Key Features of the Multi-Asset Explorer
- •Glassnode’s Multi-Asset Explorer heatmaps over 1,000 assets, revealing rotations and excesses hidden in single charts.
- •Custom filters track funding rates to whale losses, spotting capitulations and cycles in 2025’s alt surge.
- •This pro-only tool uncovers BTC-alt divergences, vital for fragmented liquidity navigation.
Navigating the Evolving Crypto Landscape
In an era where crypto liquidity is spilling far beyond Bitcoin and Ethereum’s shores, Glassnode has launched a significant new tool: the Multi-Asset Explorer. This experimental dashboard, released this week amid surging altcoin volumes, analyzes on-chain and market metrics across more than 1,000 assets simultaneously. It moves beyond siloed analysis, allowing traders and researchers to observe collective market trends through intuitive heatmaps. These visualizations can highlight asset rotations, capitulations, and speculative activity that might be missed when looking at individual asset charts.
Visualizing Market Dynamics with Heatmaps
The Multi-Asset Explorer presents a comprehensive heatmap where assets are listed on rows, days on columns, and cells indicate market conditions. For instance, cells might glow red to signify overheated funding rates or green to denote supplies in profit. An upper panel displays Bitcoin’s performance against the market median, helping to identify divergences. This feature provides a macro perspective on ecosystem dynamics, which is particularly relevant in October 2025, a period marked by a 40% year-to-date rebound in DeFi Total Value Locked (TVL) and significant gains in AI tokens like FET, which have risen 300%.
Powerful Metrics and Filtering Capabilities
The tool's effectiveness is powered by key metrics, including funding rates to assess long/short biases, the relative supply of assets in profit to gauge distribution risks, realized losses from whales as indicators of capitulation, and activity retention to analyze new versus returning wallets. Users can filter data by specific sectors such as Layer-1s, the Ethereum ecosystem, meme coins, and stablecoins. They can also adjust aggregations like medians or percentiles. While the default resolution is daily, professional users can access deeper insights via APIs. This feature is exclusively available on Glassnode’s Professional plan, priced at $29 per month.
Practical Use Cases and Market Insights
The Multi-Asset Explorer offers numerous practical applications for market analysis. It can identify speculative excesses; for example, red funding rate bands observed in early 2025 preceded a 20% altcoin drawdown as capital flowed into high-beta assets. The tool also helps track asset rotations, such as instances where profits concentrated in large-cap cryptocurrencies while DeFi and gaming sectors experienced declines, signaling potential buy-the-dip opportunities. Furthermore, it allows for mapping participation cycles, showing spikes in new wallet activity at market tops and increased churn at bottoms, which are classic indicators of retail investor behavior.
Glassnode highlights how these divergences are crucial, stating, "This divergence highlights how the Multi-Asset Explorer surfaces asymmetric strength and rotation," indicating situations where major assets may consolidate while altcoins face exhaustion.
Democratizing Holistic Analysis in Fragmented Markets
As liquidity becomes increasingly fragmented across different blockchain networks, the Multi-Asset Explorer democratizes holistic analysis. It equips investors with tools to avoid blind spots in their decision-making processes. In a market where approximately 70% of trading volume now occurs within the top 500 altcoins, overlooking the collective market behavior can lead to significant disadvantages.
Interested users can explore the tool further at studio.glassnode.com.