Glassnode
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Glassnode
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World leading onchain & financial metrics, charts, data & insights for Bitcoin & digital assets.
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Diversification Beyond Digital AssetsThe current phase of the digital asset market is being defined by a clear on-chain signal. As Bitcoin advanced into the cycle peak in late 2025, Long-Term Holders began distributing into strength – a measurable redistribution of supply from seasoned holders to newer market participants. Active Supply rose to 37% of BTC in Q4 2025, while long-dormant supply declined modestly.
Through the Q1 2026 correction, the picture sharpened further: total crypto market capitalization excluding stablecoins fell by roughly 18%, yet stablecoin supply grew from $308B to $318B. Capital was not leaving crypto markets – it was rotating into cash-like instruments while awaiting clearer signals.
Bitcoin Active Supply by Coin Age (% of Circulating). The expansion of younger cohorts through late 2025 and into 2026 illustrates the redistribution from seasoned holders to newer participants. Source: Glassnode.
This is what wealth-cycle maturation looks like in the data. Early accumulators are realizing significant capital. New cohorts of buyers - institutional, corporate, and increasingly traditional wealth - are stepping into that supply. The result is the most concrete handover of crypto wealth between cohorts the asset class has ever seen, and it is happening at the same moment that private banking infrastructure is finally beginning to engage with digital assets seriously.
Long-Term Holder Net Supply Change (30-Day Rolling). Green bars indicate accumulation; red bars indicate distribution. The 2025 distribution waves represent the largest cohort handover in Bitcoin's history. Source: Glassnode
For private banks and wealth managers, this represents a structural opportunity. The HNIs realizing profit are not exiting the asset class - they are looking to diversify, manage liquidity, and access the full wealth-management stack: equities, fixed income, private markets, lending, succession planning. The dynamic also moves in the other direction. As banks become more open to crypto-native clients, they bring new capital and new buyers into digital assets, deepening the institutional demand base that has already absorbed a record share of Long-Term Holder distributions. The flow runs both ways.
The constraint, however, is operational. Effective movement of wealth between digital assets and the banking system depends on one thing: transparent, auditable wealth provenance.
Compliance is the Operational Layer
Private banks were not originally built for clients whose wealth histories sit primarily on a public ledger. Even sophisticated, fully legitimate crypto-native HNIs routinely encounter onboarding friction, repeated information requests, or extended delays as institutions seek clear visibility into the origin and legitimacy of digital assets. To address this - and to allow value to move in both directions between crypto wealth and traditional finance – Glassnode spun out Cense in 2023.
According to Michiel Hoogenboom, Chief Commercial Officer at Cense, the issue is structural rather than procedural. “This goes beyond compliance inconvenience - it is a wealth management issue. When crypto wealth cannot enter the banking system cleanly, the client remains concentrated in a single asset class and unable to deploy capital as efficiently as the overall wealth profile should allow. The same friction also blocks the reverse flow - banking clients who want to allocate into digital assets cannot do so through their trusted institutions.”
Cense leverages the same on-chain analytics foundations that power Glassnode's institutional market intelligence, applied at the client level. Translated into a wealth-management context, that rigor produces auditable, bank-ready documentation of digital wealth histories, a cleaner entry point into private banking and a credible pathway for traditional capital to move the other way.
Benefits Flow in Both Directions
Once crypto wealth becomes bankable, the advantages compound on both sides.
HNIs gain the ability to diversify beyond digital assets, access broader investment opportunities, manage liquidity across traditional and crypto portfolios, and unlock the operational dimensions of private wealth - lending, structured solutions, succession. Private banks, in turn, gain access to a compliant, high-quality deposit base and a durable channel for long-term AUM growth.
USDT + USDC Circulating Supply. Aggregate stablecoin supply continued to expand through the Q1 2026 correction, evidence that capital was rotating within crypto markets rather than exiting. Source: Glassnode.
The institutional backdrop reinforces the logic. Digital asset markets entered 2026 on firmer footing after last year's deleveraging, with Bitcoin retaining structural leadership. Q2 2026 added nuance: 82% of surveyed institutions now place the market in a bear or late-bear phase, up from 31% in December - yet the rotation into stablecoins and the recovery in BTC derivatives open interest, particularly in perpetuals, point to a rebuilding of risk appetite within the asset class. Institutional allocators are repositioning, not withdrawing.
“Crypto wealth becomes significantly more valuable when it is fully bankable. Once a client has a clean route into private banking, they can diversify beyond crypto, access broader investment opportunities, and manage liquidity across digital and traditional assets. And once banks have a clean route to onboard crypto-native wealth, capital starts moving the other way too.” - Michiel Hoogenboom, Cense
Looking Ahead: Convergent Wealth
The coming years are likely to be defined less by “crypto versus traditional finance” and more by the convergence of the two - a wealth landscape where HNIs hold a mix of crypto, equities, fixed income, private markets, and cash, and where institutions are equipped to move capital fluidly between them.
The on-chain signal is consistent with this view. The redistribution of supply from Long-Term Holders to new participants through 2025 and into 2026 is, in effect, the largest cohort handover in Bitcoin's history. The capital absorbing it is increasingly institutional. The infrastructure connecting it back to the broader wealth-management stack is where the bottleneck still sits.
“Markets will continue to fluctuate,” Hoogenboom concludes, “but the structural advantages of proactive preparation remain. Investors and institutions who invest the time now to build transparent crypto readiness will be best positioned when conditions accelerate again. Some of Europe's most forward-looking banks - including Van Lanschot Kempen, a leading Dutch private bank - are already on this path. That is a vote of confidence not just in Cense, but in the entire crypto ecosystem's transition into mainstream wealth management.”
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. Its first design partner was a Swiss crypto-native financial institution, where the most complex use cases surfaced early. Today, Cense operates as an independent crypto-intelligence partner between digital asset holders and leading retail and private banks, with a focus on compliance, onboarding, and risk intelligence.
Start a conversation with the experts at Cense.
Book your demo
Disclaimer: This report is for informational and educational purposes only. The analysis represents a limited case study with significant constraints and should not be interpreted as investment advice or definitive trading signals. Past performance patterns do not guarantee future results. Always conduct thorough due diligence and consider multiple factors before making investment decisions.
Diversification Beyond Digital Assets
The current phase of the digital asset market is being defined by a clear on-chain signal. As Bitcoin advanced into the cycle peak in late 2025, Long-Term Holders began distributing into strength – a measurable redistribution of supply from seasoned holders to newer market participants. Active Supply rose to 37% of BTC in Q4 2025, while long-dormant supply declined modestly.
Through the Q1 2026 correction, the picture sharpened further: total crypto market capitalization excluding stablecoins fell by roughly 18%, yet stablecoin supply grew from $308B to $318B. Capital was not leaving crypto markets – it was rotating into cash-like instruments while awaiting clearer signals.
Bitcoin Active Supply by Coin Age (% of Circulating). The expansion of younger cohorts through late 2025 and into 2026 illustrates the redistribution from seasoned holders to newer participants. Source: Glassnode.
This is what wealth-cycle maturation looks like in the data. Early accumulators are realizing significant capital. New cohorts of buyers - institutional, corporate, and increasingly traditional wealth - are stepping into that supply. The result is the most concrete handover of crypto wealth between cohorts the asset class has ever seen, and it is happening at the same moment that private banking infrastructure is finally beginning to engage with digital assets seriously.
Long-Term Holder Net Supply Change (30-Day Rolling). Green bars indicate accumulation; red bars indicate distribution. The 2025 distribution waves represent the largest cohort handover in Bitcoin's history. Source: Glassnode
For private banks and wealth managers, this represents a structural opportunity. The HNIs realizing profit are not exiting the asset class - they are looking to diversify, manage liquidity, and access the full wealth-management stack: equities, fixed income, private markets, lending, succession planning. The dynamic also moves in the other direction. As banks become more open to crypto-native clients, they bring new capital and new buyers into digital assets, deepening the institutional demand base that has already absorbed a record share of Long-Term Holder distributions. The flow runs both ways.
The constraint, however, is operational. Effective movement of wealth between digital assets and the banking system depends on one thing: transparent, auditable wealth provenance.
Compliance is the Operational Layer
Private banks were not originally built for clients whose wealth histories sit primarily on a public ledger. Even sophisticated, fully legitimate crypto-native HNIs routinely encounter onboarding friction, repeated information requests, or extended delays as institutions seek clear visibility into the origin and legitimacy of digital assets. To address this - and to allow value to move in both directions between crypto wealth and traditional finance – Glassnode spun out Cense in 2023.
According to Michiel Hoogenboom, Chief Commercial Officer at Cense, the issue is structural rather than procedural. “This goes beyond compliance inconvenience - it is a wealth management issue. When crypto wealth cannot enter the banking system cleanly, the client remains concentrated in a single asset class and unable to deploy capital as efficiently as the overall wealth profile should allow. The same friction also blocks the reverse flow - banking clients who want to allocate into digital assets cannot do so through their trusted institutions.”
