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Glassnode Glassnode @glassnode · 44.1K subscribers
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The Week On-chain 50, 2023
Bitcoin performed a round-trip this week, rallying to new yearly highs before selling off back towards its weekly open. After such a powerful 2023 thus far, the rally seems to have met resistance, with several indicators suggesting a degree of near-term exhaustion.

Executive Summary
The strong Bitcoin uptrend found resistance this week, breaking to a new yearly high of $44.5k before experiencing the third sharpest selling off of 2023.
Several on-chain pricing models suggest that 'fair value' based on investor cost basis and network throughput are lagging, hovering between $30k and $36k.
In response to strong price appreciation over recent months, Bitcoin Short-Term Holders have taken profits at a statistically meaningful magnitude, pausing the climb.

Read more in The Week On-chain newsletter and watch our latest video analysis report.
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