#Bitcoin is one of the lowest-velocity major assets globally, while #Ethereum’s supply is twice as active, with 1 in 4 coins locked in staking or ETFs. In our latest research with @Keyrock, we examine where each asset sits on the Store-of-Value ↔ Utility continuum.

Altcoin relative profits are stabilizing in deep capitulation territory, with only ~5% of supply in profit, while Bitcoin’s profits have just begun to decline sharply. This unusual divergence between BTC and alts is unprecedented in prior cycles. 📉 https://t.co/IpxEWurY3i

Volatility is picking up, skew is firmly bearish, and flows are dominated by puts. The options market is positioning for turbulence ahead, with dealer hedging likely to reinforce short-term realized volatility.

With the 100K level broken, attention shifts to the 95K puts. Premiums there have been heavily bid, showing fragile sentiment and rising demand for downside protection at this level. 📊 https://t.co/RdtQIG7cI3

Recent flow has been dominated by put buyers, which could add downside pressure. As dealers sell these puts, they hedge by selling futures. If spot continues to drop, hedging intensifies and amplifies volatility further. 📊 https://t.co/RdtQIG7cI3

BTC options look fairly priced as implied and realized volatility are aligned. In this setup, owning optionality can be attractive since realized moves have exceeded what the market was pricing in, offering chances to capture gamma on swings. 📊 https://t.co/roiRER163I

The 25 delta skew, which measures demand for downside protection versus upside exposure, remains bearish and continues to rise. Short-dated skew (1W and 1M) sits near range highs around 12.5% and 10% in favour of puts. 📊 https://t.co/XDleRxJLGq

ATM implied volatility has jumped as short-term uncertainty creeps back in. The 1-week IV is now at 51% while the 6-month IV sits at 48%, up 3 vol points in just two weeks. 📊 https://t.co/ij57DB5ida

$BTC Options Weekly As expected by the options market, Bitcoin retested and broke the 100K level. Here’s how the market is reacting to this new price action through volatility, skew, and options flow. Here’s what the market is signalling now. 👇

At $96K, nearly 99% of investors who accumulated Bitcoin within the past 155 days are now holding at a loss 📉 https://t.co/lxdpE0SIhC

When downside hedging demand rises, the 25-delta skew spikes. Recent spikes have consistently aligned with short-term lows, signalling elevated fear and heavy short positioning. Useful for low-timeframe traders. https://t.co/95P0q75chJ

Since late August, as Ethereum pulled back from its new peak, 3–10 year holders have ramped up their average daily spending to >45K ETH/day (90D-SMA). This marks the highest spending level by seasoned investors since Feb 2021. 📉 https://t.co/EO1LpkLbmL

Long-Term Holders Continue to Distribute "Adding to the market’s inability to sustain its euphoric phase, the persistent Long-Term Holder (LTH) distribution since July 2025 has further constrained upside momentum." -- Week On-Chain 41 Updated charts from our recent

#Bitcoin is trading around $104K stuck between the 0.85 and 0.75 cost-basis quantiles ($108.5K / $100.6K). These levels have historically acted as support and resistance, with a break of either likely to define the next directional trend. 📈 https://t.co/ZIPAeR4AN2

Even when we isolate 7+ year-old whale wallets spending more than 1k BTC per hour, the data tells a consistent story. These high-magnitude spends were not unique to this cycle — they’ve occurred in every major bull phase. What stands out now is their frequency: OG whale >1K

A closer look at the monthly average spending by long-term holders reveals a clear trend: outflows have climbed from roughly 12.5k BTC/day in early July to 26.5k BTC/day today (30D-SMA). This steady rise reflects increasing distribution pressure from older investor cohorts — a

Long-term holders have been realizing profits throughout this cycle, just as they did in every previous one. By late August, the scale of profits taken by seasoned investors after breaking the ATH climbed to levels fully consistent with prior cycle peaks — not an anomaly, not

🧵 Let’s set the record straight. Recent narratives such as “OG Whales Dumping” or “Bitcoin’s Silent IPO” have sparked debate. However, the data tells a more nuanced story. Using Glassnode’s on-chain models, we’ll break down what’s actually happening beneath the surface👇

🎧 TUNE IN: AI trading bots are taking over. Are they money printers or just hype with hidden risks? Join Cointelegraph host @savannah_fortis with @glassnode’s Sales & Research Lead @Brett_Glassnode and @cindicator’s CFO & Partner @nkolmakhidze for this conversation.

Long-term $BTC holders are accelerating their distribution, with supply declining fast and net position change falling sharply into negative territory. LTHs are booking profits as bulls defend $100k. https://t.co/yatqA1O7nd

Larger entities, such as centralized exchanges, whales, and custodial wallets in general have been the destination of smaller entities spending their coins.