Cense leverages the same on-chain analytics foundations that power Glassnode's institutional market intelligence, applied at the client level. Translated into a wealth-management context, that rigor produces auditable, bank-ready documentation of digital wealth histories, a cleaner entry point into private banking and a credible pathway for traditional capital to move the other way.
Benefits Flow in Both Directions
Once crypto wealth becomes bankable, the advantages compound on both sides.
HNIs gain the ability to diversify beyond digital assets, access broader investment opportunities, manage liquidity across traditional and crypto portfolios, and unlock the operational dimensions of private wealth - lending, structured solutions, succession. Private banks, in turn, gain access to a compliant, high-quality deposit base and a durable channel for long-term AUM growth.
USDT + USDC Circulating Supply. Aggregate stablecoin supply continued to expand through the Q1 2026 correction, evidence that capital was rotating within crypto markets rather than exiting. Source: Glassnode.
The institutional backdrop reinforces the logic. Digital asset markets entered 2026 on firmer footing after last year's deleveraging, with Bitcoin retaining structural leadership. Q2 2026 added nuance: 82% of surveyed institutions now place the market in a bear or late-bear phase, up from 31% in December - yet the rotation into stablecoins and the recovery in BTC derivatives open interest, particularly in perpetuals, point to a rebuilding of risk appetite within the asset class. Institutional allocators are repositioning, not withdrawing.
“Crypto wealth becomes significantly more valuable when it is fully bankable. Once a client has a clean route into private banking, they can diversify beyond crypto, access broader investment opportunities, and manage liquidity across digital and traditional assets. And once banks have a clean route to onboard crypto-native wealth, capital starts moving the other way too.” - Michiel Hoogenboom, Cense
Looking Ahead: Convergent Wealth
The coming years are likely to be defined less by “crypto versus traditional finance” and more by the convergence of the two - a wealth landscape where HNIs hold a mix of crypto, equities, fixed income, private markets, and cash, and where institutions are equipped to move capital fluidly between them.
The on-chain signal is consistent with this view. The redistribution of supply from Long-Term Holders to new participants through 2025 and into 2026 is, in effect, the largest cohort handover in Bitcoin's history. The capital absorbing it is increasingly institutional. The infrastructure connecting it back to the broader wealth-management stack is where the bottleneck still sits.
“Markets will continue to fluctuate,” Hoogenboom concludes, “but the structural advantages of proactive preparation remain. Investors and institutions who invest the time now to build transparent crypto readiness will be best positioned when conditions accelerate again. Some of Europe's most forward-looking banks - including Van Lanschot Kempen, a leading Dutch private bank - are already on this path. That is a vote of confidence not just in Cense, but in the entire crypto ecosystem's transition into mainstream wealth management.”
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. Its first design partner was a Swiss crypto-native financial institution, where the most complex use cases surfaced early. Today, Cense operates as an independent crypto-intelligence partner between digital asset holders and leading retail and private banks, with a focus on compliance, onboarding, and risk intelligence.
Start a conversation with the experts at Cense.
Book your demo
Disclaimer: This report is for informational and educational purposes only. The analysis represents a limited case study with significant constraints and should not be interpreted as investment advice or definitive trading signals. Past performance patterns do not guarantee future results. Always conduct thorough due diligence and consider multiple factors before making investment decisions.
Through the Q1 2026 correction, the picture sharpened further: total crypto market capitalization excluding stablecoins fell by roughly 18%, yet stablecoin supply grew from $308B to $318B. Capital was not leaving crypto markets – it was rotating into cash-like instruments while awaiting clearer signals.
Bitcoin Active Supply by Coin Age (% of Circulating). The expansion of younger cohorts through late 2025 and into 2026 illustrates the redistribution from seasoned holders to newer participants. Source: Glassnode.
This is what wealth-cycle maturation looks like in the data. Early accumulators are realizing significant capital. New cohorts of buyers - institutional, corporate, and increasingly traditional wealth - are stepping into that supply. The result is the most concrete handover of crypto wealth between cohorts the asset class has ever seen, and it is happening at the same moment that private banking infrastructure is finally beginning to engage with digital assets seriously.
Long-Term Holder Net Supply Change (30-Day Rolling). Green bars indicate accumulation; red bars indicate distribution. The 2025 distribution waves represent the largest cohort handover in Bitcoin's history. Source: Glassnode
For private banks and wealth managers, this represents a structural opportunity. The HNIs realizing profit are not exiting the asset class - they are looking to diversify, manage liquidity, and access the full wealth-management stack: equities, fixed income, private markets, lending, succession planning. The dynamic also moves in the other direction. As banks become more open to crypto-native clients, they bring new capital and new buyers into digital assets, deepening the institutional demand base that has already absorbed a record share of Long-Term Holder distributions. The flow runs both ways.
The constraint, however, is operational. Effective movement of wealth between digital assets and the banking system depends on one thing: transparent, auditable wealth provenance.
Compliance is the Operational Layer
Private banks were not originally built for clients whose wealth histories sit primarily on a public ledger. Even sophisticated, fully legitimate crypto-native HNIs routinely encounter onboarding friction, repeated information requests, or extended delays as institutions seek clear visibility into the origin and legitimacy of digital assets. To address this - and to allow value to move in both directions between crypto wealth and traditional finance – Glassnode spun out Cense in 2023.
According to Michiel Hoogenboom, Chief Commercial Officer at Cense, the issue is structural rather than procedural. “This goes beyond compliance inconvenience - it is a wealth management issue. When crypto wealth cannot enter the banking system cleanly, the client remains concentrated in a single asset class and unable to deploy capital as efficiently as the overall wealth profile should allow. The same friction also blocks the reverse flow - banking clients who want to allocate into digital assets cannot do so through their trusted institutions.”
Cense leverages the same on-chain analytics foundations that power Glassnode's institutional market intelligence, applied at the client level. Translated into a wealth-management context, that rigor produces auditable, bank-ready documentation of digital wealth histories, a cleaner entry point into private banking and a credible pathway for traditional capital to move the other way.
Benefits Flow in Both Directions
Once crypto wealth becomes bankable, the advantages compound on both sides.
HNIs gain the ability to diversify beyond digital assets, access broader investment opportunities, manage liquidity across traditional and crypto portfolios, and unlock the operational dimensions of private wealth - lending, structured solutions, succession. Private banks, in turn, gain access to a compliant, high-quality deposit base and a durable channel for long-term AUM growth.
USDT + USDC Circulating Supply. Aggregate stablecoin supply continued to expand through the Q1 2026 correction, evidence that capital was rotating within crypto markets rather than exiting. Source: Glassnode.
The institutional backdrop reinforces the logic. Digital asset markets entered 2026 on firmer footing after last year's deleveraging, with Bitcoin retaining structural leadership. Q2 2026 added nuance: 82% of surveyed institutions now place the market in a bear or late-bear phase, up from 31% in December - yet the rotation into stablecoins and the recovery in BTC derivatives open interest, particularly in perpetuals, point to a rebuilding of risk appetite within the asset class. Institutional allocators are repositioning, not withdrawing.
“Crypto wealth becomes significantly more valuable when it is fully bankable. Once a client has a clean route into private banking, they can diversify beyond crypto, access broader investment opportunities, and manage liquidity across digital and traditional assets. And once banks have a clean route to onboard crypto-native wealth, capital starts moving the other way too.” - Michiel Hoogenboom, Cense
Looking Ahead: Convergent Wealth
The coming years are likely to be defined less by “crypto versus traditional finance” and more by the convergence of the two - a wealth landscape where HNIs hold a mix of crypto, equities, fixed income, private markets, and cash, and where institutions are equipped to move capital fluidly between them.
The on-chain signal is consistent with this view. The redistribution of supply from Long-Term Holders to new participants through 2025 and into 2026 is, in effect, the largest cohort handover in Bitcoin's history. The capital absorbing it is increasingly institutional. The infrastructure connecting it back to the broader wealth-management stack is where the bottleneck still sits.
“Markets will continue to fluctuate,” Hoogenboom concludes, “but the structural advantages of proactive preparation remain. Investors and institutions who invest the time now to build transparent crypto readiness will be best positioned when conditions accelerate again. Some of Europe's most forward-looking banks - including Van Lanschot Kempen, a leading Dutch private bank - are already on this path. That is a vote of confidence not just in Cense, but in the entire crypto ecosystem's transition into mainstream wealth management.”
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. Its first design partner was a Swiss crypto-native financial institution, where the most complex use cases surfaced early. Today, Cense operates as an independent crypto-intelligence partner between digital asset holders and leading retail and private banks, with a focus on compliance, onboarding, and risk intelligence.
Start a conversation with the experts at Cense.
Book your demo
Disclaimer: This report is for informational and educational purposes only. The analysis represents a limited case study with significant constraints and should not be interpreted as investment advice or definitive trading signals. Past performance patterns do not guarantee future results. Always conduct thorough due diligence and consider multiple factors before making investment decisions.
