Less Noise, More Signal Glassnode co-founder: The real bitcoin top was in July
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Sep 1, 2025 Yann Allemann, co-founder of Glassnode and SwissBlock, dives into the intricate world of Bitcoin and altcoins, blending engineering prowess with economic insights. He highlights liquidity as a crucial market indicator and its impact on trading strategies. Yann discusses the evolution of cryptocurrency trading, analyzing market phases and the role of major holders, or whales. He provides frameworks for understanding altcoin season dynamics and how macro factors influence the cryptocurrency landscape, offering valuable tips for navigating current market conditions.
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Rotation Into Ethereum Explained
- Current selling can be rotation into Ethereum rather than pure profit-taking or exits to cash.
- Yann shows repeated rotations since April that fill Ethereum 'reservoirs' while Bitcoin reservoir weakens.
Measuring Dollar Flows On-Chain
- SwissBlock measures dollar-denominated flows on-chain to proxy money entering networks via stablecoin minting and exchange movements.
- This on-chain flow metric helps attribute which ecosystems absorb new capital (BTC, ETH, SOL, etc.).
Aggregate Impulse Signals Alt-Season
- SwissBlock's 'aggregate impulse' measures persistence across top 350 tokens to detect true alt-season moves.
- They define alt-season when aggregate impulse >25% combined with liquidity shifting away from Bitcoin.
