Glassnode: Bitcoin onchain metrics, ETF outflows and weakening derivatives positioning mirror early‑2022 stress; BTC dips below $88K amid FOMC nerves

first published 2025-12-07T13:00:00Z

Glassnode's weekly report warns Bitcoin market conditions resemble early-2022: spot price sits below the 0.75 supply-quantile (over 25% of BTC supply underwater) and 7‑day SMA supply in loss is ~7.1M BTC. Spot demand and ETF flows have weakened (IBIT six weeks of outflows totaling >$2.7B), cumulative volume delta and Binance CVD are negative, and realized-cap net inflows remain far below summer peaks. Derivatives show lower risk appetite—open interest has fallen, funding is mostly neutral, and options traders are hedging/selling upside ahead of the FOMC meeting.

AI Analysis

All supporting facts come from Glassnode's report: spot price below the 0.75 supply‑quantile (>25% supply underwater); ~7.1M BTC in 7‑day SMA supply in loss; IBIT has six weeks of outflows (> $2.7B redemptions); cumulative volume delta and Binance CVD are negative; realized‑cap net inflows are well below summer peaks; open interest has declined, funding is neutral, and options positioning shows hedging/selling of upside.

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