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According to The Elec, Samsung Electro-Mechanics' investment schedule for semiconductor glass substrates has been delayed due to bottlenecks in the reliability assessment of customer prototypes. As a result, the construction schedule for the production line of GlaSSEM, the glass core joint venture between Samsung Electro-Mechanics and Dongyu Fine Chem, has also been postponed, and the timeline for ordering related equipment has become uncertain.The report states that GlaSSEM has failed to communicate the equipment order schedule to its partner manufacturers. Previous orders have been postponed from December last year to March and June this year, and this has happened more than three times. After June, no further schedule guidance has been provided. Industry insiders believe that the main reason is that global communication semiconductor customers have not passed the reliability assessment certification for glass substrate prototypes. Samsung Electro-Mechanics is still producing prototypes at its Sejong plant, and most of the suppliers for key processes required for building the mass production line, such as deposition, etching, laser drilling, and inspection, have already been selected.Since the prototypes need to be remade and resubmitted, the originally planned investment schedule will inevitably be further delayed. Samsung Electro-Mechanics had set a target for mass production in the second half of 2027 when establishing GlaSSEM earlier last month, but during last month's financial report meeting, this timeline was adjusted to 2028, and now the mass production time is expected to be further postponed.

Glassnode released the report "BTC Market Pulse: Week 32," stating that Bitcoin has recently fallen to around $62,600, with weak spot demand and rising defensive sentiment in the derivatives market. However, increased on-chain activity, confidence among long-term holders, and ETF capital inflows continue to support the market.The report pointed out that Bitcoin previously failed to maintain the rebound after breaking through $66,000 and has now retreated from the $65,000 range. The current price trend reflects a weakening of spot momentum, with sustained net selling pressure and low trading activity keeping the market in a consolidation phase lacking clear breakthrough momentum.In the derivatives market, the overall open interest has decreased, but the funding rate for perpetual contracts has rebounded, and active selling volume has eased. The options market remains defensive, with the 25 Delta skew widening, indicating increased demand for downside protection among investors, while speculative open interest continues to decline. The ETF market has shown improvement, with net inflows and trading volume both rebounding in the past week, indicating that institutional investors are reallocating funds through regulated channels.Regarding on-chain data, Glassnode noted that Bitcoin network activity has significantly increased, with the number of daily active addresses and adjusted transfer volume both breaking through the upper limit of the statistical range, indicating an increase in network usage and economic activity. At the same time, new capital inflows have slightly increased, and capital outflow pressure has eased. In terms of holding structure, the supply ratio of short-term holders to long-term holders remains close to historical lows, showing that long-term investors still maintain strong confidence.However, the overall profitability of the market continues to decline, with the proportion of profitable supply nearing a cyclical low, and investor spending behavior is more defensive, reflecting stop-loss strategies. Glassnode concluded that the current Bitcoin market is in a transitional phase, with stability among long-term holders, increased on-chain activity, and a rebound in ETF demand providing structural support. However, valuation pressure, insufficient spot momentum, and defensive positions in derivatives still limit market risk appetite.

Cryptocurrency analysis firm Glassnode stated that since February of this year, the 3-month Bitcoin futures basis yield has been below the 2-year U.S. Treasury yield. Historically, there has only been one similar prolonged period: from August 2022 to January 2023, which ultimately marked the cycle bottom.

According to the "2026 Semi-Annual Market Report" released by CoinGlass, the total trading volume of TradFi perpetual contracts on mainstream exchanges in the first half of the year was approximately $1.2 trillion, with June's trading volume accounting for 33.7%, indicating a significant increase in trading activity. Market share is mainly concentrated among leading CEX platforms, with Binance, OKX, and Bitget's trading volumes approximately $666.3 billion, $117.7 billion, and $66.4 billion, respectively.In terms of crypto asset liquidity, within a range of 1% around the midpoint price, Binance's BTC two-sided order book depth is approximately $236 million, accounting for 44.0%; OKX is about $112 million, accounting for 20.8%; Bybit and Bitget are both around $70 million, with market shares of 13.9% and 13.4%, respectively. For ETH, Binance's depth is about $109 million, accounting for 28.7%; Bitget is approximately $81 million, accounting for 21.4%, followed by OKX and Bybit.