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Article
Diversification Beyond Digital AssetsThe current phase of the digital asset market is being defined by a clear on-chain signal. As Bitcoin advanced into the cycle peak in late 2025, Long-Term Holders began distributing into strength – a measurable redistribution of supply from seasoned holders to newer market participants. Active Supply rose to 37% of BTC in Q4 2025, while long-dormant supply declined modestly.
Through the Q1 2026 correction, the picture sharpened further: total crypto market capitalization excluding stablecoins fell by roughly 18%, yet stablecoin supply grew from $308B to $318B. Capital was not leaving crypto markets – it was rotating into cash-like instruments while awaiting clearer signals.
Bitcoin Active Supply by Coin Age (% of Circulating). The expansion of younger cohorts through late 2025 and into 2026 illustrates the redistribution from seasoned holders to newer participants. Source: Glassnode.
This is what wealth-cycle maturation looks like in the data. Early accumulators are realizing significant capital. New cohorts of buyers - institutional, corporate, and increasingly traditional wealth - are stepping into that supply. The result is the most concrete handover of crypto wealth between cohorts the asset class has ever seen, and it is happening at the same moment that private banking infrastructure is finally beginning to engage with digital assets seriously.
Long-Term Holder Net Supply Change (30-Day Rolling). Green bars indicate accumulation; red bars indicate distribution. The 2025 distribution waves represent the largest cohort handover in Bitcoin's history. Source: Glassnode
For private banks and wealth managers, this represents a structural opportunity. The HNIs realizing profit are not exiting the asset class - they are looking to diversify, manage liquidity, and access the full wealth-management stack: equities, fixed income, private markets, lending, succession planning. The dynamic also moves in the other direction. As banks become more open to crypto-native clients, they bring new capital and new buyers into digital assets, deepening the institutional demand base that has already absorbed a record share of Long-Term Holder distributions. The flow runs both ways.
The constraint, however, is operational. Effective movement of wealth between digital assets and the banking system depends on one thing: transparent, auditable wealth provenance.
Compliance is the Operational Layer
Private banks were not originally built for clients whose wealth histories sit primarily on a public ledger. Even sophisticated, fully legitimate crypto-native HNIs routinely encounter onboarding friction, repeated information requests, or extended delays as institutions seek clear visibility into the origin and legitimacy of digital assets. To address this - and to allow value to move in both directions between crypto wealth and traditional finance – Glassnode spun out Cense in 2023.
According to Michiel Hoogenboom, Chief Commercial Officer at Cense, the issue is structural rather than procedural. “This goes beyond compliance inconvenience - it is a wealth management issue. When crypto wealth cannot enter the banking system cleanly, the client remains concentrated in a single asset class and unable to deploy capital as efficiently as the overall wealth profile should allow. The same friction also blocks the reverse flow - banking clients who want to allocate into digital assets cannot do so through their trusted institutions.”
Cense leverages the same on-chain analytics foundations that power Glassnode's institutional market intelligence, applied at the client level. Translated into a wealth-management context, that rigor produces auditable, bank-ready documentation of digital wealth histories, a cleaner entry point into private banking and a credible pathway for traditional capital to move the other way.
Benefits Flow in Both Directions
Once crypto wealth becomes bankable, the advantages compound on both sides.
HNIs gain the ability to diversify beyond digital assets, access broader investment opportunities, manage liquidity across traditional and crypto portfolios, and unlock the operational dimensions of private wealth - lending, structured solutions, succession. Private banks, in turn, gain access to a compliant, high-quality deposit base and a durable channel for long-term AUM growth.
USDT + USDC Circulating Supply. Aggregate stablecoin supply continued to expand through the Q1 2026 correction, evidence that capital was rotating within crypto markets rather than exiting. Source: Glassnode.
The institutional backdrop reinforces the logic. Digital asset markets entered 2026 on firmer footing after last year's deleveraging, with Bitcoin retaining structural leadership. Q2 2026 added nuance: 82% of surveyed institutions now place the market in a bear or late-bear phase, up from 31% in December - yet the rotation into stablecoins and the recovery in BTC derivatives open interest, particularly in perpetuals, point to a rebuilding of risk appetite within the asset class. Institutional allocators are repositioning, not withdrawing.
“Crypto wealth becomes significantly more valuable when it is fully bankable. Once a client has a clean route into private banking, they can diversify beyond crypto, access broader investment opportunities, and manage liquidity across digital and traditional assets. And once banks have a clean route to onboard crypto-native wealth, capital starts moving the other way too.” - Michiel Hoogenboom, Cense
Looking Ahead: Convergent Wealth
The coming years are likely to be defined less by “crypto versus traditional finance” and more by the convergence of the two - a wealth landscape where HNIs hold a mix of crypto, equities, fixed income, private markets, and cash, and where institutions are equipped to move capital fluidly between them.
The on-chain signal is consistent with this view. The redistribution of supply from Long-Term Holders to new participants through 2025 and into 2026 is, in effect, the largest cohort handover in Bitcoin's history. The capital absorbing it is increasingly institutional. The infrastructure connecting it back to the broader wealth-management stack is where the bottleneck still sits.
“Markets will continue to fluctuate,” Hoogenboom concludes, “but the structural advantages of proactive preparation remain. Investors and institutions who invest the time now to build transparent crypto readiness will be best positioned when conditions accelerate again. Some of Europe's most forward-looking banks - including Van Lanschot Kempen, a leading Dutch private bank - are already on this path. That is a vote of confidence not just in Cense, but in the entire crypto ecosystem's transition into mainstream wealth management.”
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. Its first design partner was a Swiss crypto-native financial institution, where the most complex use cases surfaced early. Today, Cense operates as an independent crypto-intelligence partner between digital asset holders and leading retail and private banks, with a focus on compliance, onboarding, and risk intelligence.
Start a conversation with the experts at Cense.
Book your demo
Disclaimer: This report is for informational and educational purposes only. The analysis represents a limited case study with significant constraints and should not be interpreted as investment advice or definitive trading signals. Past performance patterns do not guarantee future results. Always conduct thorough due diligence and consider multiple factors before making investment decisions.
Diversification Beyond Digital Assets
The current phase of the digital asset market is being defined by a clear on-chain signal. As Bitcoin advanced into the cycle peak in late 2025, Long-Term Holders began distributing into strength – a measurable redistribution of supply from seasoned holders to newer market participants. Active Supply rose to 37% of BTC in Q4 2025, while long-dormant supply declined modestly.
Through the Q1 2026 correction, the picture sharpened further: total crypto market capitalization excluding stablecoins fell by roughly 18%, yet stablecoin supply grew from $308B to $318B. Capital was not leaving crypto markets – it was rotating into cash-like instruments while awaiting clearer signals.
Bitcoin Active Supply by Coin Age (% of Circulating). The expansion of younger cohorts through late 2025 and into 2026 illustrates the redistribution from seasoned holders to newer participants. Source: Glassnode.
This is what wealth-cycle maturation looks like in the data. Early accumulators are realizing significant capital. New cohorts of buyers - institutional, corporate, and increasingly traditional wealth - are stepping into that supply. The result is the most concrete handover of crypto wealth between cohorts the asset class has ever seen, and it is happening at the same moment that private banking infrastructure is finally beginning to engage with digital assets seriously.
Long-Term Holder Net Supply Change (30-Day Rolling). Green bars indicate accumulation; red bars indicate distribution. The 2025 distribution waves represent the largest cohort handover in Bitcoin's history. Source: Glassnode
For private banks and wealth managers, this represents a structural opportunity. The HNIs realizing profit are not exiting the asset class - they are looking to diversify, manage liquidity, and access the full wealth-management stack: equities, fixed income, private markets, lending, succession planning. The dynamic also moves in the other direction. As banks become more open to crypto-native clients, they bring new capital and new buyers into digital assets, deepening the institutional demand base that has already absorbed a record share of Long-Term Holder distributions. The flow runs both ways.
The constraint, however, is operational. Effective movement of wealth between digital assets and the banking system depends on one thing: transparent, auditable wealth provenance.
Compliance is the Operational Layer
Private banks were not originally built for clients whose wealth histories sit primarily on a public ledger. Even sophisticated, fully legitimate crypto-native HNIs routinely encounter onboarding friction, repeated information requests, or extended delays as institutions seek clear visibility into the origin and legitimacy of digital assets. To address this - and to allow value to move in both directions between crypto wealth and traditional finance – Glassnode spun out Cense in 2023.
According to Michiel Hoogenboom, Chief Commercial Officer at Cense, the issue is structural rather than procedural. “This goes beyond compliance inconvenience - it is a wealth management issue. When crypto wealth cannot enter the banking system cleanly, the client remains concentrated in a single asset class and unable to deploy capital as efficiently as the overall wealth profile should allow. The same friction also blocks the reverse flow - banking clients who want to allocate into digital assets cannot do so through their trusted institutions.”
