Glassnode has explained how the Bitcoin options Open Interest has been climbing recently and looks set to explore new all-time highs (ATHs).

Bitcoin Options Open Interest Has Already Bounced Back From Oct Expiry

In a new thread on X, analytics firm Glassnode has discussed about the Bitcoin options market. This segment of derivatives trading involves traders betting on future price moves through contracts giving the right (but not the obligation) to sell or buy the cryptocurrency at a set price.

Earlier, perpetual futures was the main derivatives trading pathway that investors in the sector used, but recently, demand for options has grown enough to challenge the futures market.

One way to gauge interest in options is through the Open Interest, an indicator that measures the total amount of contracts related to the market that are currently open on all centralized exchanges.

Here is the chart shared by Glassnode that shows the trend in the Bitcoin options Open Interest over the last few months:

As displayed in the above graph, the Bitcoin options Open Interest reached a new record on October 31st. Shortly after, however, the metric saw a plunge due to the contract expiry.

Options contracts come with an “expiry” date, on which the contract get either exercised or automatically closed out. A large amount of these expiries coincided on October 31st, which is why the indicator saw a flush.

Interestingly, the options Open Interest has been quick to bounce back since then, with its value already halfway back to the ATH. Thus, it would appear demand for options is still alive and well.

From the chart, it’s apparent that a similar pattern was also witnessed after the previous major expiry, when the metric gradually recovered and explored new records. “The options market open interest looks set to keep printing new ATHs, expiry after expiry,” explained the analytics firm.

In terms of trading volume, activity related to the market has been at notable levels since Bitcoin fell below the $107,000 level, as the below chart shows.

As Glassnode noted:

Options volume has surged since we broke the 107K level and remains elevated showing the constant activities of the traders readjusting their positions and new traders coming in to put on some hedges.

As for whether investors are opening bearish or bullish trades with these moves, data suggests bearish bets, or “puts,” initially rose during the plunge, but then bullish bets, or “calls,” saw a surge as price rebounded. Once again, however, puts have seen a rise, indicating investors don’t trust a bottom has appeared yet.

BTC Price

Bitcoin has retraced its recent recovery as its price is back at $100,900.

Bitcoin has retraced its recent recovery above $104,000 as data shows the Coinbase Premium Gap has continued to be negative.

Bitcoin’s Coinbase Premium Gap Has Been Red Recently

As pointed out by CryptoQuant community analyst Maartunn in a new post on X, investors on Coinbase keep selling Bitcoin. The indicator of relevance here is the “Coinbase Premium Gap,” which measures the difference between the BTC price listed on Coinbase (USD pair) and that on Binance (USDT pair).

When the value of this metric is positive, it means the asset is trading at a higher rate on Coinbase than Binance. Such a trend suggests the users of the former are applying a higher buying pressure (or lower selling pressure) than those of the latter. On the other hand, the indicator being under the zero mark implies Binance users are the ones participating in a higher amount of accumulation as they have pushed the asset to a higher price on the platform.

Now, here is the chart shared by Maartunn that shows how the Coinbase Premium Gap has fluctuated over the past week:

As displayed in the above graph, the Bitcoin Coinbase Premium Gap has stayed mostly in the negative zone during the past week, implying users on Coinbase have been participating in selling. The metric briefly turned neutral-green as the cryptocurrency witnessed a surge back above $104,000, but since then, the indicator’s value has again plummeted, and with it, the BTC price has erased its recovery.

Since the start of 2024, Bitcoin has often reacted to movements in the Coinbase Premium Gap in a similar manner, showcasing how Coinbase users have been a driving force in the market. The exchange is mainly used by American investors, especially large institutional entities like the spot exchange-traded funds (ETFs), so the Coinbase Premium Gap essentially reflects how the US-based whales differ in behavior from Binance’s global traffic.

Since the indicator has been red recently, it would appear that the American institutions have been distributing the cryptocurrency. Considering the pattern over the last couple of years, it’s possible that BTC’s recovery might depend on whether a bullish sentiment can return among this cohort.

In some other news, a movement of old tokens has just been spotted on the Bitcoin blockchain, as Maartunn has highlighted in another X post.

From the chart, it’s visible that a stack of over 13,000 BTC that has been dormant for between 3 and 5 years has become involved in a transaction, a potential sign that a HODLer may be gearing up for selling.

BTC Price

At the time of writing, Bitcoin is trading around $100,200, down almost 9% over the last week.