Glassnode data shows that the sentiment in the BTC options market is gradually turning positive. As prices rebound, the BTC implied volatility index DVOL has decreased from 48 to 40, indicating that the panic premium accumulated in June is partially retreating. However, the current volatility is still higher than the May low, suggesting that while market uncertainty has eased, it has not completely dissipated.Meanwhile, the BTC options open interest Put/Call ratio has dropped to about 0.59, reaching a six-month low, indicating that traders are significantly reducing downside hedging and re-establishing bullish exposure. Glassnode believes that this change reflects a constructive improvement in options market sentiment.From the position structure, BTC is currently hovering around $63,000, still below the dense negative gamma range of $68,000 to $70,000. If the price further enters this range, it may trigger stronger pro-cyclical market maker hedging behavior and amplify market volatility.

Glassnode data shows that buyers who have held Bitcoin for 1-2 years have realized losses, which may indicate the bottom of the bear market in 2026, with $69,000 becoming a key price battleground.

According to the latest "Bitcoin Weekly Market Pulse" report published by glassnode, although BTC has rebounded after a recent sell-off, this round of increase is still closer to a "volume contraction recovery." The report shows that the weekly spot trading volume decreased by 21.5% to $4.1 billion, and the spot CVD turned from positive to negative at -$58.8 million, indicating that the breadth of market buying remains weak.In terms of institutional funds, the weekly net inflow of the US spot BTC ETF has recovered to $161.3 million, but ETF trading volume still decreased by 11.97% to $8.4 billion. On-chain data shows that the number of active addresses decreased by 7.6% to 599,000, on-chain transfer volume decreased by 16.1% to $4 billion, and total fees decreased by 13.9% to $168,400, indicating that on-chain activity continues to weaken.In terms of derivatives, the futures funding rate increased by 13.4% to $1.9 million, but the perpetual contract CVD plummeted by 81.7% to $83.9 million; at the same time, the options market 25-Delta Skew rose to 18.87%, indicating that investors still maintain strong demand for downside protection during the rebound process.

According to a report released by the data analysis platform Glassnode (@glassnode), although the BTC price is still far below its historical high, traders on the Hyperliquid platform are continuously increasing their long positions, with a buy-the-dip sentiment prevailing throughout the downward trend, and the potential for market short squeezes is continuously accumulating.Meanwhile, the altcoin cycle signal has returned to "altcoin season," and the selling pressure on altcoins is tending to exhaust, but BTC is still under downward pressure, and the current market trend is still dominated by BTC movements.

Glassnode data shows that the 30-day moving average of BTC treasury company's total trading volume has decreased from $34.2 billion/day in December 2025 to the current $17.4 billion/day, a 49% drop in six months.Glassnode points out that the speculative interest in DAT stocks is highly correlated with BTC prices. As spot prices pull back, interest in gaining leveraged Bitcoin exposure through listed treasury tools has also weakened, and trading activity has halved from its peak.

Glassnode released a market weekly report stating that Bitcoin continues to exhibit characteristics of a late-stage adjustment, with recent buyers suffering significant losses and realized losses remaining high, while several major sources of demand have weakened considerably.The drop in Bitcoin's price to around $60,000 triggered a significant deleveraging event, clearing a large number of speculative positions from the market. While this helps reset leverage levels, spot demand has yet to show a substantial recovery. The options market remains defensive, with implied volatility staying high, strong demand for downside protection, and traders' positions concentrated around the current spot levels. Coupled with a decline in institutional participation and a slowdown in corporate bond accumulation, these data indicate that risk appetite remains subdued.Overall, the market seems to be further entering a phase of capitulation. Although leverage has essentially been reset and valuation metrics have reached historical lows, the demand response typically associated with long-term market lows has yet to materialize.