Cense leverages the same on-chain analytics foundations that power Glassnode's institutional market intelligence, applied at the client level. Translated into a wealth-management context, that rigor produces auditable, bank-ready documentation of digital wealth histories, a cleaner entry point into private banking and a credible pathway for traditional capital to move the other way.
Benefits Flow in Both Directions
Once crypto wealth becomes bankable, the advantages compound on both sides.
HNIs gain the ability to diversify beyond digital assets, access broader investment opportunities, manage liquidity across traditional and crypto portfolios, and unlock the operational dimensions of private wealth - lending, structured solutions, succession. Private banks, in turn, gain access to a compliant, high-quality deposit base and a durable channel for long-term AUM growth.
USDT + USDC Circulating Supply. Aggregate stablecoin supply continued to expand through the Q1 2026 correction, evidence that capital was rotating within crypto markets rather than exiting. Source: Glassnode.
The institutional backdrop reinforces the logic. Digital asset markets entered 2026 on firmer footing after last year's deleveraging, with Bitcoin retaining structural leadership. Q2 2026 added nuance: 82% of surveyed institutions now place the market in a bear or late-bear phase, up from 31% in December - yet the rotation into stablecoins and the recovery in BTC derivatives open interest, particularly in perpetuals, point to a rebuilding of risk appetite within the asset class. Institutional allocators are repositioning, not withdrawing.
“Crypto wealth becomes significantly more valuable when it is fully bankable. Once a client has a clean route into private banking, they can diversify beyond crypto, access broader investment opportunities, and manage liquidity across digital and traditional assets. And once banks have a clean route to onboard crypto-native wealth, capital starts moving the other way too.” - Michiel Hoogenboom, Cense
Looking Ahead: Convergent Wealth
The coming years are likely to be defined less by “crypto versus traditional finance” and more by the convergence of the two - a wealth landscape where HNIs hold a mix of crypto, equities, fixed income, private markets, and cash, and where institutions are equipped to move capital fluidly between them.
The on-chain signal is consistent with this view. The redistribution of supply from Long-Term Holders to new participants through 2025 and into 2026 is, in effect, the largest cohort handover in Bitcoin's history. The capital absorbing it is increasingly institutional. The infrastructure connecting it back to the broader wealth-management stack is where the bottleneck still sits.
“Markets will continue to fluctuate,” Hoogenboom concludes, “but the structural advantages of proactive preparation remain. Investors and institutions who invest the time now to build transparent crypto readiness will be best positioned when conditions accelerate again. Some of Europe's most forward-looking banks - including Van Lanschot Kempen, a leading Dutch private bank - are already on this path. That is a vote of confidence not just in Cense, but in the entire crypto ecosystem's transition into mainstream wealth management.”
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. Its first design partner was a Swiss crypto-native financial institution, where the most complex use cases surfaced early. Today, Cense operates as an independent crypto-intelligence partner between digital asset holders and leading retail and private banks, with a focus on compliance, onboarding, and risk intelligence.
Start a conversation with the experts at Cense.
Book your demo
Disclaimer: This report is for informational and educational purposes only. The analysis represents a limited case study with significant constraints and should not be interpreted as investment advice or definitive trading signals. Past performance patterns do not guarantee future results. Always conduct thorough due diligence and consider multiple factors before making investment decisions.
Through the Q1 2026 correction, the picture sharpened further: total crypto market capitalization excluding stablecoins fell by roughly 18%, yet stablecoin supply grew from $308B to $318B. Capital was not leaving crypto markets – it was rotating into cash-like instruments while awaiting clearer signals.
Bitcoin Active Supply by Coin Age (% of Circulating). The expansion of younger cohorts through late 2025 and into 2026 illustrates the redistribution from seasoned holders to newer participants. Source: Glassnode.
This is what wealth-cycle maturation looks like in the data. Early accumulators are realizing significant capital. New cohorts of buyers - institutional, corporate, and increasingly traditional wealth - are stepping into that supply. The result is the most concrete handover of crypto wealth between cohorts the asset class has ever seen, and it is happening at the same moment that private banking infrastructure is finally beginning to engage with digital assets seriously.
Long-Term Holder Net Supply Change (30-Day Rolling). Green bars indicate accumulation; red bars indicate distribution. The 2025 distribution waves represent the largest cohort handover in Bitcoin's history. Source: Glassnode
For private banks and wealth managers, this represents a structural opportunity. The HNIs realizing profit are not exiting the asset class - they are looking to diversify, manage liquidity, and access the full wealth-management stack: equities, fixed income, private markets, lending, succession planning. The dynamic also moves in the other direction. As banks become more open to crypto-native clients, they bring new capital and new buyers into digital assets, deepening the institutional demand base that has already absorbed a record share of Long-Term Holder distributions. The flow runs both ways.
The constraint, however, is operational. Effective movement of wealth between digital assets and the banking system depends on one thing: transparent, auditable wealth provenance.
Compliance is the Operational Layer
Private banks were not originally built for clients whose wealth histories sit primarily on a public ledger. Even sophisticated, fully legitimate crypto-native HNIs routinely encounter onboarding friction, repeated information requests, or extended delays as institutions seek clear visibility into the origin and legitimacy of digital assets. To address this - and to allow value to move in both directions between crypto wealth and traditional finance – Glassnode spun out Cense in 2023.
According to Michiel Hoogenboom, Chief Commercial Officer at Cense, the issue is structural rather than procedural. “This goes beyond compliance inconvenience - it is a wealth management issue. When crypto wealth cannot enter the banking system cleanly, the client remains concentrated in a single asset class and unable to deploy capital as efficiently as the overall wealth profile should allow. The same friction also blocks the reverse flow - banking clients who want to allocate into digital assets cannot do so through their trusted institutions.”
Cense leverages the same on-chain analytics foundations that power Glassnode's institutional market intelligence, applied at the client level. Translated into a wealth-management context, that rigor produces auditable, bank-ready documentation of digital wealth histories, a cleaner entry point into private banking and a credible pathway for traditional capital to move the other way.
Benefits Flow in Both Directions
Once crypto wealth becomes bankable, the advantages compound on both sides.
HNIs gain the ability to diversify beyond digital assets, access broader investment opportunities, manage liquidity across traditional and crypto portfolios, and unlock the operational dimensions of private wealth - lending, structured solutions, succession. Private banks, in turn, gain access to a compliant, high-quality deposit base and a durable channel for long-term AUM growth.
USDT + USDC Circulating Supply. Aggregate stablecoin supply continued to expand through the Q1 2026 correction, evidence that capital was rotating within crypto markets rather than exiting. Source: Glassnode.
The institutional backdrop reinforces the logic. Digital asset markets entered 2026 on firmer footing after last year's deleveraging, with Bitcoin retaining structural leadership. Q2 2026 added nuance: 82% of surveyed institutions now place the market in a bear or late-bear phase, up from 31% in December - yet the rotation into stablecoins and the recovery in BTC derivatives open interest, particularly in perpetuals, point to a rebuilding of risk appetite within the asset class. Institutional allocators are repositioning, not withdrawing.
“Crypto wealth becomes significantly more valuable when it is fully bankable. Once a client has a clean route into private banking, they can diversify beyond crypto, access broader investment opportunities, and manage liquidity across digital and traditional assets. And once banks have a clean route to onboard crypto-native wealth, capital starts moving the other way too.” - Michiel Hoogenboom, Cense
Looking Ahead: Convergent Wealth
The coming years are likely to be defined less by “crypto versus traditional finance” and more by the convergence of the two - a wealth landscape where HNIs hold a mix of crypto, equities, fixed income, private markets, and cash, and where institutions are equipped to move capital fluidly between them.
The on-chain signal is consistent with this view. The redistribution of supply from Long-Term Holders to new participants through 2025 and into 2026 is, in effect, the largest cohort handover in Bitcoin's history. The capital absorbing it is increasingly institutional. The infrastructure connecting it back to the broader wealth-management stack is where the bottleneck still sits.
“Markets will continue to fluctuate,” Hoogenboom concludes, “but the structural advantages of proactive preparation remain. Investors and institutions who invest the time now to build transparent crypto readiness will be best positioned when conditions accelerate again. Some of Europe's most forward-looking banks - including Van Lanschot Kempen, a leading Dutch private bank - are already on this path. That is a vote of confidence not just in Cense, but in the entire crypto ecosystem's transition into mainstream wealth management.”
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. Its first design partner was a Swiss crypto-native financial institution, where the most complex use cases surfaced early. Today, Cense operates as an independent crypto-intelligence partner between digital asset holders and leading retail and private banks, with a focus on compliance, onboarding, and risk intelligence.
Start a conversation with the experts at Cense.
