Zach Anderson
Aug 11, 2026 17:39
Glassnode’s Market Compass Composite hits 25/100 as macro positive factors power, pushed by greenback softness. Insights on ETF flows, volatility, and Bitcoin metrics.
Glassnode’s newest Market Compass report highlights a notable uptick in its Composite rating to 25/100, categorized as ‘Defensive’. This marks an enchancment from 22 final month and 21 the week prior, reflecting modest however constant positive factors in market circumstances. The important thing driver? A softening U.S. greenback, which has helped stabilize threat belongings, together with Bitcoin.
Macro circumstances, the most important weight within the Composite, climbed from 13 to 23 over the previous month, because the greenback continued to battle beneath its 200-day shifting common. This aligns with broader developments reported earlier this yr: the greenback gained 1.1% in Q1 2026 after a steep 7.4% depreciation in 2025 (New York Fed, Could 2026). Whereas the greenback stays the dominant international reserve forex, diversification into belongings like gold and cryptocurrencies is a rising theme.
Spot Market Holds Agency
Bitcoin’s worth hovers close to $63,900, a wholesome premium over the typical price foundation of $52,800. Realized profit-and-loss stays barely constructive at 1.05, signaling stability, whereas option-implied volatility has ticked as much as 36 after hitting a two-year low. These metrics recommend merchants are navigating a interval of calm valuations with restricted draw back strain.
U.S. spot Bitcoin ETFs proceed to see strong inflows, averaging $95 million in internet day by day creations over the previous week. This passive demand has helped maintain market sentiment, with 43% of current consumers now in revenue regardless of a slight dip in spot costs. The report notes {that a} additional decline within the greenback’s worth may push the Composite nearer to a ‘Balanced’ studying, whereas a reversal or weakening ETF flows may shift it again towards ‘Danger-Off.’
New Cycle Place Board Debuts
Glassnode launched a brand new function on this version: the Cycle Place Board. This device aggregates knowledge from 45 Bitcoin metrics, scoring every from 0 to 100 based mostly on its place inside a four-year historic vary. Your entire board condenses right into a composite median rating, providing a concise view of the place Bitcoin stands in its cycle.
At the moment, the board sits within the cooler half of its vary, indicating a market that’s “washed out” however steadily constructing a base. Traditionally, comparable circumstances have confirmed favorable for accumulation, whereas overheated phases are inclined to sign cycle peaks.
What’s Subsequent?
As macro forces just like the greenback’s trajectory proceed to affect crypto markets, merchants ought to look ahead to key alerts. The Composite’s subsequent transfer will doubtless hinge on whether or not the greenback breaks beneath its 200-day common or rebounds, and whether or not ETF flows maintain their upward momentum. Moreover, the Cycle Place Board gives a helpful lens for assessing Bitcoin’s long-term positioning.
For real-time updates, the complete Market Compass dashboard is offered to Glassnode Superior and Skilled members. With passive inflows supporting present market stability, merchants might discover alternatives on this “Defensive” section, notably if macro tailwinds persist.
Picture supply: Shutterstock