In periods of heightened volatility, Glassnode’s Supply by Investor Behavior metric gives a deeper pulse of the market. For Bitcoin, we are seeing:
🔸Supply held by First Buyers has risen +1.0% (4.88M → 4.93M BTC) over the past 5 days - showing fresh demand continues to enter.
🔸Conviction Buyers rose +10.1% (933K → 1.03M BTC) over 5 days. Yet compared to April’s surge, engagement looks muted - suggesting this dip is too shallow for strategic buying, or investors remain hesitant.
🔸Loss Sellers spiked +37.8% (63K → 87K BTC) over the past 5 days. Still, compared to earlier this year, realized losses remain contained - suggesting few investors are panicking.
🔸Profit Takers jumped +5.4% (1.73M → 1.83M BTC), the largest spike YTD. For some investors, this clearly has been a time to lock in gains and take chips off the table.
Learn more about Supply by Investor Behavior metric here.
🔸Supply held by First Buyers has risen +1.0% (4.88M → 4.93M BTC) over the past 5 days - showing fresh demand continues to enter.
🔸Conviction Buyers rose +10.1% (933K → 1.03M BTC) over 5 days. Yet compared to April’s surge, engagement looks muted - suggesting this dip is too shallow for strategic buying, or investors remain hesitant.
🔸Loss Sellers spiked +37.8% (63K → 87K BTC) over the past 5 days. Still, compared to earlier this year, realized losses remain contained - suggesting few investors are panicking.
🔸Profit Takers jumped +5.4% (1.73M → 1.83M BTC), the largest spike YTD. For some investors, this clearly has been a time to lock in gains and take chips off the table.
Learn more about Supply by Investor Behavior metric here.
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Last week, Bitcoin surged to a new ATH above $123k before retreating toward $114k. This week’s edition of BTC Market Pulse unpacks this slowdown: ETF demand remains strong, derivatives run hot, but on-chain signals point to fragility. Read it here: https://glassno.de/41c4VDB
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The market is showing signs of contraction following significant profit-taking from investors holding for over 1 month (excluding daily traders).
Let’s look at when and how much profit was realized (30D-EMA) across the top 5 assets:
Bitcoin (BTC)
On July 18, >1-month BTC holders realized over $1.5B in profit, marking the largest profit-taking spike since December 2024.
Ethereum (ETH)
On August 16, realized profit peaked at $575M, the largest profit-taking spike of this cycle so far. A clear sign of longer-term ETH holders taking risk off the table.
Solana (SOL)
On August 17, >1-month holders realized over $105Min profit, the biggest profit event since the early 2025 surge.
XRP
On July 24, profit-taking by longer-term holders spiked to $375M, suggesting strong distribution similar to December 2024 rally.
TRON (TRX)
August 6 saw a profit realization peak of $230M, highest in Tron’s history, reflecting broader sell pressure across altcoins.
Let’s look at when and how much profit was realized (30D-EMA) across the top 5 assets:
Bitcoin (BTC)
On July 18, >1-month BTC holders realized over $1.5B in profit, marking the largest profit-taking spike since December 2024.
Ethereum (ETH)
On August 16, realized profit peaked at $575M, the largest profit-taking spike of this cycle so far. A clear sign of longer-term ETH holders taking risk off the table.
Solana (SOL)
On August 17, >1-month holders realized over $105Min profit, the biggest profit event since the early 2025 surge.
XRP
On July 24, profit-taking by longer-term holders spiked to $375M, suggesting strong distribution similar to December 2024 rally.
TRON (TRX)
August 6 saw a profit realization peak of $230M, highest in Tron’s history, reflecting broader sell pressure across altcoins.
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The Week On-Chain 33, 2025
Pressure continues to mount across the digital asset landscape, with broad-based sell-offs hitting major assets. Derivatives activity, in particular, continues to accelerate, leaving the market increasingly sensitive and reflexive in its structure.
Executive Summary
- Capital inflows into Bitcoin continue to decline, even as a new ATH of $124.4k forms, highlighting weaker investor demand.
- Altcoin open interest hit an ATH of $60B, but quickly fell by -$2.6B, marking the 10th largest drop on record.
- Ethereum’s open interest dominance is at its 4th highest level, while perpetual futures volume dominance reached a new ATH of 67%.
- In prior cycles (2015–2018, 2018–2022), ATHs were reached 2–3 months later than where we are in the current cycle.
Read more in The Week On-Chain newsletter.
Pressure continues to mount across the digital asset landscape, with broad-based sell-offs hitting major assets. Derivatives activity, in particular, continues to accelerate, leaving the market increasingly sensitive and reflexive in its structure.
Executive Summary
- Capital inflows into Bitcoin continue to decline, even as a new ATH of $124.4k forms, highlighting weaker investor demand.
- Altcoin open interest hit an ATH of $60B, but quickly fell by -$2.6B, marking the 10th largest drop on record.
- Ethereum’s open interest dominance is at its 4th highest level, while perpetual futures volume dominance reached a new ATH of 67%.
- In prior cycles (2015–2018, 2018–2022), ATHs were reached 2–3 months later than where we are in the current cycle.
Read more in The Week On-Chain newsletter.
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