The Week On-Chain, Week 15

The macroeconomic environment remains uncertain with the restructuring of global trade relations ongoing. In spite of this, the performance of hard assets remains remarkable with Gold surging to a new ATH of $3300 and Bitcoin residing above $80k.

Executive Summary:

🔹Macroeconomic uncertainty persists amid shifting global trade, driving volatility in U.S. Treasuries and equities.

🔹Bitcoin saw its largest drawdown of the cycle, but it's within bull market norms. Median drawdown remains far milder than in past cycles.

🔹Digital asset liquidity is tightening, with slowing capital inflows and flat stablecoin supply growth.

🔹Investors face record unrealized losses, mostly among new participants; Long-Term Holders remain largely in profit.

Read the full report here. Access the charts from this edition in a Glassnode Studio dashboard.