Glassnode
Glassnode launched Global Metrics, a suite of continuous, rebalanced multi-asset indices covering the full crypto market and three market-cap tiers — Large (≥$1B), Mid ($100M–$1B), and Small (<$100M) — with sixteen time series live at launch and API access. The framework publishes each metric in two forms: a raw aggregate in original units for point-in-time sizing, and a base-100 scaled index designed for cross-basket trend comparison. Four metrics ship now: Total Market Cap, Median SOPR, Total Open Interest, and an aggregate profitability read, all computed weekly with equal weighting.
Why it matters
Aggregate crypto analytics has a structural blind spot: whenever a small-cap asset rallies enough to cross the $100M threshold, it leaves the basket and takes its gains with it. The raw aggregate series is, by design, incapable of capturing a small-cap rally — it systematically understates the very move that defines the cohort. Glassnode's index normalizes for this by scaling each tier to a base of 100 at rebalance, making growth multiples directly comparable across cohorts that have wildly different absolute sizes.
Market impact
The continuity-adjusted read changes what 2024 actually looks like. Small-caps surged dramatically last year — a move largely invisible in raw aggregate market-cap — driven by near-instant token creation platforms and the memecoin mania that followed. At the same time, the index exposes a more durable trend underneath the noise: median SOPR across large and mid caps has trended slightly below 1 across each successive cycle, consistent with more supply locking into long-term holding and less cycling through at a profit. Open interest tells a complementary story — large caps dominate absolute leverage, but mid- and small-cap OI spikes sharply during speculative episodes and unwinds just as fast, a useful early-warning signal for cascade risk in the more fragile parts of the market.
Source: [Aggregate Analysis Beyond Price: Glassnode Global Metrics — Glassnode Research – Digital Asset Market Intelligence](https://insights.glassnode.com/global-metrics/)
Frequently asked questions
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What are Glassnode Global Metrics?
A suite of continuous, rebalanced multi-asset indices covering Total Market Cap, Median SOPR, Total Open Interest, and a profitability aggregate, published across four market-cap baskets (All Coins, Large ≥$1B, Mid $100M–$1B, Small <$100M) — sixteen time series in total.
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Why do raw aggregate crypto metrics miss small-cap rallies?
Whenever a small-cap asset rallies past $100M it leaves the basket and takes its gains with it. The raw aggregate is structurally incapable of capturing the rally that defined the cohort — winners leave, and the series systematically understates small-cap moves.
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How is the scaled index different from the raw aggregate?
The raw aggregate preserves original units (USD, counts) and is discontinuous at rebalances, intended for point-in-time sizing. The index is scaled to base 100 at each rebalance, producing continuous time series suitable for cross-basket trend comparison.
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What does the index reveal about 2024 small-caps?
Small-caps surged dramatically in 2024 — a move largely invisible in the raw aggregate — driven by near-instant token creation platforms and the memecoin mania that followed. The continuity-adjusted index exposes that rally clearly.
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How does the framework help read derivatives risk?
The Open Interest index isolates leverage behavior from cohort composition changes. Mid- and small-cap OI spikes sharply during speculative episodes and unwinds just as fast, offering an early-warning read on cascade risk in the more fragile parts of the market.
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