# On-Chain Related Articles

HTX News Center provides the latest articles and in-depth analysis on "On-Chain", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Aggregate Analysis Beyond Price: Glassnode Global Metrics

Glassnode Global Metrics introduce a suite of aggregated on-chain and market metrics designed to analyze the dynamic crypto market without the distortions caused by asset reclassifications. The framework offers two data types: Raw Aggregates (original units) and scaled, base-100 Indices for continuous trend analysis. The article demonstrates the power of these indices through three examples. First, they reveal a dramatic 2024 small-cap rally invisible in raw data, where "winner" assets leaving the basket bias the raw series. Second, they provide a clearer view of profit-taking sentiment across market-cap cohorts, showing that small-cap holder sentiment is more stable than raw SOPR data suggests. Third, they isolate leverage behavior in derivatives, highlighting the higher volatility of open interest in mid- and small-cap assets during speculative phases. Currently live metrics include Total Market Cap, Median SOPR, Total Open Interest, and others, calculated for All Coins, Large, Mid, and Small Cap baskets with weekly rebalancing. The data is accessible via dedicated API endpoints for both raw and indexed series, bringing the continuity of traditional finance indices to multi-asset crypto analytics.

insights.glassnode06/03 13:48

Aggregate Analysis Beyond Price: Glassnode Global Metrics

insights.glassnode06/03 13:48

Solana Takes Aim At Hyperliquid With Push For Fully Onchain Perps

The Solana Foundation has announced a new initiative to actively support teams building fully onchain perpetual futures (perps) on Solana. This move directly challenges the current market structure, exemplified by platforms like Hyperliquid, where much of the derivatives volume still relies on centralized exchanges or hybrid models with offchain components. Solana argues that its high-performance blockchain makes fully onchain perps viable without sacrificing speed or user experience, aiming to shift a lucrative trading segment entirely onchain. The Foundation seeks to back projects that prioritize onchain price discovery (like order books or RFQ systems) over pool-based models, require projects to be "Solana-first" with revenue routed back to the chain, and mandate open-source development. The support includes distribution, technical assistance, and capital for core perps protocols as well as complementary infrastructure.

bitcoinist06/02 17:27

Solana Takes Aim At Hyperliquid With Push For Fully Onchain Perps

bitcoinist06/02 17:27

On-Chain Data Shows Larger Wallets Accumulating Ozak AI While Retail Remains Focused on Blue Chips

In 2025, a divergence is emerging between large holders and retail investors in the crypto market. Retail traders remain focused on established blue-chip assets like Bitcoin and Ethereum. In contrast, on-chain data reveals a significant trend of whales and institutional wallets accumulating Ozak AI ($OZ) tokens during its ongoing presale. These larger players, with a history of early investments in successful altcoins, are aggressively purchasing $OZ, with the presale having raised over $7 million across tiered pricing stages. This accumulation by "smart money" often precedes major price movements upon exchange listings. Meanwhile, retail's preference for lower-risk, proven assets creates an opportunity for these large wallets to position themselves early in promising AI blockchain projects like Ozak AI, potentially ahead of broader market adoption.

TheNewsCrypto05/28 05:54

On-Chain Data Shows Larger Wallets Accumulating Ozak AI While Retail Remains Focused on Blue Chips

TheNewsCrypto05/28 05:54

From ZEC's Surge to Vitalik's Support: Will the Privacy Narrative Resurface?

From ZEC's surge to Vitalik's endorsement, is privacy making a comeback? The recent rally in ZEC has refocused attention on the crypto privacy sector. This resurgence stems from a growing market realization: while blockchain transparency builds trust, full exposure of user balances, trading strategies, and risk positions can become a vulnerability, especially for large traders and institutions on platforms like Hyperliquid. The privacy landscape has evolved beyond classic anonymity coins like ZEC, XMR, and DASH. It now encompasses privacy infrastructure projects such as Railgun (bringing privacy to DeFi) and Aztec (a privacy-focused L2), as well as newer entrants like Genius Terminal, SilentSwap, and 0xBow that emphasize transaction privacy while attempting to balance compliance. Industry trends confirm privacy is becoming integrated, not a niche feature. Perp DEX Aster has introduced a "Shield Mode," and Vitalik has discussed the need for native privacy at the Ethereum protocol level, including proposals like EIP-8182 for standardized private transfers. In conclusion, this revival is more than a simple sector rotation. It reflects a critical reassessment of transparency's limits. As on-chain finance matures, the challenge is finding a sustainable balance between necessary transparency for trust and essential privacy for protecting assets and strategies, making privacy a potential cornerstone of next-generation infrastructure.

marsbit05/27 09:53

From ZEC's Surge to Vitalik's Support: Will the Privacy Narrative Resurface?

marsbit05/27 09:53

BTC Market Pulse: Week 22

Bitcoin's price weakened in Week 22, falling from $79K to around $74K before a partial recovery, with momentum down 21.7%. While selling pressure appeared to ease based on CVD metrics, overall market activity cooled as spot volume and futures open interest declined, signaling reduced speculation and a more cautious backdrop. Contrasting signals emerged. A 135.4% surge in long-side funding payments pointed to strong demand for bullish bets. Meanwhile, options skew shifted slightly, indicating greater demand for downside protection. In TradFi, US Spot ETF netflows improved 28.9%, though trade volume fell sharply. On-chain data showed minor dips in active addresses and transfer volume, hinting at a consolidation phase. Liquidity metrics suggested a more stable market with higher conviction. However, profitability ratios flagged increased market stress, with a notable rise in loss realization versus profit-taking. In summary, the market displayed signs of moderation and consolidation, characterized by reduced activity, cautious sentiment, and a mixed picture of risk appetite.

