Leading on-chain analytics firm Glassnode took a deep dive into the Bitcoin market after the asset jumped above $85,000.
Where is Bitcoin headed?
Glassnode observed that Bitcoin broke above $85,000 on thin volume and limited fresh capital inflows before retreating. Combined spot exchange and U.S. ETF volume averaged just $6.8 billion a day, lower than 90% of days since early 2024.
Notably, new money from ETFs, stablecoins and corporate treasuries accounted for less than 40% of the recent $12.8 billion rise in realized cap, leaving the advance dependent on existing holders paying higher prices.
Recent short-term buyers locked in gains at the Sunday close above $85,000, producing the highest share of profitable exchange inflows in a year. Options markets have turned constructive again, with put/call ratios sitting in the lower third of their 2026 range and traders now spending about $17 million more per day on calls than puts on a 30-day average.
Liquidation levels cluster mainly below current prices, with the nearest large pocket between $81,700 and $83,300 and the heaviest band far lower near $60,000 to $63,000. Sellers have stacked fresh ask blocks around $86,500 while the biggest bids on Binance sit at $81,000. Macro data releases this week produced only fleeting gains in Bitcoin as U.S. equities held firm, and the American trading session has been a net seller since the late-September breakout.



 
Altcoins led Bitcoin into late September but now lag, with fewer than 30% outperforming in the latest week after earlier strength. Leverage across large- and mid-cap tokens has stretched to levels last seen before the October 2025 sell-off, raising the risk of forced unwinds if prices keep slipping.
At report time, the total cryptocurrency market capitalization stands at roughly $2.8 trillion, while the apex cryptocurrency Bitcoin rose about 0.7% over the last day to trade at $82,787.
