Amberdata

TF accumulation in 2025 reached 257,285 BTC, or roughly 7% of circulating supply. This represents a structural shift in Bitcoin’s market. The marginal price setter is no longer the same. 

Implied volatility is compressing across both BTC and ETH 7-day ATM IV • BTC: ~52, down from ~69 earlier this month • ETH: following a similar compression pattern Periods like this tend to be unstable equilibria Historically, sustained low IV regimes resolve with sharp directional expansion The market is calm on the surface But structurally, pressure is building

The ETF flow story has effectively consolidated into one signal: IBIT. BlackRock captured ~$24B in inflows, representing ~82% of net new ETF capital. At this point, tracking IBIT flows provides a clear lens into institutional positioning. As market structure evolves, flows are becoming more informative than narratives.

The ETF narrative in 2025 was widely misread. October’s “outflows” were not institutions exiting. They were basis trades unwinding as carry collapsed from 15% to under 5%. Meanwhile: • Stablecoin supply expanded by $77B • BlackRock and Fidelity captured the majority of flows • Institutional demand remained structurally intact Section 8 follows the flows and shows where capital is actually positioned heading into 2026. https://hubs.la/Q048VX450

Blockworks DAS NYC 2026 🤝 We spent the week speaking with institutional teams across the ecosystem, discussing market structure, positioning, and where capital is moving. One of the biggest themes across those conversations was stablecoins and their growing role in financial infrastructure. The shift is real.

Most options traders focus on direction. Few understand how volatility exposure changes once a trade moves in the money. On the latest tastylive episode, Greg Magadini, CFA, breaks down a structure designed to adapt as volatility shifts, not fight it. The key level remains 75K. A break higher could open the path toward the mid 80s.

Day 2 at DAS NYC 2026 marked a clear shift. The conversation is moving from narrative to fundamentals. Digital assets are increasingly being evaluated on revenue, sustainability, and real value creation. Key themes: • Token models aligning with revenue • Crypto markets influencing global markets through 24/7 trading • The rise of autonomous agents • Hybrid financial rails bridging TradFi and blockchain • Growing importance of structured data in stablecoin payments The industry is maturing. Amberdata is on site at Blockworks DAS NYC. Thank you for connecting with us if you were at DAS! https://hubs.ly/Q048xhFj0

Day 1 at Digital Asset Summit NYC 2026 opened with a clear shift in tone. Digital assets are no longer operating at the edge of financial markets. They are becoming part of the core infrastructure. Across sessions and conversations, the focus has moved from adoption to implementation. Institutions are no longer asking whether to participate. They are working on how to scale. Key themes from Day 1: • Expansion of ETF and structured product strategies • Tokenization integrated into traditional workflows • Digital assets entering multi-asset portfolios • Greater coordination between regulators, banks, and crypto-native firms • Growing need for unified data and actionable intelligence With SEC and CFTC leadership participating, the regulatory discussion is increasingly focused on workable frameworks that support institutional growth. Amberdata is on site at DAS NYC this week connecting with institutions building the next phase of market structure. If you are attending, stop by and meet the team Shawn Douglass Tongtong Gong Pritam Mathivanan Jalen Aybar Looking forward to the conversations. https://hubs.la/Q048dkDs0

Leverage built quietly for months before the October cascade. Open interest reached $54.7B, the largest aggregate position in Bitcoin history. Funding rates stayed above warning thresholds for weeks. When the unwind began, $31.4B in liquidations followed. Section 7 of our Crypto Market Review 2025 and 2026 Outlook examines the mechanics behind the largest liquidation cycle of the year, including open interest concentration, funding signals, liquidation intensity, and exchange-level risk. Understanding leverage structure is essential for managing systemic risk in digital asset markets. Read Section 7 below. https://hubs.la/Q048gsws0

We are attending the Blockworks Digital Asset Summit 2026 in New York this week. Amberdata provides institutional-grade data across derivatives, onchain analytics, market intelligence, and more! If you are attending, let’s connect.