Book your demo
Disclaimer: This report is for informational and educational purposes only. The analysis represents a limited case study with significant constraints and should not be interpreted as investment advice or definitive trading signals. Past performance patterns do not guarantee future results. Always conduct thorough due diligence and consider multiple factors before making investment decisions.
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Glassnode on Snowflake: Digital Asset Data Delivered Directly to Your WarehouseThe most sophisticated institutional teams don't just need better data. They need it inside the environments where their research and execution workflows already run.
We've launched Glassnode's Snowflake Data Sharing environment, becoming the first provider to bring comprehensive on-chain analytics into the Snowflake ecosystem.
To get started or learn more about Glassnode Data Shares, talk to our product experts.
Request access Access Trusted Digital Asset Data Directly in Your Environment
Snowflake is the data warehouse of choice for institutional finance. But until now, integrating digital asset data into these workflows meant building custom API ingestion pipelines, managing ETL jobs, and reconciling data updates. That's engineering overhead that should be spent on alpha generation.
Our Snowflake integration eliminates all of it. Through Snowflake Marketplace private listings, our data shares deliver the full history of every trusted Glassnode metric directly into your environment.
You query it like any other table in your warehouse, because that's exactly what it is.
What's Included
This is the same data that powers the research workflows of the world's leading crypto-native institutions, now accessible without a single API call.
On-Chain Analytics. Address activity, entity behavior, supply dynamics, exchange flows, miner metrics, and advanced clustering-based insights across Bitcoin, Ethereum, and beyond.
Derivatives. Futures open interest, funding rates, liquidations, plus our recently expanded options suite: premiums, taker flows, combo strategies, implied volatility surfaces, and more.
Spot & Exchange Data. Exchange balances, inflow/outflow dynamics, and venue-level breakdowns showing capital rotation in real time.
ETFs & Corporate Treasuries. Bitcoin and Ethereum ETF flows, AUM dynamics, and corporate treasury holdings.
Multiple Resolutions. 10-minute, hourly, and daily granularity for everything from intraday signals to long-horizon macro research.
Built For The Workflows You Run
Quantitative & Systematic Trading. Query the full depth of on-chain, derivatives, and market data in SQL alongside your proprietary signals. PiT variants for backtesting fidelity. Sub-hourly resolution for intraday signals. No rate limits, no pagination.
Risk & Portfolio Construction. A unified view of exchange concentration, leverage dynamics, ETF flows, and supply overhangs. Native Snowflake delivery means direct integration with existing risk dashboards.
Multi-Strategy & Macro Research. Join Glassnode data with equity, fixed income, and macro datasets already in your warehouse. Same query layer, no middleware.
Fund Operations & Compliance. No bespoke pipelines means less operational risk. Snowflake's access controls and audit logging handle governance out of the box. Point-in-time timestamps provide data lineage for regulatory requirements and internal governance.
Eliminate Look-Ahead Bias from Backtests
For quantitative teams, historical data integrity is non-negotiable. Backtesting on retroactively revised data isn't backtesting. It's overfitting.
Glassnode is the first to offer point-in-time (PiT) blockchain data in Snowflake. PiT metrics are append-only and historically immutable. Each data point reflects exactly what was known when it was computed. No retroactive corrections, no look-ahead bias.
This matters because on-chain data is inherently mutable. Clustering improvements, late-reported exchange data, and refined labeling can all trigger revisions to standard metrics. PiT variants freeze the record, so your backtests reflect the information that was actually available to participants at each point in time. Every PiT data point includes a computed_at timestamp for full auditability.
Getting Started
Whether you're building backtested systematic models, integrating crypto into a cross-asset framework, or standing up institutional-grade risk infrastructure, Glassnode on Snowflake is the fastest path from blockchain data to production.
To request a trial or to learn more about Glassnode Data Shares, reach out to our institutional team at sales@glassnode.com.
The setup for Glassnode on Snowflake
Retrieve your Snowflake account identifier via Snowflake's standard process or a simple SQL query.
Share it with the Glassnode team. We provision access through Snowflake Marketplace private listings.
Accept the listing. After initial replication, the data is live in your warehouse.
Data shares are organized by package (on-chain, market, signals, common, metadata), so you subscribe to what you need. Updates flow automatically.
Alternatively, you can initiate a trial via the Snowflake listing.
ℹ️ Find the full setup documentation in Glassnode docs. Glassnode Delivers the Analytical Depth That Drives Alpha
Coverage alone doesn't differentiate. What sets us apart is analytical depth built over nearly a decade of institutional-grade data engineering.
Proprietary entity adjustment. Our clustering technology identifies real-world entities (exchanges, institutions, long-term holders, miners) rather than raw addresses. Noisy blockchain data becomes actionable intelligence.
Full-stack derivatives. On-chain, futures, options, and spot from a single provider with unified methodology and consistent quality.
Expanding coverage. New chains, instruments, and products get added continuously. Your Snowflake environment reflects every update automatically.
Looking to evaluate the Snowflake integration before speaking with our team? Start a self-serve trial in the Snowflake Marketplace.*
Try for free
*Default historical data during the trial is limited to 14 days and 1h/24h resolutions - contact sales@glassnode.com to request a trial with higher resolution and extended history.
Follow us on X for timely market updates and analysis
Join our Telegram channel for regular market insights
For on-chain metrics, dashboards, and alerts, visit Glassnode Studio
Glassnode on Snowflake: Digital Asset Data Delivered Directly to Your Warehouse
The most sophisticated institutional teams don't just need better data. They need it inside the environments where their research and execution workflows already run.
We've launched Glassnode's Snowflake Data Sharing environment, becoming the first provider to bring comprehensive on-chain analytics into the Snowflake ecosystem.
To get started or learn more about Glassnode Data Shares, talk to our product experts.
Request access Access Trusted Digital Asset Data Directly in Your Environment
Snowflake is the data warehouse of choice for institutional finance. But until now, integrating digital asset data into these workflows meant building custom API ingestion pipelines, managing ETL jobs, and reconciling data updates. That's engineering overhead that should be spent on alpha generation.
Our Snowflake integration eliminates all of it. Through Snowflake Marketplace private listings, our data shares deliver the full history of every trusted Glassnode metric directly into your environment.
You query it like any other table in your warehouse, because that's exactly what it is.
What's Included
This is the same data that powers the research workflows of the world's leading crypto-native institutions, now accessible without a single API call.
On-Chain Analytics. Address activity, entity behavior, supply dynamics, exchange flows, miner metrics, and advanced clustering-based insights across Bitcoin, Ethereum, and beyond.
Derivatives. Futures open interest, funding rates, liquidations, plus our recently expanded options suite: premiums, taker flows, combo strategies, implied volatility surfaces, and more.
Spot & Exchange Data. Exchange balances, inflow/outflow dynamics, and venue-level breakdowns showing capital rotation in real time.
ETFs & Corporate Treasuries. Bitcoin and Ethereum ETF flows, AUM dynamics, and corporate treasury holdings.
Multiple Resolutions. 10-minute, hourly, and daily granularity for everything from intraday signals to long-horizon macro research.
Built For The Workflows You Run
Quantitative & Systematic Trading. Query the full depth of on-chain, derivatives, and market data in SQL alongside your proprietary signals. PiT variants for backtesting fidelity. Sub-hourly resolution for intraday signals. No rate limits, no pagination.
Risk & Portfolio Construction. A unified view of exchange concentration, leverage dynamics, ETF flows, and supply overhangs. Native Snowflake delivery means direct integration with existing risk dashboards.
Multi-Strategy & Macro Research. Join Glassnode data with equity, fixed income, and macro datasets already in your warehouse. Same query layer, no middleware.
Fund Operations & Compliance. No bespoke pipelines means less operational risk. Snowflake's access controls and audit logging handle governance out of the box. Point-in-time timestamps provide data lineage for regulatory requirements and internal governance.
Eliminate Look-Ahead Bias from Backtests
For quantitative teams, historical data integrity is non-negotiable. Backtesting on retroactively revised data isn't backtesting. It's overfitting.
Glassnode is the first to offer point-in-time (PiT) blockchain data in Snowflake. PiT metrics are append-only and historically immutable. Each data point reflects exactly what was known when it was computed. No retroactive corrections, no look-ahead bias.
This matters because on-chain data is inherently mutable. Clustering improvements, late-reported exchange data, and refined labeling can all trigger revisions to standard metrics. PiT variants freeze the record, so your backtests reflect the information that was actually available to participants at each point in time. Every PiT data point includes a computed_at timestamp for full auditability.
Getting Started
Whether you're building backtested systematic models, integrating crypto into a cross-asset framework, or standing up institutional-grade risk infrastructure, Glassnode on Snowflake is the fastest path from blockchain data to production.
To request a trial or to learn more about Glassnode Data Shares, reach out to our institutional team at sales@glassnode.com.
The setup for Glassnode on Snowflake
Retrieve your Snowflake account identifier via Snowflake's standard process or a simple SQL query.
Share it with the Glassnode team. We provision access through Snowflake Marketplace private listings.
