Glassnode

Vote for Glassnode at the 2025 Hedgweek Awards: https://glassno.de/3QOobS3 We’re honoured to share that Glassnode has been shortlisted in three categories at the 2025 Hedgeweek® Global Digital Assets Awards: 🔹Alternative Data Provider of the Year 🔹Digital Asset Research Provider of the Year 🔹Solution Provider of the Year: Data and Research This recognition reflects our ongoing mission to equip the industry with transparent, actionable, and data-driven insights into digital asset markets. If our work has supported your crypto journey, we’d be grateful for your vote. Thank you for being part of our story.

After a sharp drawdown, Bitcoin appears to have found short-term support around $74K - the first significant cost basis cluster below $80K. Over 50K BTC are held at $74.2K, primarily by investors who steadily accumulated for five months until March 10, then turned inactive. Between $74K and $70K, an additional 175K BTC is held, with $71.6K alone holding 41K BTC. The next major cluster sits lower, at $69.9K, with 68K BTC. Futures markets reacted, but not chaotically. Over the past 24h, total BTC liquidations reached $58.8M, with 72% from long positions. While longs were clearly caught offside, the scale of liquidations is far smaller than in prior sell-offs YTD - signaling that the market wasn’t heavily positioned for upside. Open interest in BTC futures declined from $38.7B to $34.5B over the past two weeks. Cash-margined contracts fell steadily, while crypto-margined OI dropped and has started rising again in the past 48 hours. Crypto-margined contracts now account for 20.5% of total OI, up from 18.9%, suggesting increased risk appetite from native participants. Meanwhile, large holders are quietly accumulating. Whales holding >10K BTC hit a near-perfect accumulation score of 1.0 at the start of April, following intense 15-day buying. The score has since eased to 0.65, still signaling steady inflows. Smaller cohorts — from <1 BTC to 100 BTC — continue to distribute, with scores trending toward 0.1–0.2.

Ripple's XRP has emerged as a new retail favorite this cycle, diverging from Bitcoin’s more institutional-driven rally. Since the 2022 cycle low, XRP active addresses are up +490%, while $BTC has only seen a +10% increase - a sharp signal of speculative retail demand. Despite similar price gains since the cycle low, the rally paths differ. BTC shows steady, catalyst-driven growth. XRP, however, traded flat until a December breakout, driven by short-term retail speculation. Read more in the latest Week On-Chain, where we also tackle Bitcoin’s range-bound consolidation, on-chain Death-Cross signals, loss-driven investor stress, and the fading profitability behind $XRP’s retail-led surge. Check the link in the comment below.

Last week, Glassnode’s Chief Commercial Officer, Daniel Blackmore, and Institutional Director, Brett Singer, were in New York City for the Digital Asset Summit 2025 by Blockworks. Together with Traders Guild, we hosted an institutional drinks event, bringing together market makers, institutional traders, and asset managers for an evening of networking and insightful conversation. It was a fantastic opportunity to catch up with many of our clients and connect with new faces in a relaxed setting. Throughout the week, we also took the chance to meet with partners across the city. Special thanks to Uwe Cerron and the Traders Guild team for helping us make this evening a success.

Where is the next big price resistance going to form for Solana? Glassnode’s URPD metric highlights key price levels where supply was created, helping traders and investors identify support and resistance zones. Key levels to watch: Support: $112.10 holds 9.7M SOL (1.67% of supply), with long-term investors adding 4M SOL since January. Below, $94, $97, and $100 collectively hold 21M SOL (3.5%). If these levels break, downside risk increases due to low supply until $56. Recent Accumulation: $123 and $126 saw significant demand, with 16.2M SOL (2.7%) and 19M SOL (3.2%) allocated, potentially stabilizing the current downtrend. Resistance: $135 holds 26.6M SOL, while $144 remains the largest test, with 27M SOL - 5% of total supply - at this level. Originally built for Bitcoin, URPD now covers #SOL, #BNB, #TON, #DOGE, #TRX, and #XRP, extending insights into account-based chains.

The Bitcoin market continues to adjust to its new price range after experiencing a -30% correction. Liquidity conditions are also contracting in both on-chain and futures markets. Additionally, Bitcoin's Long-Term Holders remain inactive, reinforcing a picture of a sluggish market and sideways price action. Read the latest edition of The Week On-Chain where we explore BTC liquidity contraction from both on-chain and off-chain perspectives, looking at the options market and analyzing stress to the Short-Term Holder cohort as well. Find the link to the full report in the comment below.

