According to @glassnode, Bitcoin (BTC) is confined to a fragile $81K–$89K range as market liquidity thins and realized losses surge (source: @glassnode on X, Week On-Chain). @glassnode reports that futures are deleveraging and options positioning remains defensive, indicating a cautious derivatives posture (source: @glassnode on X, Week On-Chain). @glassnode adds that demand remains weak, reinforcing range-bound trading conditions around the highlighted levels (source: @glassnode on X, Week On-Chain).

According to the source, ETH open interest just recorded its biggest reset since 2024, based on CryptoQuant derivatives data shared on September 26, 2025. CryptoQuant’s readings show a sharp contraction in ETH perpetual and futures open interest, indicating widespread closing of positions rather than new leverage, which aligns with CME Group’s definition that declining open interest reflects liquidation of existing contracts rather than initiation of new ones. For trading, ETH funding rates, basis, and liquidation metrics can be monitored on CryptoQuant to track whether leverage rebuilds or remains depressed after this reset, using the same CryptoQuant datasets for confirmation.