KEY TAKEAWAYS
- Glassnode provides over 800 Bitcoin metrics, including entity-adjusted MVRV, SOPR, and NUPL to help analysts assess holder behavior, market valuation, and profit and loss conditions.
- Exchange flow tracking measures Bitcoin moving to and from trading platforms, serving as a real-time gauge of whether holders are accumulating or preparing sales.
- HODL Waves segment the total Bitcoin supply by the age of each coin, revealing whether long-term holders are distributing or short-term speculators are entering.
- The platform expanded into derivatives analytics in late 2025, adding options volume breakdowns for Bitcoin, Ethereum, Solana, XRP, and PAXG across multiple strike prices.
- Bitcoin exchange reserves stood at about three million coins by mid-2026, according to Investisseur 2.0. Glassnode tracks exchange balances to help analysts assess the supply held on trading platforms and potentially available for sale.
Glassnode is an on-chain analytics platform that converts raw blockchain data into computed metrics for Bitcoin, Ethereum, and other digital assets. Founded by Rafael Schultze-Kraft and Jan Happel, the platform has become the standard reference for institutional and retail analysts tracking holder behavior, exchange activity, and valuation ratios across market cycles.
Its metric library exceeds 800 indicators for Bitcoin alone, covering supply dynamics, demand signals, profit and loss conditions, miner activity, and derivatives positioning, according to Spark.
This article explains how the platform’s core metrics work, what they reveal about Bitcoin’s current cycle position, and how traders apply them to real-world decision-making.
How MVRV and SOPR Map Bitcoin’s Cycle Position
Market Value to Realized Value (MVRV) compares Bitcoin’s market capitalization against its realized capitalization. Realized capitalization prices each coin at the value it last moved on-chain, producing a cost basis for the entire network. When MVRV rises above 3.0, the network holds large aggregate unrealized profits, a condition that historically precedes major corrections.
The MVRV Z-Score normalizes this ratio against its historical volatility for more precise cycle timing. In Q1 2026, with Bitcoin trading near $69,000, the Z-Score sat at approximately 1.2, down from 3.8 at the October 2025 cycle highs, according to BYDFi. That compression toward 1.0 signaled the market had moved from euphoria into a mid-cycle reset.
Spent Output Profit Ratio (SOPR) measures whether coins are moving at a profit or a loss at the moment of transfer. A reading above 1.0 means the average coin being spent is sold above its acquisition price. Sustained readings below 1.0 during downtrends indicate capitulation as holders liquidate positions at a loss.
Glassnode offers entity-adjusted variants of both metrics that strip out internal exchange movements and intra-entity transfers, according to Spark. This filtering removes noise from custodial reshuffling and produces a cleaner behavioral signal.
By May 2026, the MVRV Z-Score was reported at approximately 0.8 to 1.0, while the MVRV ratio stood near 1.4. SOPR was around break-even, and Net Unrealized Profit/Loss (NUPL) registered approximately 0.28. Under Glassnode’s NUPL framework, a reading of 0.28 falls within the “Optimism/Anxiety” band.
Exchange Flows and What They Reveal About Accumulation
Exchange net position change is among the most closely watched Glassnode metrics for short-term directional signals. The metric tracks the net movement of Bitcoin onto and off of exchange-identified addresses. Rising exchange reserves suggest holders are preparing to sell, while sustained outflows indicate accumulation into private wallets.
By mid-2026, Bitcoin held on exchanges had fallen to approximately three million coins, according to Investisseur 2.0. The steady drawdown aligned with the growth of spot Bitcoin ETFs, which absorb coins into institutional custody structures that Glassnode tracks separately from exchange wallets.
Glassnode introduced higher-resolution exchange flow data in 2025, adding ten-minute and one-hour intervals for Bitcoin and Ethereum net position change, according to the Glassnode changelog. The granularity lets traders correlate flow spikes with price moves in near-real time rather than relying on daily summaries.
The platform also added specific balance tracking for institutional holders in May 2025, including Tesla, PayPal, Cash App, and the United Kingdom government’s Bitcoin holdings. These entity-level metrics give analysts visibility into large holders whose movements can shift market structure.
