The latest joint report from Fasanara Digital and Glassnode Research provides a detailed look at the shifting market structure as the fourth quarter of 2026 begins. The past year has been a bear market for Bitcoin, which fell from its all-time high last October, while equities reached record highs. Capital left the crypto network, and volumes and volatility hit cycle lows. However, stablecoin settlement, tokenized-equity holdings, and perpetual futures on traditional assets continued to grow.
August marked a turning point with a short squeeze, and subsequent data suggests more than just short covering is at play. The report examines various layers of the market, including the macro backdrop, on-chain capital, spot and order-book liquidity, derivatives, and traditional assets moving onto crypto rails. It also explores adoption and institutional allocators, with Glassnode's on-chain and market data backing most of the charts and Fasanara Digital's order-book capture and trading-volume data supporting the liquidity and TradFi pages.
One notable trend is the growth of perpetual futures on traditional assets like stocks, indices, gold, and oil, which were barely traded on crypto exchanges last autumn but now constitute a significant portion of perpetual trading on major venues. For instance, on Hyperliquid, perpetual futures on equities, indices, and commodities now trade more than four fifths as much as the venue's own Bitcoin book. Additionally, the largest crypto exchanges together traded less than the stocks listed on any one of the three large US listing venues in July 2026.
The report highlights that Bitcoin has regained its on-chain cost bases, trading above the average cost of every coin, the coins that still move, and the newest buyers. This marks a healthy bull market, and the report identifies the level that will determine if this recovery holds. The report also covers other critical aspects such as the macro backdrop, on-chain capital, liquidity and derivatives, TradFi on crypto rails, and adoption and allocators.