CME x Glassnode:
BTC Market Trends Report
BTC Market Trends Report
Institutional-grade analysis of the key drivers and trends shaping digital assets in H1 2025. Delivered with the depth, clarity, and insight that define Glassnode’s standard.
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CME Group is the world's leading derivatives marketplace, enabling clients to trade futures, options, and other financial instruments across various asset classes, including cryptocurrencies.
Institutional investors leverage Glassnode's industry-leading on-chain analytics to gain unique insights into capital flows, asset fundamentals, and market sentiment in Bitcoin and Ethereum.
Key Bitcoin trends to look out for
With over $38B in ETF inflows, deepening institutional presence, and rising adoption of CME-regulated instruments, Bitcoin entered the year on the back of historic growth. In H1, capital inflows largely plateaued. ETF flow data, combined with on-chain metrics and CME futures data, suggests that much of the current price range has been “priced in” by existing participants. Will fresh institutional capital return in H2?
Here is a preview of the many essential data-driven insights you will find in the 32-page report.
Here is a preview of the many essential data-driven insights you will find in the 32-page report.
Bitcoin's Realized Cap hits record $872 billion
Bitcoin has absorbed over $400B in net inflows since the 2022 low, pushing realized cap to a record $872B. The rise marks a major accumulation phase and growing conviction across investor cohorts.
Bitcoin settled over $2.9 trillion on-chain in 2024
Despite lower price volatility, Bitcoin's role as a global settlement layer holds strong with trillions moved on-chain and transactional utility undiminished.
Despite drawdowns, Bitcoin ETF giants remained in profit
BlackRock and Fidelity holders show average cost bases of $69.2K and $57.4K, respectively. These levels have helped establish a soft price floor, highlighting the stabilizing influence of institutional capital in Bitcoin markets.
Options open interest sees 2x growth since last cycle
Reaching an ATH of $43B in 2024, options open interest has grown significantly, with institutional investors increasingly using CME’s options products for longer-dated strategies and structured positioning.
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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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