The Week On-chain 51, 2023
In this last edition for the year, we will do a whirlwind tour of what changed this year, on-chain. We will explore how the Bitcoin, Ethereum, Derivative, and Stablecoin landscapes have evolved in 2023, and how this sets up the space for an exciting road ahead.

Executive Summary
- 2023 has been an incredible year for digital assets, with Bitcoin up over 172%, correcting less than 20%, and net capital inflows into BTC, ETH and Stablecoins.
- The market has broken above several important technical and on-chain pricing models this year, with October being a major pivot point for institutional capital flows.
- Long-Term Holders currently hold a near all-time-high of the Bitcoin supply, and a super-majority of coins are now held in profit.
- Major market structure shifts are taking place, such as Tether re-asserting dominance amongst stablecoins, CME futures flipping Binance, and significant frowth of Options markets.

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