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Glassnode and Fasanara Digital say crypto prices weakened while stablecoin settlement, tokenized equities and traditional-asset perpetuals kept growing.
Glassnode and Fasanara Digital said their latest quarterly report shows a market structure change that goes beyond the August squeeze, with weaker crypto trading conditions over the prior year alongside continued growth in stablecoin settlement, tokenized-equity participation and perpetual futures tied to traditional assets. The report, published on October 23, 2026, is titled Digital Asset Report Q4 2026 and is described by Glassnode as informational rather than investment advice.
Evidence and context
According to the report summary provided by Glassnode on October 23, 2026, Bitcoin fell from its all-time high last October while equities set records, capital left the network, and volumes and volatility declined to cycle lows. The same period saw stablecoin settlement, the number of tokenized-equity holders and perpetual futures on traditional assets continue to expand. Glassnode said August brought a short squeeze, but that the data since then points to more than short covering.
The report’s cited figures indicate that in July 2026 the five largest crypto exchanges traded $2.28 trillion, which Glassnode and Fasanara said was about 11% of the $20.5 trillion that changed hands in U.S. equities in the same month. The comparison is presented as a historical report figure, not live market data, and the source material notes that the crypto figure is a floor because several large venues are excluded.
Another chart highlighted in the report shows perpetual futures on equities, indices and commodities on Hyperliquid first trading above the venue’s own Bitcoin perpetual in April, with those traditional-asset contracts now trading at more than four fifths of the volume of Hyperliquid’s Bitcoin book. Glassnode attributes the market data in the report to its own on-chain and market analytics, while Fasanara Digital supplied order-book capture and trading-volume data for the liquidity and traditional-finance sections.
On-chain levels and market signals
Glassnode said Bitcoin has moved back above all three of its major on-chain cost bases after the August squeeze, including the average cost of every coin, the coins that still move and the newest buyers. The report says trading above all three levels is consistent with a healthy bull market, while also noting that it identifies a specific level that would decide whether that recovery holds. The source material does not provide that level in the excerpt supplied.
The report also says it covers the macro backdrop, on-chain capital, order-book liquidity, derivatives, the migration of traditional assets onto crypto rails, adoption and institutional allocators. Specific topics listed include rising U.S. debt costs, the Treasury’s buybacks of long-dated bonds, Bitcoin’s link to gold, liquidation levels cleared by the rally, Realized Cap flows, futures and options open interest, funding, liquidations, the volatility smile, stablecoin supply and settlement, tokenized equities, ETF flows and digital-asset treasuries.
Separately, the enrichment notes that Fasanara Digital was founded by Fasanara in 2018 and focuses on institutional market-neutral digital-asset investing. It also confirms that Glassnode published the announcement on October 23, 2026 and that the report is branded as Digital Asset Report Q4 2026. No next catalyst date was supplied in the source material.
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