Accept the listing. After initial replication, the data is live in your warehouse.
Data shares are organized by package (on-chain, market, signals, common, metadata), so you subscribe to what you need. Updates flow automatically.
Alternatively, you can initiate a trial via the Snowflake listing.
ℹ️ Find the full setup documentation in Glassnode docs. Glassnode Delivers the Analytical Depth That Drives Alpha
Coverage alone doesn't differentiate. What sets us apart is analytical depth built over nearly a decade of institutional-grade data engineering.
Proprietary entity adjustment. Our clustering technology identifies real-world entities (exchanges, institutions, long-term holders, miners) rather than raw addresses. Noisy blockchain data becomes actionable intelligence.
Full-stack derivatives. On-chain, futures, options, and spot from a single provider with unified methodology and consistent quality.
Expanding coverage. New chains, instruments, and products get added continuously. Your Snowflake environment reflects every update automatically.
Looking to evaluate the Snowflake integration before speaking with our team? Start a self-serve trial in the Snowflake Marketplace.*
Try for free
*Default historical data during the trial is limited to 14 days and 1h/24h resolutions - contact sales@glassnode.com to request a trial with higher resolution and extended history.
Follow us on X for timely market updates and analysis
Join our Telegram channel for regular market insights
For on-chain metrics, dashboards, and alerts, visit Glassnode Studio
We've launched Glassnode's Snowflake Data Sharing environment, becoming the first provider to bring comprehensive on-chain analytics into the Snowflake ecosystem.
To get started or learn more about Glassnode Data Shares, talk to our product experts.
Request access Access Trusted Digital Asset Data Directly in Your Environment
Snowflake is the data warehouse of choice for institutional finance. But until now, integrating digital asset data into these workflows meant building custom API ingestion pipelines, managing ETL jobs, and reconciling data updates. That's engineering overhead that should be spent on alpha generation.
Our Snowflake integration eliminates all of it. Through Snowflake Marketplace private listings, our data shares deliver the full history of every trusted Glassnode metric directly into your environment.
You query it like any other table in your warehouse, because that's exactly what it is.
What's Included
This is the same data that powers the research workflows of the world's leading crypto-native institutions, now accessible without a single API call.
On-Chain Analytics. Address activity, entity behavior, supply dynamics, exchange flows, miner metrics, and advanced clustering-based insights across Bitcoin, Ethereum, and beyond.
Derivatives. Futures open interest, funding rates, liquidations, plus our recently expanded options suite: premiums, taker flows, combo strategies, implied volatility surfaces, and more.
Spot & Exchange Data. Exchange balances, inflow/outflow dynamics, and venue-level breakdowns showing capital rotation in real time.
ETFs & Corporate Treasuries. Bitcoin and Ethereum ETF flows, AUM dynamics, and corporate treasury holdings.
Multiple Resolutions. 10-minute, hourly, and daily granularity for everything from intraday signals to long-horizon macro research.
Built For The Workflows You Run
Quantitative & Systematic Trading. Query the full depth of on-chain, derivatives, and market data in SQL alongside your proprietary signals. PiT variants for backtesting fidelity. Sub-hourly resolution for intraday signals. No rate limits, no pagination.
Risk & Portfolio Construction. A unified view of exchange concentration, leverage dynamics, ETF flows, and supply overhangs. Native Snowflake delivery means direct integration with existing risk dashboards.
Multi-Strategy & Macro Research. Join Glassnode data with equity, fixed income, and macro datasets already in your warehouse. Same query layer, no middleware.
Fund Operations & Compliance. No bespoke pipelines means less operational risk. Snowflake's access controls and audit logging handle governance out of the box. Point-in-time timestamps provide data lineage for regulatory requirements and internal governance.
Eliminate Look-Ahead Bias from Backtests
For quantitative teams, historical data integrity is non-negotiable. Backtesting on retroactively revised data isn't backtesting. It's overfitting.
Glassnode is the first to offer point-in-time (PiT) blockchain data in Snowflake. PiT metrics are append-only and historically immutable. Each data point reflects exactly what was known when it was computed. No retroactive corrections, no look-ahead bias.
This matters because on-chain data is inherently mutable. Clustering improvements, late-reported exchange data, and refined labeling can all trigger revisions to standard metrics. PiT variants freeze the record, so your backtests reflect the information that was actually available to participants at each point in time. Every PiT data point includes a computed_at timestamp for full auditability.
Getting Started
Whether you're building backtested systematic models, integrating crypto into a cross-asset framework, or standing up institutional-grade risk infrastructure, Glassnode on Snowflake is the fastest path from blockchain data to production.
To request a trial or to learn more about Glassnode Data Shares, reach out to our institutional team at sales@glassnode.com.
The setup for Glassnode on Snowflake
Retrieve your Snowflake account identifier via Snowflake's standard process or a simple SQL query.
Share it with the Glassnode team. We provision access through Snowflake Marketplace private listings.
Accept the listing. After initial replication, the data is live in your warehouse.
Data shares are organized by package (on-chain, market, signals, common, metadata), so you subscribe to what you need. Updates flow automatically.
Alternatively, you can initiate a trial via the Snowflake listing.
ℹ️ Find the full setup documentation in Glassnode docs. Glassnode Delivers the Analytical Depth That Drives Alpha
Coverage alone doesn't differentiate. What sets us apart is analytical depth built over nearly a decade of institutional-grade data engineering.
Proprietary entity adjustment. Our clustering technology identifies real-world entities (exchanges, institutions, long-term holders, miners) rather than raw addresses. Noisy blockchain data becomes actionable intelligence.
Full-stack derivatives. On-chain, futures, options, and spot from a single provider with unified methodology and consistent quality.
Expanding coverage. New chains, instruments, and products get added continuously. Your Snowflake environment reflects every update automatically.
Looking to evaluate the Snowflake integration before speaking with our team? Start a self-serve trial in the Snowflake Marketplace.*
Try for free
*Default historical data during the trial is limited to 14 days and 1h/24h resolutions - contact sales@glassnode.com to request a trial with higher resolution and extended history.
Follow us on X for timely market updates and analysis
Join our Telegram channel for regular market insights
For on-chain metrics, dashboards, and alerts, visit Glassnode Studio
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Glassnode Spinout Cense Raises €6.5 Million Seed Round to Transform Crypto Compliance for BanksG+D Ventures and Rabo Investments have co-led a €6.5 million seed round in Cense, the crypto compliance and evidence platform for financial institutions and a 2023 spinout of Glassnode. The round was joined by a group of angel investors and will support the continued European expansion of the Cense platform.
This is a notable moment for Glassnode. Cense is the first venture to be spun out of the company. The decision reflected a clear conviction: one of the largest unmet needs in digital asset markets is the operational gap between crypto-native activity and the traditional banking system. That problem required a dedicated company, led by the same founders and powered by the same on-chain analytics foundations that Glassnode has spent years developing.
“When we founded Glassnode, our mission was to make on-chain data understandable and useful for anyone serious about digital asset markets. Cense extends that mission into the regulated banking layer, applying the same analytical rigor to one of the most consequential workflows in finance. Spinning Cense out as an independent company was the right way to give that mission the focus and pace it deserves, and this funding round confirms that the market sees the opportunity as clearly as we do,” says Jan Happel, co-founder and CEO of Glassnode.
The funding comes at a structural inflection point for digital assets. Capital is increasingly moving between crypto and traditional finance, whether through long-held positions being realized, stablecoin liquidity moving across venues, or institutional allocators repositioning at scale. Banks are now being asked to engage with clients and transactions that their existing infrastructure was not designed to assess. The operational layer that connects on-chain activity to bank-grade compliance documentation has become one of the clearest unmet needs in the market.
The Cense platform addresses this gap. By collecting and analyzing wallet, exchange and transaction data, it automates crypto compliance due diligence and produces standardized, auditable documentation that banks can act on. Conventional AML systems were not built for digital assets, while pure crypto analytics platforms often fail to reflect the regulatory and decision-making realities of financial institutions. Cense bridges that gap by translating complex on-chain activity into structured, bank-usable evidence.
“What stands out most is the team behind Cense: the founders have already built two successful companies, including Glassnode, and are early pioneers in the space. They combine strong product expertise with proven entrepreneurial experience. The market opportunity is equally compelling, driven by accelerating institutional adoption of digital assets and an increasingly complex regulatory environment that demands precisely such solutions,” says Andreas Barthelmes, Principal at G+D Ventures.
“Banks need trusted infrastructure to manage digital asset exposure with the same confidence they apply to financial crime and compliance,” says Dennis Wohlfarth, CEO of Cense. “This investment validates Cense’s position as that infrastructure layer. G+D Ventures and Rabo Investments bring deep expertise, strong banking networks and operational experience, giving us a strong foundation for the continued expansion of Cense.”