How do early token holders shape price trends - and what can traders learn from their behavior? Tokens in their early days go through a price discovery phase, where early adopters control a significant share of the supply. When these holders sell, it often triggers market corrections. Glassnode introduces a framework to track early holder behavior, helping investors anticipate key price shifts with: 🔹 Early Holder Balance – Tracks large-scale selling behavior 🔹 The Herfindahl Index – Measures market concentration changes 🔹 NUPL (Net Unrealized Profit/Loss) – Detects profit-taking trends 🔹 Cost Basis Distribution (CBD) Heatmap – Highlights early accumulation & selling zones By combining these metrics, traders can differentiate organic demand from speculative activity, spot exit points early, and manage risk more effectively. Read the full research to learn how to apply these insights (link in comments).

Are Metaverse tokens still relevant to investors? Our latest analysis applies the Cost Basis Distribution (CBD) framework to major Metaverse assets like SAND, MANA, and AXS - offering a new perspective on investor conviction and engagement. This article explores: - How has the cost basis of long-term holders evolved over time? - Are certain investor cohorts still accumulating Metaverse tokens? - What can cost basis trends reveal about the potential for renewed interest? Read the full breakdown: https://lnkd.in/dMyyPJ6W

We recently co-hosted an institutional event in Hong Kong with Avenir Group, ALGOQUANT, and Hidden Road during Consensus 2025, a great opportunity to connect with our institutional client base. Our Senior Analyst Ukuria OC took part in a lively panel, sharing our latest thinking on machine learning applications of on-chain data for systematic trading. Special thanks to Michael Ashby for moderating and to Helena Lam & Shawn Su at Avenir for hosting such a fabulous event.

𝗕𝗿𝗶𝗱𝗴𝗶𝗻𝗴 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 – 𝗠𝗮𝗰𝗵𝗶𝗻𝗲 𝗟𝗲𝗮𝗿𝗻𝗶𝗻𝗴, 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝘀, 𝗮𝗻𝗱 𝗢𝗻-𝗖𝗵𝗮𝗶𝗻 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 On Tuesday evening, Avenir Group, in partnership with Glassnode and Hidden Road, hosted an inspiring event at the Avenir Club, Causeway Bay, Hong Kong, bringing together industry leaders to explore the intersection of machine learning, market structures, and on-chain data analysis. The evening began with Sabrina Li, Project Lead, who introduced the 𝗔𝘃𝗲𝗻𝗶𝗿 𝗖𝗿𝘆𝗽𝘁𝗼 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗣𝗿𝗼𝗴𝗿𝗮𝗺—a $500M initiative dedicated to supporting high-performing quantitative trading teams and driving innovation in the cryptocurrency market. 🎙️ Panel Discussion Highlights The panel discussion, moderated by Michael Ashby, CEO of ALGOQUANT, featured a thought-provoking conversation with three distinguished speakers: ·  Justin Chow, Partner, Head of Asia & Head of Digital Assets at Hidden Road, discussed the evolution of market structures and how institutions are navigating the complexities of digital asset adoption. · Luke Ukuria, Senior Analyst at Glassnode, provided a deep dive into on-chain data analysis and its critical role in understanding market behavior and improving institutional strategies. · Helena Lam, Quantitative Research Analyst at Avenir Group, shared her insights on how machine learning is transforming quantitative strategies and enabling data-driven decision-making in the digital asset space. Together, the panelists explored how cutting-edge technologies and robust data insights are reshaping the financial landscape and bridging the gap between traditional finance and the digital asset economy. We extend our gratitude to our co-hosts Glassnode and Hidden Road, the speakers, and all attendees for making this event a success. The discussions sparked on Tuesday evening were a testament to the exciting future of finance and the importance of collaboration in driving innovation.   💡 About the 𝗔𝘃𝗲𝗻𝗶𝗿 𝗖𝗿𝘆𝗽𝘁𝗼 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗣𝗿𝗼𝗴𝗿𝗮𝗺 The Avenir Crypto Partnership Program is a US$500 million initiative dedicated to partnering with high-performing quantitative trading teams worldwide. Offering flexible funding options across USD, BTC, and ETH, the program is designed to foster collaboration, drive financial innovation, and leverage advanced technology to address critical challenges in the cryptocurrency market. The program underscores Avenir Group’s commitment to shaping a more efficient, resilient, and technology-driven trading ecosystem. For inquiries, please contact: partners@avenir.hk. #CryptoInnovation #DigitalAssets #FinanceTransformation #MachineLearning #AvenirGroup #Glassnode #HiddenRoad #Partnerships