insights.glassnode05/25 14:33

insights.glassnode05/25 14:33

Opinion: Most Tokenized Assets Are Still Traditional Finance Wrapped On-Chain

**Summary:** A market analysis reveals that the vast majority of tokenized assets remain mere "wrappers" for traditional finance on-chain. Of 593 surveyed assets, 77.6% are "Wrapped" assets where the token exists on-chain but key lifecycle functions (issuance, redemption, custody, access) remain off-chain. Only 11.1% are "Hybrid" assets, where some operational logic (transfers, settlement, yield accrual) is migrating on-chain, representing the true beginning of transformation. A mere 2.7% are "Native" assets built with a fully on-chain operational model. This explains why stablecoins feel structurally advanced compared to other RWA—they are true on-chain financial primitives, not just digitized traditional processes. The key future distinction won't be between tokenized and non-tokenized assets, but between those that are merely distributed on-chain and those that begin to *operate* on-chain.

marsbit05/25 03:18

Opinion: Most Tokenized Assets Are Still Traditional Finance Wrapped On-Chain

marsbit05/25 03:18

Secures Over $60 Million in Funding from Dragonfly, Sequoia, and Others. An In-Depth Look at the On-Chain Derivatives Protocol Variational | CryptoSeed

Variational, a decentralized derivatives trading platform, has raised over $61.8 million in total funding, including a recent $50 million Series A led by Dragonfly Capital. Investors include Sequoia Capital, Coinbase Ventures, Bain Capital Crypto, and Hack VC. The platform, with over $810 million in Open Interest (ranking 4th among on-chain derivatives protocols), is founded by Lucas Schuermann and Edward Yu. Both are Columbia University graduates and former partners at quant fund Qu Capital. They later held senior roles at Genesis Trading, handling billions in trading volume. The broader team includes talent from Google, Meta, and top trading firms like Jane Street. Operating on Arbitrum, Variational distinguishes itself by aggregating external liquidity from CEXs, DEXs, and traditional market makers using an RFQ (Request-for-Quote) model, positioning itself more as a broker than an exchange like Hyperliquid. Its dual product line features Omni for retail users (offering up to 50x leverage on ~450+ crypto and TradFi pairs) and Pro for institutional OTC trading. Currently in a pre-TGE phase, Variational has launched an "Omni Points" system, with 50% of its upcoming $VAR token supply allocated for community incentives through trading-based rewards and referrals until Q3 2026.

链捕手05/22 06:25

Secures Over $60 Million in Funding from Dragonfly, Sequoia, and Others. An In-Depth Look at the On-Chain Derivatives Protocol Variational | CryptoSeed

链捕手05/22 06:25

Blockchain Capital Partner: Most People Have a Narrow Understanding of the On-Chain Economy

Blockchain Capital Partner Spencer Bogart argues that the dominant view of on-chain economics as merely a faster, cheaper version of existing finance is narrow. While significant, applications like efficient settlements and tokenized assets represent only the initial, obvious phase—akin to email in the early internet. The larger opportunity lies in entirely new categories made possible by the foundational properties of public blockchains: atomic execution, shared global state, programmable assets, and composability. These enable actions that were structurally impossible before, which Bogart terms "new verbs." The prime example is the flash loan—uncollateralized, arbitrarily large loans guaranteed by atomic transaction rollback—a financial primitive inconceivable in traditional systems. Bogart acknowledges the limits of imagination in predicting these novel applications, as they lack precedent. The most transformative future uses will likely be those we cannot yet describe, emerging from the fusion of settlement, custody, and execution into a single programmable environment. Just as the internet spawned search, social networks, and SaaS beyond email, the vast, largely unexplored design space of on-chain economics holds the potential for orders-of-magnitude greater innovation in the coming decade.

marsbit05/18 02:28

Blockchain Capital Partner: Most People Have a Narrow Understanding of the On-Chain Economy

marsbit05/18 02:28

Bitcoin MVRV Pattern Predicts Major Downswing Ahead – Details

Despite a recent rally, Bitcoin faces predictions of a significant price correction based on historical patterns. Currently trading around $78,000 after failing to break the $82,000 resistance, analysts point to the Market Value to Realized Value (MVRV) metric. Analyst Crypto Chan notes the current MVRV pattern mirrors the structure seen before the final capitulation in the 2018 bear market. After dropping to 1.14 at the recent cycle low of $60,000, the MVRV ratio rebounded to 1.51, similar to the 2018 precedent which preceded a major downswing. Other analysts, like Kabuki, support this bearish outlook, citing a completed head-and-shoulders pattern on Bitcoin's weekly chart. This analysis forecasts a potential drop to $70,000 initially, followed by a decline to key support levels at $61,000 and $47,000, a brief bounce, and a final sell-off potentially reaching a bottom around $41,000 by June.

bitcoinist05/18 01:02

Bitcoin MVRV Pattern Predicts Major Downswing Ahead – Details

bitcoinist05/18 01:02

Bitcoin Exchange Supply Remains At 8-Year Lows: Bullish Sign?

Bitcoin exchange reserves, a measure of supply held on centralized platforms, have remained near their lowest levels in eight years despite recent price recovery. This stagnant trend, with around 5.6% of BTC's total supply on exchanges, suggests investors are not depositing coins for potential selling, which is typically viewed as a bullish sign. In contrast, Ethereum's exchange supply has seen a recent increase from 4.2% to 4.6%, though it also remains near historical lows. The on-chain data indicates continued holder accumulation for Bitcoin, even as its price trades around $79,400. Analysts note that the significance of exchange reserves alone has evolved with the rise of off-chain investment vehicles like spot ETFs.

bitcoinist05/16 15:23

Bitcoin Exchange Supply Remains At 8-Year Lows: Bullish Sign?