--- title: "Glassnode Saw Longs Paying Up at $80K as Spot and ETF Buyers Stepped Back" published: 2026-10-28T22:40:38.518941+00:00 type: market_pulse scope: crypto_market canonical: https://www.moonwire.org/insights/market-pulse-2026-10-26.html tags: [bitcoin, ethereum, etf, derivatives, stablecoins, tokenization, macro] --- # Glassnode Saw Longs Paying Up at $80K as Spot and ETF Buyers Stepped Back > In Glassnode's read, Bitcoin's hold near $80K rested on leverage rather than fresh buying: longs paid high funding while spot and ETF buyers stepped back. Ether carried a heavier version of the same story through its ETF outflows, and the curated voices split between breakdown calls and a cooled-off holder base. ## Key takeaways - Glassnode had Bitcoin near $80k after a failed attempt at $85k, with longs paying high funding rates and spot and ETF buyers stepping back [[1]](/s/BfP1rvcVS-yowIwNaIuTyQ?p=a7054b72a757). - US spot Ether ETFs recorded $1.07 billion of 30-day net outflows as ETH neared $2,300 [[2]](/s/2vaDh6hfRcq4hPnByQXdPA?p=a7054b72a757), and Ansem described a weekly bearish engulfing candle breaking Ether's prior bullish structure [[7]](/s/lcjYbUB-QHCVxr-IlgXkcQ?p=a7054b72a757). - The other side ran through holder data and squeeze talk: Glassnode put short-term holder supply in profit at about 70% as of 24 October [[9]](/s/3P2b5mB1RhShyggk6lf0EA?p=a7054b72a757), and Lark Davis described a Bitcoin short-squeeze setup [[10]](/s/CeMKJkCETbC3t4ZH8likxQ?p=a7054b72a757). - The dollar layer kept moving, with the USDC Treasury minting 250 million USDC at 18:38 and 18:57 UTC [[13]](/s/5pcbBbegSju9eXpXhP-Yjw?p=a7054b72a757)[[14]](/s/S3ntNUSNSXWJpF11iu3l3w?p=a7054b72a757). - Payward said it intends to become the first CFTC-regulated HIP-3 deployer on Hyperliquid, pending CFTC approval [[23]](/s/flP9RtLLT6SmW0sBWaHwIA?p=a7054b72a757). Bitcoin's hold on $80K looked leveraged rather than bought, in Glassnode's read: after a failed attempt to reach $85k, long positions were paying high [funding rates](https://www.moonwire.org/insights/glossary/funding-rate.md) and options traders were hedging, while spot and ETF buyers had stepped back [[1]](/s/BfP1rvcVS-yowIwNaIuTyQ?p=a7054b72a757). Ether carried a heavier version of the same story, with its US [spot ETFs](https://www.moonwire.org/insights/glossary/spot-bitcoin-etf.md) posting $1.07 billion of 30-day net outflows as the price neared $2,300 [[2]](/s/2vaDh6hfRcq4hPnByQXdPA?p=a7054b72a757). ## Leverage held the line Glassnode's post paired that positioning with its on-chain gauges: a Volatility Spread reading of 32.32, an ETF MVRV of 1.40 and a Hot Capital Share reading of 21.14 [[1]](/s/BfP1rvcVS-yowIwNaIuTyQ?p=a7054b72a757). Early in the window, at 01:57 UTC, Bitget's daily report put Bitcoin at $80,322.15, near its institutional cost basis, with short-liquidation zones at $81,100–$81,700 and long-liquidation zones at $79,300–$79,900 [[3]](/s/0J_M7pQrQ3qFtFGvKPxiQg?p=a7054b72a757). The same report had the crypto [market cap](https://www.moonwire.org/insights/glossary/market-capitalization.md) down 4.33% to $2.68 trillion [[3]](/s/0J_M7pQrQ3qFtFGvKPxiQg?p=a7054b72a757). The options market priced a wider range than usual. A Coinbase Markets chart showed the 7-day options-implied move for BTC, ETH, SOL and XRP above each asset's historical median absolute move, with XRP highest at 1.55× and SOL closest at 1.19× [[4]](/s/Brl3w8vNQUeIRS6bWwPzSQ?p=a7054b72a757). Strategy kept reporting through it, disclosing a $205 million STRC repurchase and holdings of 848,517 BTC as of 10/25/26 [[5]](/s/gZoraO5bRs2x6EsmSvT63A?p=a7054b72a757). ## Ether took the outflows OKX's weekly brief for 19–25 October had already shown the split, with BTC at +0.50% on the week and ETH at -2.81% [[6]](/s/KuIF6MJJQPurRfFbVP9Jfw?p=a7054b72a757). On 26 October the ETF outflow figure landed [[2]](/s/2vaDh6hfRcq4hPnByQXdPA?p=a7054b72a757), and Ansem posted a daily ETH chart near $2,298 with resistance around $2,400, describing a weekly bearish engulfing candle that broke the prior bullish structure [[7]](/s/lcjYbUB-QHCVxr-IlgXkcQ?p=a7054b72a757). In a separate post Ansem described Bitcoin and Ether breaking down below 82k and 2,400 on a mid-term trend break, and warned of fourth-quarter volatility for traders, pointing to the FOMC and important earnings releases this week [[8]](/s/7hWv-4XeS-O_aUl4HQwEWQ?p=a7054b72a757). The institutional story on Ethereum ran the other way in the same OKX brief, which listed JPM Coin's Ethereum expansion among the week's