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The shipping giant FedEx announced its joining of the Hedera Network's governance body, the Hedera Council, where it will operate network nodes and participate in on-chain governance.

glassnode's weekly market report indicates that the price of Bitcoin rebounded from $60,000 to $69,000. However, while spot trading volume has increased, it remains at a low level, showing that selling pressure has eased but buyer participation is cautious. This reflects a market that is frequently changing hands after a downward revaluation, rather than decisively accumulating.Over-the-counter indicators show that futures and options positions are defensively strong, with ETF trading volume surging to a high of $45.5 billion, yet accompanied by a slowdown in capital outflows, resulting in overall low risk appetite. On-chain fundamental activity has strengthened, but capital inflows are negative and unrealized losses dominate supply. Overall, the market's sustained recovery may depend on the restoration of spot demand, which would stabilize prices above recent lows.

Glassnode posted on platform X that Bitcoin has rebounded to $69,000 after experiencing a sharp downward revaluation. The overall market positioning remains defensive—spot, derivatives, and on-chain indicators all show caution, and whether the rebound can be sustained depends on whether spot demand can recover.Off-chain signals are stabilizing, but market confidence remains insufficient. Spot and ETF indicators are recovering from low levels, while futures and options positions remain defensive, indicating that participants are cautious and risk appetite remains weak. On-chain signals are mixed; although the underlying network activity fundamentals have improved, capital flows and profit-loss conditions continue to weaken, showing that even with improved network participation, market demand remains soft and profit margins are limited. When Bitcoin's price was at $70,000, the unrealized losses in the market accounted for about 16% of the total market capitalization. The current market pain resembles the market structure observed in early May 2022.

According to Glassnode data, approximately 11.1 million BTC are currently in profit (i.e., the purchase cost is lower than the current market price), while about 8.9 million BTC are in loss.As the gap between the two continues to narrow, the comparison of BTC supply in profit versus supply in loss is approaching a key convergence range that has historically occurred multiple times. This indicator measures the number of wallets currently in a paper profit state against the number of wallets in a loss state.When the two gradually tend to balance, it often corresponds to market phase bottom areas in history, regarded as an important signal for market capitulation and long-term positioning opportunities. If the profit and loss supply further converges, it may indicate that the market is entering a phase of constructing a historical cycle bottom, but it still requires a comprehensive judgment considering factors such as macro liquidity, derivatives structure, and market sentiment.

According to glassnode, the realized profit and loss ratio of Bitcoin (90-day simple moving average) has been on a continuous downward trend (currently around 1.5), gradually approaching 1, reflecting the increasingly depleted market liquidity conditions.Historically, if this indicator continues to fall below 1, it is usually accompanied by a widespread capitulation sell-off—where the realized losses across the entire market will exceed profit-taking activities.

According to glassnode analyst Chris Beamish, Bitcoin has now fallen below the average cost basis of U.S. spot ETF holders (around $84,000), leading to unrealized net losses for ETF buyers. Chris Beamish stated that this is the first real stress test for U.S. spot ETF holders.After the U.S. stock market opens, investors will choose to buy or panic sell, and tonight may bring a "stress test."

Data shows that the number of validator nodes on the Solana network has significantly decreased from a peak of 2,560 in March 2023 to the current 795, a drop of 68%, raising concerns in the market about the network's level of decentralization.Industry insiders point out that, in addition to clearing "zombie nodes," a more core reason is the continuous rise in operating costs + zero-fee competition among large nodes, which is systematically squeezing out small and medium-sized validators. An independent validator node operator stated that many small nodes are not bearish on Solana, but rather that the economic model has become unsustainable: "Without economic viability, decentralization becomes a charitable act." Meanwhile, Solana's Nakamoto Coefficient has dropped from 31 to 20 during the same period, a decline of about 35%, indicating that the control of staked SOL is concentrating in the hands of a few large nodes, reducing the network's level of decentralization.From a cost perspective: to maintain operation (excluding hardware and servers), a node needs at least $49,000 worth of SOL in the first year; approximately 401 SOL is required annually to pay for voting fees; and daily voting transaction costs can reach up to 1.1 SOL/day. The trend signals are clear: Solana is gradually evolving from a "broad participation node structure" to a structure dominated by large institutional nodes, which may have a profound impact on the network's security structure and governance patterns in the long term.

