to 310K BTC (~2% increase), while the funding rate has heated up from 0.04% to 0.09%.
This combination signals a renewed buildup in leveraged long positioning, as perpetual traders position for a potential year-end move.
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On a 90D-SMA, stablecoins now dominate on-chain value transfer:
• 🔵USDC: ~$124B
• 🟢USDT: ~$68B
Major assets:
• 🟠BTC: ~$81B
• 🟣ETH: ~$7.9B
• 🔵SOL: ~$9.6B
• ⚫️XRP: ~$2.2B
• 🟡BNB: ~$1.6B
Stablecoins have become the primary liquidity rails, while native asset transfers remain comparatively subdued.
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$BTC DATs continue selective but steady BTC accumulation. Flows remain modest compared to late-2024 peaks, yet buying has broadened across miners, tech, and financial firms. Despite volatility, balance-sheet adoption remains a quiet structural tailwind.
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Unrealized losses across the crypto ecosystem have recently climbed to ~$350B, including ~$85B in BTC alone.
With multiple on-chain indicators signalling shrinking liquidity across the board, the market is likely entering a high-volatility regime in the weeks ahead.
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$ETH Spot ETFs are showing the first signs of life after weeks of steady outflows.
Modest inflows are starting to return, hinting at easing redemption pressure. A sustained move back into positive territory would signal improving demand into year-end.