Crypto Gloss

Glassnode

Glassnode is the leading on-chain data and blockchain analytics platform, founded in 2018 in Zug, Switzerland. The platform aggregates and analyzes blockchain transaction data across Bitcoin, Ethereum, and other networks to produce metrics that reveal underlying market structure, holder behavior, miner economics, and network health. Glassnode’s Studio platform and weekly Week on Chain newsletter have become essential tools for institutional investors, traders, and researchers seeking to understand crypto market cycles beyond price action.

Background

Glassnode was founded by a team of data scientists and blockchain researchers with the insight that Bitcoin’s transparent ledger — unlike equity or FX markets — allows direct observation of how coins are held and moved. Rather than relying on order book data alone, market participants could study aggregate on-chain behavior to understand whether long-term holders were accumulating or distributing, whether miners were selling, and whether exchange inflows signaled distribution pressure.

Key Metrics

Glassnode popularized and formalized many now-standard on-chain analytics concepts:

Metric Description
NUPL (Net Unrealized Profit/Loss) Aggregate unrealized profit/loss of all Bitcoin holders as a market cycle indicator
SOPR (Spent Output Profit Ratio) Ratio of BTC sold above vs. below cost basis; reversal at 1.0 indicates macro turning points
LTH/STH Supply Separation of Long-Term Holder (>155 days) and Short-Term Holder coin supply
Exchange Netflow Net BTC sent to or from exchanges (inflows = selling pressure)
Realized Price Average price at which all Bitcoin last moved on-chain (aggregate cost basis)
Miner Revenue Hash-rate-adjusted miner income as a profitability indicator
MVRV Ratio Market Value vs. Realized Value — valuation vs. aggregate cost basis

Products

  • Glassnode Studio — dashboard with 1,000+ on-chain metrics with historical data, charts, and alerts
  • Glassnode API — institutional-grade data feeds for quantitative researchers
  • Week on Chain — free weekly newsletter covering on-chain market analysis (widely read in professional crypto circles)
  • Institutional Research — paid reports for hedge funds and asset managers

Competitors

Glassnode competes with Nansen (wallet labeling / token analytics), CryptoQuant (exchange and miner on-chain data), IntoTheBlock, and Santiment — but maintains the strongest position in Bitcoin on-chain analytics specifically.

Related Terms

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