Glassnode x Avenir Group: Unpacking Bitcoin's Liquidity Profile

Explore a multi-dimensional analysis of Bitcoin’s market structure through on-chain activity, exchange-based liquidity, and macroeconomic linkages.

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Among the world’s top 5 and Asia's largest Bitcoin ETF holding institution, Avenir Group is a leading investment firm with deep expertise in high-frequency trading and macro research.

Institutional investors leverage Glassnode's industry-leading on-chain analytics to gain unique insights into capital flows, asset fundamentals, and market sentiment in Bitcoin, Ethereum, Solana, and more.

The report covers:

On-chain Liquidity

How Bitcoin’s internal capital flows reflect growing market depth and long-term investor conviction.

Altcoin Divergence

Capital fragmentation across major altcoins, and the contrasting behavior of high- and mid-cap assets.

Off-chain Microstructure
Insights into exchange flows, derivatives positioning, and the role of ETFs in shaping liquidity and execution.
Macro Linkages

Bitcoin’s sensitivity to global liquidity, credit conditions, and its alignment with risk asset cycles.


Explore a multi-layered view of Bitcoin liquidity

Here is a preview of the many essential data-driven insights you will find in the 20-page report.

Bitcoin’s beta to global liquidity is rising

Bitcoin no longer behaves like an isolated risk asset. Its beta loading to global liquidity has steadily increased, suggesting that it now amplifies shifts in macroeconomic conditions - both up and down.

Liquidity fragments along risk lines

Using on-chain measures of capital inflows, we show how liquidity is polarizing - concentrated either in the safety of Bitcoin or extreme speculation of SPL meme tokens. Meanwhile, mid-tier assets remain pressured by unlock schedules and limited capital inflows.

BTC Price Performance Since Cycle Low Chart by Glassnode

Order book imbalance reveals hidden turning points

Using a z-score model of the limit order book, the report identifies statistically significant imbalances that have preceded major rallies and corrections - offering a lens into supply-demand dislocations not visible on price charts alone.

ETF demand is more than just arbitrage

A novel estimate of unhedged ETF demand reveals that most inflows are not driven by basis trades but reflect authentic institutional positioning, suggesting stronger market resilience than commonly assumed.

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Disclaimer: The information contained in this report is meant for informational purposes only and should not be interpreted as investment advice.

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