Glassnode co-founder Rafael posted an analysis of the recent Bitcoin price trend on the X platform, noting that the current Bitcoin price is in the $62,000 range, having dropped nearly 50% from its all-time high, with a decline of 24% over the past month. The price has crossed the upper range of its pricing framework, entering a valuation cluster area where historical cycles have previously shown bottoms.Rafael further pointed out that market bottoms cannot be confirmed in advance and can only be defined through probability ranges and key price levels to identify potential bottom signals. Bitcoin has fallen below the median holder breakeven line for the first time since December 2022, currently situated within a broader support range: the median realized price is approximately $64,100, and the 200-week moving average price is around $61,700.The current high-probability bottom range may be between $46,000 and $54,000, with a rare "sell-off tail" below that range of $35,000 to $40,000. It is important to note that the magnitude of cyclical pullbacks is gradually decreasing: previous rounds of lows saw declines of about 85%, 84%, and 77%, while this round has only dropped about 50%, indicating that a high-probability bottom is more likely to be in the upper range, though extreme sell-off possibilities cannot be ruled out.

According to Decrypt, research published by Glassnode shows that nearly one-third of circulating Bitcoin has exposed public keys, theoretically making it vulnerable to future quantum computer attacks. Specifically, about 6.04 million Bitcoins worth over $46.9 billion are at quantum risk. Among these, approximately 1.92 million are structurally exposed, originating from early "pay-to-public-key" addresses, multi-signature structures, and Taproot outputs, which are script formats that default to exposing public keys.About 4.12 million are operationally exposed, stemming from address reuse behavior. Among the Bitcoins with operational exposure, approximately 1.66 million are related to exchanges, accounting for 8.3% of the total supply and about 40% of all operationally exposed Bitcoins. From the holdings of major exchanges, only 5% of Coinbase's Bitcoins are exposed to quantum risk, while Binance and Bitfinex have exposure rates of 85% and 100%, respectively. Glassnode states that this result should not be interpreted as a risk ranking of specific companies or a signal of solvency.

Glassnode stated that Bitcoin has reclaimed the real market average at $78,300 but has failed to maintain a position above this level. Historical cycles suggest that several weeks to months of consolidation may be needed before confirming a credible bull market transition. The 30-day moving average has seen its risk-reward ratio rise from 0.4 in February to 1.8 during the rebound, indicating that demand is insufficient to absorb the wave of profit-taking. This indicator needs to remain above 2 to signal a true recovery of buyer strength.The 30-day cost baseline at $78,200 has shifted from a support level to an overhead resistance level, while the cost baseline of the accumulation group formed from February to April ($71,400) is currently the most direct support level in the ongoing pullback. The internal structure of the spot market has weakened in recent weeks, with the cumulative volume delta (CVD) remaining negative overall, and Coinbase activity continues to lag. This indicates that while there is sporadic offshore speculative demand, the participation of U.S. institutions in the spot market remains relatively weak.CME futures open interest has continued to rise alongside prices, indicating that while overall spot demand remains hesitant near the current range highs, institutional participation in the derivatives market is improving. The accumulation rate of U.S. spot ETFs has recently slowed, further indicating that positions are increasingly driven by futures activity. Implied volatility is rebounding from low levels, primarily concentrated in short-term contracts, while long-term expectations remain stable. Realized volatility continues to decline, and the volatility risk premium has expanded, making the cost of hedging relatively manageable. Options positions remain defensive. The skew indicator shows a resurgence in demand for downside protection, while the negative gamma range around $75,000 makes spot prices susceptible to amplified hedging flows and increased price volatility.

Glassnode data shows that the current Bitcoin price is around $76,700, with over 7.8 million BTC still in a state of unrealized loss.Glassnode points out that there is still a huge surplus of supply from buyers near the cycle high, and the market needs to fully digest this selling pressure in order to form a structurally sustainable upward trend.

Glassnode data shows that Bitcoin long-term holders (LTH) experienced an unrealized loss of 15% at the beginning of April, while in previous deep bear markets, this indicator exceeded 75%. This indicates that despite the recent significant pullback in Bitcoin, the pressure faced by long-term holders is only a small fraction of historical cycle lows, and their belief in holding has not been tested to the same extent.