According to the weekly report analysis released by Glassnode, Bitcoin's price continues to consolidate near the key on-chain cost basis, with the market facing structural pressure.The condition of short-term holders remains weak, with their cost basis (around $96,500) being a critical bull-bear dividing line. Recent key support levels are at $83,400 and $80,700. If these levels are breached, it could trigger a deeper correction. The 30-day moving average of spot ETF fund flows has returned to neutral, alleviating structural selling pressure, but there has not been a strong inflow. Buying in the spot market has improved, with Binance leading the return of buying, while demand on Coinbase remains relatively stable. In the derivatives market, perpetual contract funding rates are generally neutral, while the options market has turned defensive, with skew leaning bearish and traders' Gamma being negative below $90,000, which could amplify downward volatility. The market lacks clear signals for liquidity inflows, and the subsequent direction depends on whether spot and ETF can form sustained demand.

glassnode published a weekly report stating that Bitcoin continues to consolidate near structurally important price levels on-chain, with a delicate balance between holder confidence and marginal demand. The condition of short-term holders remains weak, with the lower bound of the current compression range (-1 standard deviation) at $83,400. This level is a key support in the recent period, and if it is breached, it could lead to a further price pullback towards the real market mean around $80,700. However, the overall capital flow pattern has stabilized.The selling pressure from ETFs has eased, and there are initial signs of improvement in spot market positions, especially in offshore markets, indicating that buyer interest is beginning to rebuild. Meanwhile, the derivatives market remains restrained, with neutral funding suggesting low market leverage and prices being less influenced by speculative momentum. Adjustments in options positions have reinforced this cautious attitude. The skew has turned bearish, short-term protection pricing has increased, and dealer gamma has fallen below zero, which raises the likelihood of sharp price fluctuations during periods of market volatility.Moving forward, the key to market trends lies in whether the demand from the spot and ETF channels can be sustained. Continued positive capital inflows and stronger spot buying will support the continuation of the trend, while ongoing weakness and rising downside hedging demand will make the market susceptible to further consolidation or deeper pullbacks.

The institutional research department of Coinbase, in collaboration with on-chain analytics firm Glassnode, pointed out in their latest report "Charting Crypto: Q1 2026" that Bitcoin is exhibiting more stable and resilient market characteristics.The report suggests that the pullback in Q4 2025 has largely cleared excess leverage from the market, reducing Bitcoin's sensitivity to cascading liquidations and enhancing its ability to withstand macro-level shocks. It states that the current market situation is not a return to a high-leverage speculative cycle, but rather is gradually displaying characteristics of a "macro-sensitive asset," with its price being more influenced by global liquidity, institutional positioning, and portfolio rebalancing behaviors. Unlike previous cycles dominated by retail momentum and high-leverage trading, the current market structure is more restrained, with institutional investors leaning towards defensive allocations.Researchers noted that the crypto market is overall healthier as it enters 2026, with a relatively robust macro environment and monetary policy expectations leaning towards support. The report also mentioned that Coinbase's self-built global M2 money supply index has historically led Bitcoin prices by about 110 days, and this indicator remains positively correlated in the current quarter, suggesting short-term support for Bitcoin. However, the subsequent growth rate of liquidity may slow down. Additionally, the report shows that Bitcoin options open interest has surpassed perpetual contracts, with investors more inclined to purchase downside protection rather than continue to leverage directional bets, reflecting a cautious market risk appetite.

According to Cointelegraph, the number of Bitcoin nodes supporting Bitcoin Improvement Proposal 110 (BIP-110) has risen to 2.38%. This proposal is a temporary soft fork that limits the amount of data per transaction at the consensus level.According to data from The Bitcoin Portal, out of 24,481 nodes, 583 are running BIP-110, with the main node software implementation for this soft fork proposal being Bitcoin Knots. BIP-110 limits the size of transaction outputs to 34 bytes and sets the OP_RETURN data limit to 83 bytes. According to the proposal's description on its GitHub page, this temporary soft fork will be deployed for 1 year, after which it may be extended or modified. OP_RETURN is a script code that allows users to embed arbitrary data.Since the release of the latest version of the most widely used Bitcoin node software—Bitcoin Core 30—this feature has been a focal point of intense debate within the Bitcoin community. The OP_RETURN data limit was originally set to 83 bytes, but Bitcoin Core developers unilaterally removed this restriction in the Bitcoin Core 30 version. This change stemmed from a controversial code merge request first proposed in April 2025, which was widely opposed by the Bitcoin community.

According to market news, the Nasdaq-listed company AVAX One announced the launch of public validation nodes on the Avalanche blockchain to support the Avalanche consensus mechanism, providing staking services for delegators. It is reported that the AVAX One validator will support public delegation and utilize an institutional-grade cloud architecture to ensure high availability and high performance.

glassnode published a weekly report stating that Bitcoin remains in a state of low participation, with price movements driven more by a lack of pressure than by active trading willingness.On-chain data continues to reflect an oversupply and weak structural support, while spot fund flows have improved somewhat but have not yet translated into sustained accumulation. Institutional and corporate demand remains cautious, with treasury company fund flows tending to stabilize, and trading activity concentrated in sporadic trades. Derivatives participation remains sluggish, with futures trading volume shrinking and leverage usage being moderate, further exacerbating the liquidity-challenged market environment, making prices increasingly sensitive to minor position changes.Overall, the market seems to be quietly building a bottom, but this consolidation is not due to excessive participation or enthusiasm; rather, it is because investor confidence has paused, with everyone waiting for the next clear catalyst to reignite broader market participation and momentum.