On-chain analytics firm Glassnode has revealed how Bitcoin could be at risk of a further drawdown after trading at a significant discount to a key cost basis level.

Bitcoin Could Retest Active Realized Price Next

In its latest weekly report, Glassnode has talked about how Bitcoin has dropped a notable distance below the short-term holder (STH) Realized Price. The “Realized Price” here refers to an on-chain metric that tracks the cost basis of the average investor or address on the BTC network.

To any investor, their break-even mark tends to be a level of particular importance, as retests of it can potentially flip their profit-loss situation. Due to this, Realized Price levels have often shown interactions with the asset’s price, as investors make moves to either exit with their money back or buy more to defend their cost basis.

A group that’s considered particularly sensitive to short-term volatility is the STH cohort, made up of the investors who purchased their coins within the past 155 days.

The Realized Price of the STHs generally provides support during bullish trends, but with the recent market crash, Bitcoin has plummeted under it.

As displayed in the above chart, Bitcoin at its post-crash levels is trading significantly below the STH Realized Price located at $112,500. This means that members of the cohort are now notably underwater.

“Historically, discounts with such depth from this level have increased the likelihood of further downside toward lower structural supports,” explained Glassnode. One such support is the Active Realized Price, corresponding to the cost basis of the “economically active” part of the BTC supply.

A chunk of the cryptocurrency’s supply has been dormant for so long that it can safely be presumed lost. In other words, these tokens will never make their way back into circulation. Such coins have no effect on the market today, so the Active Realized Price excludes them from the data, labeling them “economically inactive.”

The report noted that this level “has often served as a critical reference point during extended corrective phases in prior cycles.” At present, the indicator is sitting near $88,500.

The Bitcoin STH Realized Price isn’t the only level that the asset has lost recently. As on-chain analytics firm CryptoQuant has pointed out in an X post, the asset has also declined below the 365-day moving average (MA).

CryptoQuant has described the line as “a key technical and psychological support level last broken at the start of the 2022 bear market.” Considering that Bitcoin has lost the STH Realized Price, and now, this level as well, it remains to be seen whether the asset will end up retesting the Active Realized Price and other lower support levels.

BTC Price

At the time of writing, Bitcoin is floating around $103,300, down over 6% in the last seven days.

An analyst has pointed out how Cardano is retesting a level that has helped the asset’s price rebound multiple times during the past year.

Cardano Is Retesting The Support Level Of A Parallel Channel

In a new post on X, analyst Ali Martinez has shared a pattern forming in the daily price of Cardano. The pattern in question is a Parallel Channel, a type of consolidation channel from technical analysis (TA).

A Parallel Channel forms whenever an asset’s price trades between two parallel trendlines. If the channel has a positive slope relative to the graph axes, the pattern is called an Ascending Channel. Similarly, the trendlines pointing down create a Descending Channel.

In the context of the current discussion, the simplest case of the Parallel Channel is of interest: a channel with a slope exactly equal to zero. This type of pattern corresponds to a phase of true sideways movement in the asset’s price.

Just like other consolidation patterns in TA, the upper line of this pattern is also likely to be a source of resistance, while lower one that of support. If the price manages to break past one of these bounds, it may experience a continuation of trend in that direction. This means that a breakout above the channel can be a bullish signal, while a fall under it a bearish one.

Now, here is the chart shared by Martinez that shows the Parallel Channel that the 1-day price of Cardano has been trading inside for the past year:

As displayed in the above graph, Cardano has witnessed a plummet toward the Parallel Channel’s lower level situated at $0.52 with the recent downturn in the cryptocurrency sector.

Since ADA started trading inside the channel back in November 2024, its price has rebounded at this line several times. Given this pattern, it’s possible that the asset may find support at the mark once more. It only remains to be seen, however, whether the Parallel Channel will continue to hold or if a breakdown is coming next.

Speaking of Parallel Channels, Ethereum, the cryptocurrency ranked second by market cap, is also trading inside this type of pattern, as the analyst has pointed out in another X post.

Unlike ADA’s channel, this pattern in the 3-day Ethereum price is a long-term one, beginning way back in 2021. ETH found rejection at the resistance of this Parallel Channel earlier in the year and has since been on the way down. “The worst-case scenario: Ethereum $ETH fails to reclaim $4,000, breaks through $3,800 support, and drops to $2,400 or $1,700,” said the analyst.

ADA Price

At the time of writing, Cardano is floating around $0.547, down over 16% in the last seven days.

