> ## Content Index > Fetch the complete content index at: https://research.glassnode.com/llms.txt > Use this file to discover other available public pages before exploring further. # Avenir + Glassnode: Bitcoin's Liquidity Profile - URL: https://research.glassnode.com/avenir-glassnode-bitcoins-liquidity-profile/ - Published: 2025-06-24T14:28:18.000Z - Updated: 2025-07-01T14:18:54.000Z - Description: An innovative study by Glassnode and Avenir Group exploring how Bitcoin’s liquidity profile is being reshaped by structural capital flows, institutional demand, and macro-financial integration. - Author: Glassnode - Tags: Bitcoin Analysis & Research, Partner Reports As Bitcoin integrates more deeply with global markets, its behavior is shifting - no longer governed by crypto-native cycles but by global liquidity, regulated access points, and institutional positioning. This report, co-authored by Glassnode and Avenir Group, presents a multi-dimensional analysis of Bitcoin’s market structure through on-chain activity, exchange-based liquidity, and macroeconomic linkages. Across four chapters, the report introduces a unified liquidity framework that helps decode market conditions with greater precision - and contextualizes Bitcoin's role in a complex, multi-asset world. 📄 ****Download your copy of the report** [****here**](https://get.glassnode.com/bitcoin-liquidity-trends-report-2025/)****.** ## A Unified Framework for Analyzing Bitcoin’s Liquidity The Avenir x Glassnode report introduces a framework that integrates on-chain activity, market microstructure, and macroeconomic linkages into a single analytical view. Rather than treating these layers in isolation, the report examines how capital moves between them - and how structural imbalances in one domain (such as ETF flows or order book depth) can influence dynamics across the broader market. Below is a preview of key findings from the study: ### On-Chain Liquidity: Demand Scales with Bitcoin’s Market Maturity Bitcoin’s price performance since the 2022 cycle low continues to track closely with previous cycles - despite a significantly larger market capitalization. This indicates that capital inflows are scaling in line with the asset’s growth, reinforcing its structural depth. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2025/06/1_4x.webp) Realized Cap has surged by over $544B since November 2022, pushing Bitcoin’s network liquidity to an all-time high of $944B. As institutional and sovereign adoption accelerate, on-chain data shows that Bitcoin’s role in the global financial system is expanding - mirroring broader macro liquidity trends. ### Off-Chain Market Microstructure: ETFs, Order Books, and Derivatives Perhaps the most underexplored layer of Bitcoin market analysis is the off-chain microstructure: the mechanics of how trades execute across spot and derivative venues, and how institutional access vehicles such as ETFs influence flows. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2025/06/3_4x.webp) One of the most significant findings in the report is that the majority of inflows into U.S.-listed spot Bitcoin ETFs appear to be **unhedged**. This suggests that institutional allocators are using these vehicles not for arbitrage or basis trading - but to express directional, long-only exposure. As a result, ETF flows may exert a more lasting effect on price formation than initially assumed. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2025/06/2_4x.webp) In addition, order book imbalance analysis using z-scores reveals persistent structural dislocations between bids and asks, which can act as early indicators of directional shifts. These imbalances tend to emerge well before trend reversals, offering a tool for more granular risk assessment. ### Macro Linkages: Bitcoin Aligns with Global Liquidity and Risk Cycles Bitcoin's behavior in 2025 shows increasing alignment with macroeconomic variables. Correlation and beta analysis in the report demonstrates that Bitcoin now exhibits: - A **positive beta** to global liquidity - A **positive correlation** to risk assets like equities - A **negative correlation** to the U.S. dollar and credit stress indicators ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2025/06/4_4x.webp) This represents a shift from Bitcoin’s earlier, more idiosyncratic phase, and places it in the same analytical domain as traditional macro assets. Volatility clustering also supports this observation: Bitcoin’s realized volatility now more closely mirrors equities and gold than commodities or FX. ### Discover more in the full report This Avenir x Glassnode report delivers a thorough institutional assessment of Bitcoin’s evolving liquidity profile. Inside, you'll uncover: - On-chain indicators of capital inflows and profit-taking regimes - Exchange-level data, derivatives trends, and limit order book analysis - Altcoin market fragmentation and liquidity divergence - Correlations between Bitcoin and traditional macro indicators - A framework for interpreting Bitcoin as a structurally maturing macro asset To explore these dynamics in detail, including chart data and methodology, [access the full report here](https://get.glassnode.com/bitcoin-liquidity-trends-report-2025/). Glassnode remains committed to providing the highest quality data and analysis to [support institutional investors](https://glassnode.com/institutions) in the world of digital assets. [Contact us](https://glassnode.com/institutions#contact) for bespoke reports, data services, and more. For more reports on the current trends in the crypto markets, please visit [Glassnode Insights](https://research.glassnode.com/tag/partner-reports/).