{"id":51425,"date":"2021-10-19T14:17:30","date_gmt":"2021-10-19T11:17:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51425"},"modified":"2025-09-02T23:39:29","modified_gmt":"2025-09-02T20:39:29","slug":"glassnode-analysts-report-improvement-in-key-metrics-ahead-of-bitcoin-etf-launch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-analysts-report-improvement-in-key-metrics-ahead-of-bitcoin-etf-launch\/","title":{"rendered":"Glassnode analysts report improvement in key metrics ahead of Bitcoin ETF launch"},"content":{"rendered":"<p>The state of the derivatives market and on-chain metrics confirm the enthusiasm of participants in the cryptocurrency market ahead of <a href=\"https:\/\/u1f987.com\/en\/news\/media-set-the-date-for-the-start-of-trading-of-the-first-u-s-futures-bitcoin-etf\">the launch<\/a> of the first in the United States Bitcoin futures ETF. The same conclusions are contained in a report by Glassnode analysts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> has broken above $60k and is consolidating just below the all-time-high.<\/p>\n<p>We analyse whether Long-Term Holders are spending or HODLing through the rally, and whether risk is growing in options and futures markets.<\/p>\n<p>Read more in The Week On-chain<a href=\"https:\/\/t.co\/7dxNnSnt99\">https:\/\/t.co\/7dxNnSnt99<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1450129556182945796?ref_src=twsrc%5Etfw\">October 18, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time the report was compiled, only 311,800 BTC remained whose movements were tracked at higher prices. These coins comprised just 1.66% of the total supply of digital gold. In other words, 98.34% of all BTC in circulation among investors were in unrealized profits.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"618\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-571-1024x618.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b\u0438 \u043e\u0431 \u0443\u043b\u0443\u0447\u0448\u0435\u043d\u0438\u0438 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u043c\u0435\u0442\u0440\u0438\u043a \u043d\u0430\u043a\u0430\u043d\u0443\u043d\u0435 \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF\" class=\"wp-image-153331\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-571-1024x618.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-571-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-571-768x464.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-571-1536x927.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/1-571.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>As prices rose above $60,000, holders started to realise profits. Nonetheless, the tendency to spend coins did not become dominant. Broadly, long-term investors tend to buy at market lows during bear phases and move to selling as prices approach and surpass prior highs, the analysts noted.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-485-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b\u0438 \u043e\u0431 \u0443\u043b\u0443\u0447\u0448\u0435\u043d\u0438\u0438 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u043c\u0435\u0442\u0440\u0438\u043a \u043d\u0430\u043a\u0430\u043d\u0443\u043d\u0435 \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF\" class=\"wp-image-153332\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-485-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-485-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-485-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-485-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-485.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>&#8220;The coin-age map shows a pause in the downtrend for younger BTC under one month old due to some unloading of older coins.&#8221;<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-294-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b\u0438 \u043e\u0431 \u0443\u043b\u0443\u0447\u0448\u0435\u043d\u0438\u0438 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u043c\u0435\u0442\u0440\u0438\u043a \u043d\u0430\u043a\u0430\u043d\u0443\u043d\u0435 \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF\" class=\"wp-image-153333\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-294-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-294-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-294-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-294-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/3-294.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Over the last 90 days, investors realised profits of 1.63 million BTC and 676,000 BTC were sold at a loss. Analysts compared these figures with previous extremes. At the peak of 2018, profits were realised in 5.99 million BTC, in 2019 \u2014 2.5 million BTC, just before <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-falls-below-35000\">the May correction<\/a> \u2014 4.58 million BTC.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cCurrent outlays are relatively modest relative to network valuation. Although profitable coins have moved, the metrics indicate that there is enough current demand to absorb selling.\u201d<\/em> \u2014 analysts noted.<\/p>\n<\/blockquote>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" decoding=\"\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-183-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b\u0438 \u043e\u0431 \u0443\u043b\u0443\u0447\u0448\u0435\u043d\u0438\u0438 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u043c\u0435\u0442\u0440\u0438\u043a \u043d\u0430\u043a\u0430\u043d\u0443\u043d\u0435 \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF\" class=\"wp-image-153334\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-183-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/4-183-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-183-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/4-183-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/4-183.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>After a long phase of shrinking exchange balances, the momentum has shifted to a neutral stance. Over the last 30 days, inflows have matched outflows, underscoring sufficient demand to absorb supply.<\/p>\n<p>Analysts noted that such a situation points to the fading of a price-supporting factor. A similar pattern formed in late 2020 when the price was around $20,000. Back then it did not prevent the rally to new <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-clears-64000-as-ethereum-climbs-above-2350\">all-time highs<\/a>.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-107-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b\u0438 \u043e\u0431 \u0443\u043b\u0443\u0447\u0448\u0435\u043d\u0438\u0438 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u043c\u0435\u0442\u0440\u0438\u043a \u043d\u0430\u043a\u0430\u043d\u0443\u043d\u0435 \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF\" class=\"wp-image-153335\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-107-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/5-107-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/5-107-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/5-107-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/5-107.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>In the derivatives market, open interest rose, especially in options (+107%, or $6.3 billion in October). Turnover in these contracts exceeded $1.5 billion, a level last seen in March, April and May of this year.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-78-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b\u0438 \u043e\u0431 \u0443\u043b\u0443\u0447\u0448\u0435\u043d\u0438\u0438 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u043c\u0435\u0442\u0440\u0438\u043a \u043d\u0430\u043a\u0430\u043d\u0443\u043d\u0435 \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF\" class=\"wp-image-153336\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-78-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/6-78-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/6-78-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/6-78-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/6-78.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Reflecting bullish sentiment is also the dominance of demand for call options and the interest in strikes at $100,000 and $200,000 in contracts expiring at year-end.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"618\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-44-1024x618.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b\u0438 \u043e\u0431 \u0443\u043b\u0443\u0447\u0448\u0435\u043d\u0438\u0438 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u043c\u0435\u0442\u0440\u0438\u043a \u043d\u0430\u043a\u0430\u043d\u0443\u043d\u0435 \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF\" class=\"wp-image-153337\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-44-1024x618.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/7-44-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/7-44-768x464.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/7-44-1536x927.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/7-44.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>A worrying signal, in the analysts\u2019 view, was the decline in trading volume of perpetual contracts as open interest neared its historical highs. They view this as a risk of a cascade of liquidations due to liquidity constraints if selling begins. <\/p>\n<p>Experts urged market participants in the derivatives market to stay vigilant amid rising leverage usage.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-35-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b\u0438 \u043e\u0431 \u0443\u043b\u0443\u0447\u0448\u0435\u043d\u0438\u0438 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u043c\u0435\u0442\u0440\u0438\u043a \u043d\u0430\u043a\u0430\u043d\u0443\u043d\u0435 \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF\" class=\"wp-image-153338\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-35-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/8-35-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/8-35-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/8-35-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/8-35.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Open interest in futures on Binance and CME <a href=\"https:\/\/u1f987.com\/en\/news\/open-interest-in-binance-and-cme-futures-hits-record-highs\">hit new all-time highs<\/a>.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The derivatives market and on-chain metrics confirm market participants\u2019 enthusiasm ahead of the launch of the first US Bitcoin futures ETF.<\/p>\n","protected":false},"author":1,"featured_media":51426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1168,1273,1145],"class_list":["post-51425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-crypto-derivatives","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=51425"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51425\/revisions"}],"predecessor-version":[{"id":51427,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51425\/revisions\/51427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/51426"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=51425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=51425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=51425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}