“What I find compelling about Cense is that the team understands both the complexity of digital assets and the operational realities of financial institutions. That combination is rare, and it is exactly what is needed when building infrastructure for banks,” says Sander ten Hagen, Investor at Cense.
Pascal Deck, Investor at Rabo Investments, adds: “Cense addresses a critical blind spot in crypto compliance by combining on-chain and off-chain insights, enabling institutions to onboard clients with greater speed, confidence and regulatory clarity, positioning it as a key enabler for scaling into digital assets. As more investors incorporate crypto into their portfolios, solutions like Cense are essential to turn a traditionally complex onboarding process into a seamless and scalable experience.”
With the new funding, Cense will accelerate the technological development of its platform and expand its market presence across Europe.
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. The Cense platform helps banks and financial institutions gain visibility into customers’ digital asset activity and provides the infrastructure to assess, document, and manage that activity at scale while meeting increasing regulatory requirements.
Glassnode Spinout Cense Raises €6.5 Million Seed Round to Transform Crypto Compliance for Banks
G+D Ventures and Rabo Investments have co-led a €6.5 million seed round in Cense, the crypto compliance and evidence platform for financial institutions and a 2023 spinout of Glassnode. The round was joined by a group of angel investors and will support the continued European expansion of the Cense platform.
This is a notable moment for Glassnode. Cense is the first venture to be spun out of the company. The decision reflected a clear conviction: one of the largest unmet needs in digital asset markets is the operational gap between crypto-native activity and the traditional banking system. That problem required a dedicated company, led by the same founders and powered by the same on-chain analytics foundations that Glassnode has spent years developing.
“When we founded Glassnode, our mission was to make on-chain data understandable and useful for anyone serious about digital asset markets. Cense extends that mission into the regulated banking layer, applying the same analytical rigor to one of the most consequential workflows in finance. Spinning Cense out as an independent company was the right way to give that mission the focus and pace it deserves, and this funding round confirms that the market sees the opportunity as clearly as we do,” says Jan Happel, co-founder and CEO of Glassnode.
The funding comes at a structural inflection point for digital assets. Capital is increasingly moving between crypto and traditional finance, whether through long-held positions being realized, stablecoin liquidity moving across venues, or institutional allocators repositioning at scale. Banks are now being asked to engage with clients and transactions that their existing infrastructure was not designed to assess. The operational layer that connects on-chain activity to bank-grade compliance documentation has become one of the clearest unmet needs in the market.
The Cense platform addresses this gap. By collecting and analyzing wallet, exchange and transaction data, it automates crypto compliance due diligence and produces standardized, auditable documentation that banks can act on. Conventional AML systems were not built for digital assets, while pure crypto analytics platforms often fail to reflect the regulatory and decision-making realities of financial institutions. Cense bridges that gap by translating complex on-chain activity into structured, bank-usable evidence.
“What stands out most is the team behind Cense: the founders have already built two successful companies, including Glassnode, and are early pioneers in the space. They combine strong product expertise with proven entrepreneurial experience. The market opportunity is equally compelling, driven by accelerating institutional adoption of digital assets and an increasingly complex regulatory environment that demands precisely such solutions,” says Andreas Barthelmes, Principal at G+D Ventures.
“Banks need trusted infrastructure to manage digital asset exposure with the same confidence they apply to financial crime and compliance,” says Dennis Wohlfarth, CEO of Cense. “This investment validates Cense’s position as that infrastructure layer. G+D Ventures and Rabo Investments bring deep expertise, strong banking networks and operational experience, giving us a strong foundation for the continued expansion of Cense.”
“What I find compelling about Cense is that the team understands both the complexity of digital assets and the operational realities of financial institutions. That combination is rare, and it is exactly what is needed when building infrastructure for banks,” says Sander ten Hagen, Investor at Cense.
Pascal Deck, Investor at Rabo Investments, adds: “Cense addresses a critical blind spot in crypto compliance by combining on-chain and off-chain insights, enabling institutions to onboard clients with greater speed, confidence and regulatory clarity, positioning it as a key enabler for scaling into digital assets. As more investors incorporate crypto into their portfolios, solutions like Cense are essential to turn a traditionally complex onboarding process into a seamless and scalable experience.”
With the new funding, Cense will accelerate the technological development of its platform and expand its market presence across Europe.
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. The Cense platform helps banks and financial institutions gain visibility into customers’ digital asset activity and provides the infrastructure to assess, document, and manage that activity at scale while meeting increasing regulatory requirements.
This is a notable moment for Glassnode. Cense is the first venture to be spun out of the company. The decision reflected a clear conviction: one of the largest unmet needs in digital asset markets is the operational gap between crypto-native activity and the traditional banking system. That problem required a dedicated company, led by the same founders and powered by the same on-chain analytics foundations that Glassnode has spent years developing.
“When we founded Glassnode, our mission was to make on-chain data understandable and useful for anyone serious about digital asset markets. Cense extends that mission into the regulated banking layer, applying the same analytical rigor to one of the most consequential workflows in finance. Spinning Cense out as an independent company was the right way to give that mission the focus and pace it deserves, and this funding round confirms that the market sees the opportunity as clearly as we do,” says Jan Happel, co-founder and CEO of Glassnode.
The funding comes at a structural inflection point for digital assets. Capital is increasingly moving between crypto and traditional finance, whether through long-held positions being realized, stablecoin liquidity moving across venues, or institutional allocators repositioning at scale. Banks are now being asked to engage with clients and transactions that their existing infrastructure was not designed to assess. The operational layer that connects on-chain activity to bank-grade compliance documentation has become one of the clearest unmet needs in the market.
The Cense platform addresses this gap. By collecting and analyzing wallet, exchange and transaction data, it automates crypto compliance due diligence and produces standardized, auditable documentation that banks can act on. Conventional AML systems were not built for digital assets, while pure crypto analytics platforms often fail to reflect the regulatory and decision-making realities of financial institutions. Cense bridges that gap by translating complex on-chain activity into structured, bank-usable evidence.
“What stands out most is the team behind Cense: the founders have already built two successful companies, including Glassnode, and are early pioneers in the space. They combine strong product expertise with proven entrepreneurial experience. The market opportunity is equally compelling, driven by accelerating institutional adoption of digital assets and an increasingly complex regulatory environment that demands precisely such solutions,” says Andreas Barthelmes, Principal at G+D Ventures.
“Banks need trusted infrastructure to manage digital asset exposure with the same confidence they apply to financial crime and compliance,” says Dennis Wohlfarth, CEO of Cense. “This investment validates Cense’s position as that infrastructure layer. G+D Ventures and Rabo Investments bring deep expertise, strong banking networks and operational experience, giving us a strong foundation for the continued expansion of Cense.”
“What I find compelling about Cense is that the team understands both the complexity of digital assets and the operational realities of financial institutions. That combination is rare, and it is exactly what is needed when building infrastructure for banks,” says Sander ten Hagen, Investor at Cense.
Pascal Deck, Investor at Rabo Investments, adds: “Cense addresses a critical blind spot in crypto compliance by combining on-chain and off-chain insights, enabling institutions to onboard clients with greater speed, confidence and regulatory clarity, positioning it as a key enabler for scaling into digital assets. As more investors incorporate crypto into their portfolios, solutions like Cense are essential to turn a traditionally complex onboarding process into a seamless and scalable experience.”
With the new funding, Cense will accelerate the technological development of its platform and expand its market presence across Europe.
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. The Cense platform helps banks and financial institutions gain visibility into customers’ digital asset activity and provides the infrastructure to assess, document, and manage that activity at scale while meeting increasing regulatory requirements.
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Glassnode Spinout Cense Raises €6.5 Million Seed Round to Transform Crypto Compliance for BanksG+D Ventures and Rabo Investments have co-led a €6.5 million seed round in Cense, the crypto compliance and evidence platform for financial institutions and a 2023 spinout of Glassnode. The round was joined by a group of angel investors and will support the continued European expansion of the Cense platform.
This is a notable moment for Glassnode. Cense is the first venture to be spun out of the company. The decision reflected a clear conviction: one of the largest unmet needs in digital asset markets is the operational gap between crypto-native activity and the traditional banking system. That problem required a dedicated company, led by the same founders and powered by the same on-chain analytics foundations that Glassnode has spent years developing.
“When we founded Glassnode, our mission was to make on-chain data understandable and useful for anyone serious about digital asset markets. Cense extends that mission into the regulated banking layer, applying the same analytical rigor to one of the most consequential workflows in finance. Spinning Cense out as an independent company was the right way to give that mission the focus and pace it deserves, and this funding round confirms that the market sees the opportunity as clearly as we do,” says Jan Happel, co-founder and CEO of Glassnode.
The funding comes at a structural inflection point for digital assets. Capital is increasingly moving between crypto and traditional finance, whether through long-held positions being realized, stablecoin liquidity moving across venues, or institutional allocators repositioning at scale. Banks are now being asked to engage with clients and transactions that their existing infrastructure was not designed to assess. The operational layer that connects on-chain activity to bank-grade compliance documentation has become one of the clearest unmet needs in the market.