Data shows sentiment around Bitcoin and Ethereum has plummeted on social media, but XRP and other altcoins are just observing apathy.

Social Media Traders Have Turned Bearish On Bitcoin & Ethereum

In a new insight post, on-chain analytics firm Santiment has talked about how sentiment around cryptocurrencies has changed on social media following the latest market crash. The indicator of relevance here is the “Positive/Negative Sentiment,” which tells us how bullish sentiment compares against the bearish one on the major social media platforms.

The metric works by going through social media posts/messages/threads to separate them into positive and negative using a machine-learning model. Once the posts have been divided, it counts up the number in each category and takes the ratio between them.

First, here is a chart that shows the trend in the Positive/Negative Sentiment for Bitcoin over the last few months:

As shown in the graph above, Bitcoin Positive/Negative Sentiment has recently plunged, suggesting bearish sentiment has risen on social media platforms. The current value of the indicator is the third lowest for the past six months. Interestingly, the two instances with lower levels coincided with local bottoms for the cryptocurrency.

This pattern of the asset going against the crowd opinion has actually been witnessed regularly throughout its history. Considering this, the shift to a negative sentiment on social media may turn out to be a bullish signal for the BTC price.

Bitcoin isn’t the only cryptocurrency that’s witnessing a surge in bearish sentiment right now. As Santiment has pointed out, Ethereum has also seen a similar trend in the Positive/Negative Sentiment.

In fact, the negative comments have been even more intense for Ethereum, as the current value is the second lowest for the last six months. “Only the flash crash back on October 10th, when Trump temporarily threatened 100% tariffs on China, saw a higher level of bearish vs. bullish comments,” noted the analytics firm.

Interestingly, while Bitcoin and Ethereum have seen this development, most other assets in the sector are showing a different trend. Below is a chart that shows how the Positive/Negative Sentiment currently looks for XRP, the coin ranked fourth by market cap.

From the graph, it’s apparent that the indicator is sitting at a neutral level for XRP, implying social media users aren’t leaning one way or the other, despite the volatility.

“Unlike the top two marketcaps in crypto, XRP is showing what most other altcoins are showing… a surprising level of disinterest,” said Santiment. “It’s clear that most of retail has shifted their focus to just talking about BTC (and ETH, to a slightly lesser extent).”

BTC Price

At the time of writing, Bitcoin is trading around $102,600, down more than 9% over the last week.

On-chain data shows signs of an altcoin winter may be emerging as Ethereum, Solana, and other cryptocurrencies have seen a decline in activity.

Altcoins Are Observing A Drop In On-Chain Activity

In a new thread on X, institutional DeFi solutions provider Sentora (formerly IntoTheBlock) has talked about how interest in altcoins has been cooling off recently.

The on-chain indicator of relevance here is the “Active Addresses,” which measures, as its name suggests, the total number of addresses that are participating in some kind of transaction activity on a given network every day.

When the value of this metric rises, it means more users are making transfers on the blockchain. Such a trend implies trading interest in the cryptocurrency may be on the rise.

On the other hand, the indicator witnessing a decline suggests investors may be shifting their attention elsewhere as they are reducing their transaction activity on the network.

Now, here is a chart that shows the trend in this indicator for Ethereum, the largest of the altcoins, over the last few years:

As displayed in the above graph, the Ethereum Active Addresses metric was at a high of 589,000 in late July. Since then, activity on the network has gone downhill, with there now being 488,000 addresses making transactions, around 17% lower than the peak.

“Fewer users interacting on ETH indicates weaker on-chain demand, a pattern seen in past bear-market phases,” explained Sentora. Solana, another prominent altcoin, has been showing a similar trend.

From the chart, it’s clear that the monthly version of the Active Addresses witnessed a notable decline for SOL during Q3 2025. More specifically, active users on the blockchain dropped by about 30% in this period. “Solana has been the out-performer this cycle, but momentum is cooling,” noted the analytics firm.

Memecoins have been hit hard in the recent market downturn, and the same has held true for their on-chain activity. Dogecoin, the largest meme-based token, has only witnessed a slight decrease in Active Addresses, but Pepe has gone through a drawdown of 85%. “This drop shows how quickly speculative user bases can evaporate,” said Sentora.

Finally, the analytics firm has also highlighted that DeFi trading volume has started to trend down as well. The metric is still relatively strong compared to other cryptocurrency-related indicators, but a change in direction is apparent.