According to GlobeNewswire, NASDAQ-listed company AVAX One announced the launch of public validation nodes on the Avalanche blockchain to support the Avalanche consensus mechanism and provide staking services for delegators.It is reported that AVAX One validators will support public delegation and utilize enterprise-grade cloud architecture to ensure high availability and high performance.

WORLD3 announced a strategic partnership with B2EN. B2EN is a company listed on KOSDAQ (Korea Securities Dealers Automated Quotations) that has focused on enterprise-level AI and big data solutions since 2004. This collaboration will facilitate RouterLink's entry into the Korean market.According to the cooperation agreement, B2EN will become the genesis node operator for RouterLink and will obtain exclusive distribution rights in Korea. As the genesis node operator, B2EN will be responsible for AI traffic routing and will participate in network validation through PoLP (Proof of LLM Performance) and PoTU (Proof of Token Usage).With over 20 years of experience in enterprise services across finance, telecommunications, manufacturing, and the public sector, B2EN has established deep trust with major institutions in Korea, making it an ideal partner for market expansion.Nash, the market leader of WORLD3, stated, "This partnership is an important step in bringing the open AI economy to Korea. B2EN's corporate expertise and local market experience make them an ideal partner."RouterLink provides unified access to multiple AI models through a decentralized routing network, including GPT-5, Claude, Gemini, and DeepSeek.

According to the market analysis weekly report released by Glassnode on Monday, the fund flow of the U.S. spot Bitcoin ETF has sharply reversed, showing strong capital inflows, indicating that institutions are re-accumulating positions.Although ETF trading volume has risen accordingly, the increase in holder profits also brings short-term profit-taking risks. Bitcoin has retreated from a recent high of $98,000 to just over $90,000, with the Relative Strength Index (RSI) declining but still above neutral levels, indicating it is in a consolidation phase rather than a trend deterioration phase.Spot trading volume has risen moderately, and the net buying and selling imbalance has broken through the upper limit of the statistical range, showing a significant reduction in selling pressure, but demand still appears weak. The slight increase in open interest in futures reflects cautious rebuilding of speculative activity, while the sharp drop in funding rates indicates a decrease in urgency among bulls.The options market continues to price in higher uncertainty, with ongoing demand for downside protection. On-chain activity has stabilized, with the number of active addresses and transfer volumes showing improvement trends, and network fees have risen slightly. The supply from short-term holders remains high, keeping the market sensitive to price fluctuations.Overall, Bitcoin is in a consolidation phase, but the strengthening buying power and the return of institutional interest are gradually pushing the market structure towards a more constructive direction.

Glassnode released data on social platforms indicating that the STH-NUPL metric (which measures the ratio of new investors' unrealized profits and losses relative to the market cap of short-term holders) shows that new investors remain in a state of net unrealized losses. To bring this group back to a net profit state, it seems that a Bitcoin price rebound to around $98,000 is the minimum threshold.According to ChainCatcher, based on historical patterns of bear markets and significant corrections, the continuous decline during a bear market may lead these short-term holders (STH, new investors) to gradually hand over their chips (realizing losses through selling) while in floating losses.During the 2018 bear market, the STH-NUPL plummeted to around -0.6, with a large number of short-term players cutting losses, resulting in significant losses, ultimately clearing a lot of speculative bubbles, and the market began a new bull run after hitting the bottom. In the 2022 bear market (after the FTX collapse), the STH realized loss peak reached a record high, and after the weak hands were cleared out, the price bottomed around $16,000, subsequently starting a bull market.

glassnode concludes from the latest Bitcoin Short-Term Holder Cost Basis Distribution (CBD) heatmap that the consolidation of Bitcoin prices in the range of $80,000 to $95,000 is due to concentrated supply above, creating resistance for the cost basis of recent buyers.The heatmap shows that the supply above this range has hindered multiple attempts to rebound, resulting in price stagnation, even though buying interest has continued to strengthen after pullbacks. If demand continues to accumulate above $80,000, it may trigger a breakout.

glassnode concludes from the latest Bitcoin Short-Term Holder Cost Basis Distribution (CBD) heatmap that the consolidation of Bitcoin prices in the range of $80,000 to $95,000 is due to concentrated supply above, creating resistance for the cost basis of recent buyers.The heatmap shows that the supply above this range has hindered multiple attempts to rebound, resulting in price stagnation, despite the continued increase in buying interest after pullbacks. If demand continues to accumulate above $80,000, it may trigger a breakout.