The Cense platform addresses this gap. By collecting and analyzing wallet, exchange and transaction data, it automates crypto compliance due diligence and produces standardized, auditable documentation that banks can act on. Conventional AML systems were not built for digital assets, while pure crypto analytics platforms often fail to reflect the regulatory and decision-making realities of financial institutions. Cense bridges that gap by translating complex on-chain activity into structured, bank-usable evidence.
“What stands out most is the team behind Cense: the founders have already built two successful companies, including Glassnode, and are early pioneers in the space. They combine strong product expertise with proven entrepreneurial experience. The market opportunity is equally compelling, driven by accelerating institutional adoption of digital assets and an increasingly complex regulatory environment that demands precisely such solutions,” says Andreas Barthelmes, Principal at G+D Ventures.
“Banks need trusted infrastructure to manage digital asset exposure with the same confidence they apply to financial crime and compliance,” says Dennis Wohlfarth, CEO of Cense. “This investment validates Cense’s position as that infrastructure layer. G+D Ventures and Rabo Investments bring deep expertise, strong banking networks and operational experience, giving us a strong foundation for the continued expansion of Cense.”
“What I find compelling about Cense is that the team understands both the complexity of digital assets and the operational realities of financial institutions. That combination is rare, and it is exactly what is needed when building infrastructure for banks,” says Sander ten Hagen, Investor at Cense.
Pascal Deck, Investor at Rabo Investments, adds: “Cense addresses a critical blind spot in crypto compliance by combining on-chain and off-chain insights, enabling institutions to onboard clients with greater speed, confidence and regulatory clarity, positioning it as a key enabler for scaling into digital assets. As more investors incorporate crypto into their portfolios, solutions like Cense are essential to turn a traditionally complex onboarding process into a seamless and scalable experience.”
With the new funding, Cense will accelerate the technological development of its platform and expand its market presence across Europe.
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. The Cense platform helps banks and financial institutions gain visibility into customers’ digital asset activity and provides the infrastructure to assess, document, and manage that activity at scale while meeting increasing regulatory requirements.
Glassnode Spinout Cense Raises €6.5 Million Seed Round to Transform Crypto Compliance for Banks
G+D Ventures and Rabo Investments have co-led a €6.5 million seed round in Cense, the crypto compliance and evidence platform for financial institutions and a 2023 spinout of Glassnode. The round was joined by a group of angel investors and will support the continued European expansion of the Cense platform.
This is a notable moment for Glassnode. Cense is the first venture to be spun out of the company. The decision reflected a clear conviction: one of the largest unmet needs in digital asset markets is the operational gap between crypto-native activity and the traditional banking system. That problem required a dedicated company, led by the same founders and powered by the same on-chain analytics foundations that Glassnode has spent years developing.
“When we founded Glassnode, our mission was to make on-chain data understandable and useful for anyone serious about digital asset markets. Cense extends that mission into the regulated banking layer, applying the same analytical rigor to one of the most consequential workflows in finance. Spinning Cense out as an independent company was the right way to give that mission the focus and pace it deserves, and this funding round confirms that the market sees the opportunity as clearly as we do,” says Jan Happel, co-founder and CEO of Glassnode.
The funding comes at a structural inflection point for digital assets. Capital is increasingly moving between crypto and traditional finance, whether through long-held positions being realized, stablecoin liquidity moving across venues, or institutional allocators repositioning at scale. Banks are now being asked to engage with clients and transactions that their existing infrastructure was not designed to assess. The operational layer that connects on-chain activity to bank-grade compliance documentation has become one of the clearest unmet needs in the market.
The Cense platform addresses this gap. By collecting and analyzing wallet, exchange and transaction data, it automates crypto compliance due diligence and produces standardized, auditable documentation that banks can act on. Conventional AML systems were not built for digital assets, while pure crypto analytics platforms often fail to reflect the regulatory and decision-making realities of financial institutions. Cense bridges that gap by translating complex on-chain activity into structured, bank-usable evidence.
“What stands out most is the team behind Cense: the founders have already built two successful companies, including Glassnode, and are early pioneers in the space. They combine strong product expertise with proven entrepreneurial experience. The market opportunity is equally compelling, driven by accelerating institutional adoption of digital assets and an increasingly complex regulatory environment that demands precisely such solutions,” says Andreas Barthelmes, Principal at G+D Ventures.
“Banks need trusted infrastructure to manage digital asset exposure with the same confidence they apply to financial crime and compliance,” says Dennis Wohlfarth, CEO of Cense. “This investment validates Cense’s position as that infrastructure layer. G+D Ventures and Rabo Investments bring deep expertise, strong banking networks and operational experience, giving us a strong foundation for the continued expansion of Cense.”
“What I find compelling about Cense is that the team understands both the complexity of digital assets and the operational realities of financial institutions. That combination is rare, and it is exactly what is needed when building infrastructure for banks,” says Sander ten Hagen, Investor at Cense.
Pascal Deck, Investor at Rabo Investments, adds: “Cense addresses a critical blind spot in crypto compliance by combining on-chain and off-chain insights, enabling institutions to onboard clients with greater speed, confidence and regulatory clarity, positioning it as a key enabler for scaling into digital assets. As more investors incorporate crypto into their portfolios, solutions like Cense are essential to turn a traditionally complex onboarding process into a seamless and scalable experience.”
With the new funding, Cense will accelerate the technological development of its platform and expand its market presence across Europe.
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. The Cense platform helps banks and financial institutions gain visibility into customers’ digital asset activity and provides the infrastructure to assess, document, and manage that activity at scale while meeting increasing regulatory requirements.
This is a notable moment for Glassnode. Cense is the first venture to be spun out of the company. The decision reflected a clear conviction: one of the largest unmet needs in digital asset markets is the operational gap between crypto-native activity and the traditional banking system. That problem required a dedicated company, led by the same founders and powered by the same on-chain analytics foundations that Glassnode has spent years developing.
“When we founded Glassnode, our mission was to make on-chain data understandable and useful for anyone serious about digital asset markets. Cense extends that mission into the regulated banking layer, applying the same analytical rigor to one of the most consequential workflows in finance. Spinning Cense out as an independent company was the right way to give that mission the focus and pace it deserves, and this funding round confirms that the market sees the opportunity as clearly as we do,” says Jan Happel, co-founder and CEO of Glassnode.
The funding comes at a structural inflection point for digital assets. Capital is increasingly moving between crypto and traditional finance, whether through long-held positions being realized, stablecoin liquidity moving across venues, or institutional allocators repositioning at scale. Banks are now being asked to engage with clients and transactions that their existing infrastructure was not designed to assess. The operational layer that connects on-chain activity to bank-grade compliance documentation has become one of the clearest unmet needs in the market.
The Cense platform addresses this gap. By collecting and analyzing wallet, exchange and transaction data, it automates crypto compliance due diligence and produces standardized, auditable documentation that banks can act on. Conventional AML systems were not built for digital assets, while pure crypto analytics platforms often fail to reflect the regulatory and decision-making realities of financial institutions. Cense bridges that gap by translating complex on-chain activity into structured, bank-usable evidence.
“What stands out most is the team behind Cense: the founders have already built two successful companies, including Glassnode, and are early pioneers in the space. They combine strong product expertise with proven entrepreneurial experience. The market opportunity is equally compelling, driven by accelerating institutional adoption of digital assets and an increasingly complex regulatory environment that demands precisely such solutions,” says Andreas Barthelmes, Principal at G+D Ventures.
“Banks need trusted infrastructure to manage digital asset exposure with the same confidence they apply to financial crime and compliance,” says Dennis Wohlfarth, CEO of Cense. “This investment validates Cense’s position as that infrastructure layer. G+D Ventures and Rabo Investments bring deep expertise, strong banking networks and operational experience, giving us a strong foundation for the continued expansion of Cense.”
“What I find compelling about Cense is that the team understands both the complexity of digital assets and the operational realities of financial institutions. That combination is rare, and it is exactly what is needed when building infrastructure for banks,” says Sander ten Hagen, Investor at Cense.
Pascal Deck, Investor at Rabo Investments, adds: “Cense addresses a critical blind spot in crypto compliance by combining on-chain and off-chain insights, enabling institutions to onboard clients with greater speed, confidence and regulatory clarity, positioning it as a key enabler for scaling into digital assets. As more investors incorporate crypto into their portfolios, solutions like Cense are essential to turn a traditionally complex onboarding process into a seamless and scalable experience.”
With the new funding, Cense will accelerate the technological development of its platform and expand its market presence across Europe.
About Cense
Cense is a Swiss crypto intelligence specialist, founded in 2023 as a spinout of Glassnode. The Cense platform helps banks and financial institutions gain visibility into customers’ digital asset activity and provides the infrastructure to assess, document, and manage that activity at scale while meeting increasing regulatory requirements.
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