moves [[6]](/s/KuIF6MJJQPurRfFbVP9Jfw?p=a7054b72a757). ## The other side Part of the counter-read came from the same on-chain feed. Glassnode said recent Bitcoin buyers had left the strong sell zone: short-term holder supply in profit had cooled from almost all of it in late September to about 70% as of 24 October [[9]](/s/3P2b5mB1RhShyggk6lf0EA?p=a7054b72a757). Lark Davis said a Bitcoin short squeeze could be brewing [[10]](/s/CeMKJkCETbC3t4ZH8likxQ?p=a7054b72a757). Ansem, who called the majors lower, also argued that despite the negative mood on crypto Twitter the counter-consensus was to be bullish on [on-chain activity](https://www.moonwire.org/insights/glossary/on-chain-data.md) [[11]](/s/Ov0jl-nASpm7cVQ5VfdkFg?p=a7054b72a757), and their breakdown post noted some on-chain pockets may still perform well [[8]](/s/7hWv-4XeS-O_aUl4HQwEWQ?p=a7054b72a757). Mayne's weekly chart framed a range rather than a direction: a consolidation zone roughly between $76k and $80k, resistance near $82k and a neutral tone [[12]](/s/tnBeXngMTPG6E9x8q1FXCw?p=a7054b72a757). ## The dollar layer and the venues [Stablecoin](https://www.moonwire.org/insights/glossary/stablecoin.md) supply moved in size. The USDC Treasury minted 250 million USDC at 18:38 UTC and again at 18:57 UTC [[13]](/s/5pcbBbegSju9eXpXhP-Yjw?p=a7054b72a757)[[14]](/s/S3ntNUSNSXWJpF11iu3l3w?p=a7054b72a757). Tether Treasury sent 130 million USDT each to Upbit and Bitfinex [[15]](/s/mftmCmUKQVas9WsG2Zsfag?p=a7054b72a757)[[16]](/s/hBxa1wYNTJq3i3lWCft-lA?p=a7054b72a757), while separate transfers ran from Bitfinex back to the Tether Treasury, including one of 202.6 million USDT [[17]](/s/dQ2XBI-kSKmZjHsihSMhAw?p=a7054b72a757). Bitcoin also moved through Coinbase Institutional wallets in both directions, from 1,847 BTC (about $148.3M) arriving from an unknown wallet [[18]](/s/h6B33f1MTxOm4FhtHuD31Q?p=a7054b72a757) to 1,141 BTC leaving for a newly created address [[19]](/s/EUueOdjlTm6YA0BLlHq4Aw?p=a7054b72a757); [Whale](https://www.moonwire.org/insights/glossary/crypto-whale.md) Alert gave no intent for either. The venues kept widening what a crypto account can trade. Bybit listed perpetual contracts on AbbVie, TTM Technologies and Axe Compute with a 0% maker fee and 50% off taker fees [[20]](/s/ax7AgP6ORoazyZGeH5_BFA?p=a7054b72a757), Bitget listed EIDO, STM and EQT stock [perpetuals](https://www.moonwire.org/insights/glossary/perpetual-futures.md) [[21]](/s/ZU7HRI2STo6SRpj5vhN9Vg?p=a7054b72a757), and Bybit scheduled a 27 October walkthrough of Perp Options on TSLA, NVDA and QQQ [[22]](/s/4gFGyNprTFiEahStfY_8Fw?p=a7054b72a757). Payward, Kraken's parent, said it intends to become the first CFTC-regulated HIP-3 deployer on Hyperliquid, with Bitnomial creating the markets and NinjaTrader Clearing as the registered FCM, pending [CFTC](https://www.moonwire.org/insights/glossary/cftc.md) approval [[23]](/s/flP9RtLLT6SmW0sBWaHwIA?p=a7054b72a757). Tokenization added to the picture. Aviva Investors launched a tokenized share class of its Sterling Liquidity Fund, its largest fund at around £22 billion in assets under management, on the XRP Ledger [[24]](/s/fBNP69lUTpCuCuDanLuSrw?p=a7054b72a757). CZ joined BNC's CEO at the Nasdaq opening bell, writing that he never thought he would ring the bell for a blockchain token treasury [[25]](/s/K9bSor0yQgm3iVwwm6zY3w?p=a7054b72a757). ## The calendar ahead The OKX brief put the FOMC on 27–28 October with rates expected to hold at 3.75–4.00%, citing a Reuters poll in which 94 of 100 economists expected an October hold [[6]](/s/KuIF6MJJQPurRfFbVP9Jfw?p=a7054b72a757). Bitget's daily noted PMI easing to 57.6 as inflation pressures rose [[3]](/s/0J_M7pQrQ3qFtFGvKPxiQg?p=a7054b72a757), and Trader Mayne listed earnings, the FOMC meeting and the US midterm elections among the possible volatility events ahead [[26]](/s/Achpd_m4RIOaG0NNMcoCLw?p=a7054b72a757). --- *MoonWire surfaces and summarizes public crypto news.* **General information only — not financial advice.** MoonWire Ltd. is not licensed by ASIC and holds no AFSL. This content does not consider your objectives, financial situation, or needs, and is not a recommendation to buy, sell, or hold any asset. *This analysis is generated by artificial intelligence and may be inaccurate, incomplete, or fabricated. Independently verify before acting.* © 2026 MoonWire Ltd. · [Terms](https://www.moonwire.org/legal/TOS) · [Risk Disclosure](https://www.moonwire.org/legal/RISK_DISCLOSURE) · [Privacy Policy](https://www.moonwire.org/legal/PRIVACY_POLICY)