With the crash in prices and downturn in on-chain activity, is the altcoin sector entering a season of winter? “It’s too early to tell but the current data echoes past cycles,” noted Sentora. “We are already 6+ months into an altcoin slowdown, with winter signs popping up.”

Ethereum Price

Ethereum has plunged alongside the rest of the market during the past day as its price has retraced to $3,300.

CryptoQuant’s research head has pointed out how demand to absorb Bitcoin at higher prices has been low recently, potentially explaining the asset’s decline.

Bitcoin Apparent Demand Metric Has Turned Red Recently

In a new post on X, Julio Moreno, head of research at on-chain analytics firm CryptoQuant, has looked at recent BTC market dynamics from a different angle. “Instead of looking at Bitcoin long-term holder distribution/spending, I like to look at the other side of the trade,” noted Moreno.

Long-term holders here refer to the BTC investors who have been holding onto their coins for a period longer than 155 days. This cohort is considered to include the high-conviction “HODLers” of the market, so distribution from them is often something on-chain analysts watch out for.

As CryptoQuant community analyst Maartunn has highlighted in a separate X post, Bitcoin long-term holders have participated in a significant amount of selling during the past month.

This isn’t the signal Moreno focuses on, however. Instead, the CryptoQuant head checks for whether there is enough demand coming in to absorb the supply that the long-term holders are selling at higher prices.

An indicator that can be useful for tracking this is the Apparent Demand, which compares the difference between BTC’s production and changes in its long-term inventory. “Production” is the amount that miners are issuing on the network every day, while the “inventory” is the supply that has been inactive for over a year.

Now, here is the chart shared by Moreno that shows the trend in the 30-day and 1-year versions of the Bitcoin Apparent Demand over the last few years:

As displayed in the above graph, the Bitcoin Apparent Demand has been red on the 30-day during the last few weeks, implying a negative short-term demand for the cryptocurrency. “Is there enough demand to absorb the supply at higher prices?” asked the analyst. “Since a few weeks ago the answer is no, and that is why we see prices declining.”

The story is a bit different when it comes to the 1-year Apparent Demand, which has actually seen some growth recently, but the pace of its rise has been slow, and its value is still below the 90-day simple moving average (SMA).

The last time Bitcoin saw an extended phase of negative 30-day Apparent Demand was during the bearish phase in the first half of the year. It now remains to be seen whether something similar will follow this time as well, or if demand will bounce back.

BTC Price

At the time of writing, Bitcoin is floating around $103,900, down 9% over the last seven days.

An analyst has charted out a “dream scenario” path that Ethereum could follow, based on a technical analysis (TA) pattern in its 3-day price.

Parallel Channel Could Chart Out What’s Next For Ethereum

In a new post on X, analyst Ali Martinez has talked about a dream trajectory that Ethereum could follow with respect to a Parallel Channel. The “Parallel Channel” here refers to a TA pattern that forms whenever an asset’s price trades between two parallel trendlines.

The upper line of the pattern is assumed to be a source of resistance, so tops can be likely to occur during retests of it. Similarly, the bottom level can provide support to the price, helping it to rebound.

Now, here is the chart shared by Martinez that shows the Parallel Channel that the 3-day price of Ethereum has been trading inside for the last few years:

As displayed in the above graph, Ethereum retested the upper level of the Parallel Channel earlier in the year, but found rejection at it. The asset has since slipped down and arrived near the line, sitting a distance equal to three-fourths the height of the channel from the lower line.

The analyst has noted that a dream scenario could be for ETH to find a rebound around here and smash past the $4,900 level, corresponding to the upper boundary of the Parallel Channel.

Generally, Parallel Channel breakouts signal a continuation of the trend in that direction. This means that a surge above a Parallel Channel’s resistance can be considered a bullish sign, while a fall under the support level may lead to bearish action.

Parallel Channel breakouts can be of the same length as the height of the channel. As Martinez has highlighted in the chart, if ETH can break past the $4,900 mark, it may go all the way up to $8,000, corresponding to this length.

For now, Ethereum is heading down, so it only remains to be seen whether its price will be able to find a rebound in the near future and retest the upper boundary of the Parallel Channel.

ETH isn’t the only cryptocurrency that has been following a Parallel Channel in its 3-day chart. As the analyst has pointed out in another X post, Solana has also been trading inside the same type of channel on this timeframe.

“Solana needs to reclaim $200 to confirm strength,” explained Martinez. “Only then a rebound to $260 comes into play.”

ETH Price

At the time of writing, Ethereum is trading around $3,700, down almost 11% over the last week.