Glassnode's Market Compass Hits Defensives as Dollar Weakness Boosts Crypto
The Glassnode Market Compass Composite score has increased to 25/100, indicating a 'Defensive' market condition. This represents a modest gain from last month's score of 22 and the week prior's score of 21.
The improvement is largely due to the softening U.S. dollar, which has helped stabilize risk assets, including Bitcoin. Macro conditions, the largest weight in the Composite, have climbed from 13 to 23 over the past month as the dollar continued to struggle below its 200-day moving average.
Bitcoin's price remains near $63,900, a healthy premium over the average cost basis of $52,800. Realized profit-and-loss remains slightly positive at 1.05, signaling stability, while option-implied volatility has ticked up to 36 after hitting a two-year low.