The evolution of Glassnode metrics

Glassnode extracts on-chain data using algorithms and machine learning to help investors make decisions. The platform provides metrics for Bitcoin, Ethereum, Solana, and other assets. In December 2025, the company introduced Gamma Exposure metrics for cryptocurrency options markets to aid risk management. The firm also launched spot orderbook metrics for Bitcoin and Ethereum in June 2026 to provide market liquidity insights. You already know the basics of on-chain analysis, but these new tools provide deeper views on capital commitments and trade intent. These options metrics include Daily Options Premiums, which show gross premium flow in USD, and the Options Bull – Bear Index, which measures capital allocation to call or put buying. This new suite provides historical data from major exchanges like Deribit, OKX, Bybit, and Binance. A report from Coinbase and Glassnode shows that stablecoin market capitalization reached $160 billion in Q3 2024. This growth happens alongside Ethereum transaction volume, which grew fivefold from the beginning of 2023 due to layer-2 scaling solutions like Coinbase’s Base network. Ethereum’s share of total fee generation among fee-earning layer-1 blockchains rose from 9% at the end of August to 40% at the end of September in 2024.

MVRV signals and supply trends

The MVRV Z-Score is a normalized measure of the gap between market capitalization and realized capitalization relative to historical market-cap dispersion. This calculation uses the formula: (Market Cap – Realized Cap) / Standard Deviation of Market Cap. Because the score depends on the history window and provider methodology, thresholds remain empirical. Exchange reserves in Bitcoin hit a 7-year low of 2.2 million BTC in July. This decline in exchange supply indicates a lower short-term supply. In late July, large holders added 270,000 BTC worth $16.7 billion. While large holders added roughly 270,000 BTC worth $16.7 billion in the last two weeks of July, US spot Bitcoin ETFs saw $4.5 billion in outflows during June, which is a conflicting signal for market participants.

Bitcoin long-term holder supply reached 16.3 million BTC, or 72% of the total supply, in mid-July. Bitcoin whales use OTC desks to complete trades without affecting exchange prices. On July 13, Bitcoin spot ETFs recorded a $424.7 million net outflow, which followed three days of inflows totaling $368 million on July 14 through July 16.

Volatility and sector divergence

The crypto market shows maturity through lower volatility, yet sector divergence remains extreme. Bitcoin volatility remains lower than in 2021, when three-month price swings peaked near 130%. In 2024, Bitcoin volatility fell below 60%. Long-term holder supply reached 16.3 million BTC, representing 72% of the total supply, in mid-July. Privacy coins grew 213% since the October 2025 peak, while the median top-200 asset fell 58%. Zcash accounts for 62% of the $33.6 billion privacy sector. This concentration makes the privacy sector look fragile. Monero remains a pillar of the privacy sector, and Zcash delivered a 2,496% return year-to-date, moving from the 82nd position to 7th in overall rankings. Even without Zcash, the market-cap-weighted privacy portfolio gained 85% over the past year. The total market cap of privacy coins among the top 200 assets grew from $7.1B to $33.6B over the past twelve months. Bitcoin price reached an intraday high of $64,800 on July 17 and closed around $62,800 for the day. Does the heavy weight of Zcash in the privacy sector undermine the growth of other privacy assets?