Introducing: Global Metrics Suite
Glassnode introduces the Global Metrics Suite, a new framework for analyzing the fragmented cryptocurrency market through aggregated on-chain and market data. It solves the challenge of structural discontinuities in traditional aggregate series by using formally rebalanced baskets (e.g., by market cap) and provides two output types: Raw Aggregates (preserving original units) and Indices (scaled, continuous series for trend comparison).
The article demonstrates the value of continuity-adjusted indices through three examples. First, they reveal a significant 2024 surge in small-cap market cap, a rally invisible in raw data where "winners" leave the basket upon crossing a threshold. Second, a global Spent Output Profit Ratio (SOPR) index shows that small-cap sentiment is more stable than raw data suggests, while larger caps exhibit a trend of decreasing profit realization per cycle. Third, an Open Interest index highlights the higher volatility and leverage spikes in mid- and small-cap derivatives, useful for monitoring cascade risks.
Four metrics are currently available via API: Total Market Cap, Realized Cap, Median SOPR, and Total Open Interest, each for "All Coins," Large, Mid, and Small Cap baskets. The framework, using weekly rebalancing and equal weighting, brings the continuity discipline of traditional finance indices to multi-asset crypto analytics.
insights.glassnode05/28 15:22