Glassnode's latest weekly report indicates that Bitcoin slowly climbed from $77,000 to $82,000 last week, with buying pressure continuing to support during the pullback, even as momentum began to cool near local highs. The spot CVD surged, reflecting strong bullish sentiment and a firm belief in price increases. Meanwhile, spot trading volume also increased, indicating that the recent price trend gained more support with heightened investor participation. However, the easing of price momentum suggests that buying and selling pressures are becoming more balanced, implying that the market may be entering a stabilization phase.The situation in the futures market is similar, with a rise in risk appetite. The increase in open interest indicates heightened speculative activity, with investors willing to take on more risk; the perpetual contract CVD surged, indicating sustained bullish momentum. However, the decline in long funding rates suggests a shift towards bearish sentiment, and bullish sentiment may have weakened.In the options market, the demand for downside protection has decreased, while open interest has increased, indicating a shift in market expectations towards neutral or slightly bullish. However, the volatility spread has surged significantly, indicating that the risks reflected in options pricing are much higher than the actual risks, reflecting a notable increase in participant uncertainty.In summary, supported by stronger on-chain activity, healthier profitability, and more stable holder positions, Bitcoin's market structure continues to improve. Although bullish sentiment is strengthening, the slowdown in capital inflows and cautious market sentiment suggest that the market remains sensitive to changes in risk appetite.

Glassnode pointed out that after Bitcoin broke through resistance and entered the $82,000-$83,000 range, market volatility has significantly rebounded. Options data shows that the implied volatility (IV) has rebounded sharply from the low in October 2025, with 1-week IV rising by 6 points, indicating a recovery in short-term options demand. The 25D skew continues to compress towards neutrality, with bearish hedge demand weakening.The volatility risk premium (VRP) has turned positive, and the future volatility priced in options is now higher than the realized volatility in the spot market. Additionally, there is a short-term gamma short cluster of nearly $2 billion around the $82,000 mark, and traders' hedging behavior may amplify the current price volatility.In the past 24 hours, selling call options accounted for 81% of trading flow, indicating that some traders are starting to cash in on gains, with overall positions leaning towards consolidation rather than panic hedging.

According to The Block, Glassnode data shows that Bitcoin whales on Hyperliquid have pushed net long positions to a new high for 2026.Glassnode pointed out on the X platform that in recent weeks, whales have continuously increased their cumulative long positions, continuing the trend of going long that began during last month's BTC price breakout. Hyperliquid, as the largest on-chain perpetual contract exchange, often sees whale activity used as a sentiment indicator, with the total whale positions on the platform amounting to approximately $3.5 billion, with longs slightly outpacing shorts. Most liquidations in the past month have concentrated on short positions. On Wednesday, Bitcoin briefly broke through $82,000, reaching a three-month high.Bitcoin has maintained a negative 30-day average funding rate for 67 consecutive days, the longest record in ten years, with some analysts believing this may indicate a market bottom. However, the long-short ratio on Binance is currently about 0.53, below 1, indicating that most accounts still hold a bearish outlook.

Glassnode's latest report indicates that Bitcoin has broken through the real market average ($78,200) and the cost price for short-term holders ($79,100). If it can maintain this range for the next week, the "deep value phase" since 2026 may become the shortest in Bitcoin's history.The next key resistance level in the current market is around $85,200. On-chain data shows that the 30-day net realized profit and loss average has turned positive to 0.003% of the market cap, and long-term holders have realized profits rising to $180 million daily, but this is still significantly lower than the over $1 billion level during the peak of this cycle.However, the market has realized losses still amounting to $479 million daily, which is 140% higher than the stable range of this cycle. Glassnode believes that it needs to continuously fall below $200 million to confirm a healthier demand recovery.In terms of capital, the 30-day net inflow of the U.S. spot Bitcoin ETF has turned positive again, indicating that institutional demand is recovering. At the same time, the perpetual contract funding rate remains negative during the upward process, suggesting that market short positions are still heavy. If shorts continue to be squeezed, it may further drive prices up.Additionally, there is a concentration of about $2 billion in "Short Gamma" positions around $82,000, and market makers' hedging behavior may amplify price volatility. Glassnode believes that the overall trend for Bitcoin remains strong, but the market has entered a more sensitive phase. If there is a lack of sustained spot buying support, there may be significant selling pressure around $85,000.

According to on-chain data platform Glassnode (@glassnode), the Bitcoin spot trading volume on major exchanges has fallen to its lowest level since October 2023, comparable to the level at the end of the previous bear market in September 2023. In a low trading volume environment, market depth has significantly decreased, and even minor capital flows can trigger liquidations, leading to a notable increase in the market's sensitivity to changes in liquidity.