Holder Cohorts and HODL Waves
Glassnode segments the Bitcoin supply into cohorts based on how long each coin has remained unmoved. Long-term holders (LTH) hold coins for more than 155 days, while short-term holders (STH) acquired their positions more recently.
The distribution between these groups shifts predictably across cycles, with LTH supply rising during bear markets and declining during distribution phases. HODL Waves visualize this distribution as colored bands across time, with each band representing coins of a specific age.
Glassnode also introduced retention rate metrics for Bitcoin in June 2025, measuring the proportion of acquired coins that remain unmoved over time, according to the changelog. High retention rates during price dips indicate conviction among recent buyers, while low retention during rallies suggests profit-taking.
The platform added SOPR segmented by wallet size for Solana SPL tokens in April 2025, allowing analysts to distinguish between different holder groups within the same metric. This granularity matters because large holders and small holders often act in opposite directions at cycle inflection points, and aggregate SOPR can mask the divergence.
Derivatives and ETF Integration in 2025 and 2026
Glassnode expanded beyond pure on-chain data in late 2025, launching options volume breakdowns for Bitcoin, Ethereum, Solana, XRP, and PAXG, according to its changelog. The derivatives metrics include taker flow conventions, put/call volume ratios, and net premium breakdowns by strike price, providing a positioning layer on top of the existing on-chain stack.
Glassnode’s derivatives and ETF analytics expanded across 2025 and 2026. The platform launched Gamma Exposure metrics on December 18, 2025, and was already tracking Bitcoin ETF flows in 2025, including an update to its IBIT flow methodology on December 11, 2025.
In 2026, Glassnode extended its perpetual futures order book metrics beyond Bitcoin and Ethereum to include Solana, BNB, XRP, HYPE, TRON, and Dogecoin, according to its 2026 changelog.
The ETF integration is significant because spot Bitcoin ETFs absorb a substantial share of new demand, and tracking their inflows and outflows alongside exchange data helps analysts assess where capital enters and exits the market.
Glassnode has also published institutional research partnerships, including a joint report with CME Group covering Bitcoin’s H1 2025 market trends, ETF activity, and derivatives data, according to Glassnode Research.
A separate report with Bybit analyzed exchange flows, liquidity recovery, and institutional market structure following the February 2025 Lazarus hack, demonstrating how on-chain data can serve as a forensic tool during crisis events.
The August 2025 launch of a Glassnode MCP Server extended the platform’s data to AI agents, allowing automated systems to query on-chain metrics through a standardized interface. This positions the platform for a future where algorithmic trading strategies and autonomous research agents consume on-chain data programmatically rather than through manual dashboard review.
What’s Next?
Glassnode’s roadmap increasingly integrates derivatives and institutional flow data with its on-chain foundation. The convergence of ETF tracking, options analytics, and traditional holder cohort metrics points toward a unified analytical layer for both on-chain and off-chain Bitcoin market activity.
Traders should monitor whether the exchange reserve drawdown continues and whether the MVRV Z-Score confirms a mid-cycle recovery.
FAQs
What is Glassnode?
Glassnode is an on-chain analytics platform providing over 800 Bitcoin metrics that track holder behavior, exchange flows, and market cycle positioning for traders.
What does MVRV measure?
MVRV compares Bitcoin’s market capitalization against its realized capitalization, indicating whether the network’s aggregate holdings sit in profit or unrealized loss territory.
How does SOPR work?
SOPR divides the realized value of spent outputs by their value at creation, producing a ratio that shows whether transferred coins moved at profit.
What are HODL Waves?
HODL Waves segment Bitcoin’s total supply by coin age, displaying colored bands that reveal whether long-term holders are accumulating or distributing their positions.
Is Glassnode free?
Glassnode offers a free Studio Standard tier with access to basic Tier 1 metrics at daily, 24-hour resolution and one alert, according to its pricing page. This provides a starting point for monitoring Bitcoin market conditions, although access to more advanced metrics and features may require a paid plan.
How does Glassnode differ from CryptoQuant?
Glassnode specializes in supply-side macro analysis with entity-adjusted metrics, while CryptoQuant emphasizes exchange-level flow data and miner analytics with different calculation methods.
What are Bitcoin exchange flows?
Exchange flows measure the net movement of Bitcoin onto and off trading platforms, serving as a real-time indicator of accumulation pressure or selling intent.
