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Glassnode Glassnode @glassnode · 44.1K subscribers
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The Week On-Chain 22, 2024
Residing just shy of the ATH, Bitcoin continues to consolidate, with long-term investors beginning to re-accumulate coins for the first time since Dec 2023. Alongside this, a historic first tranche of Ethereum spot ETFs have been approved in the US, seeing a +20% surge in the ETH price.

Executive Summary
- Both Ethereum and Bitcoin markets are showing relative strength after a lengthy post-ATH consolidation, although prices have remained choppy and sideways since March.
- The SEC has surprised the market with the approval of the Ethereum Spot ETFs, resulting in a +20% rally in the ETH price.
- Bitcoin US Spot ETFs netflows have once again turned positive after four weeks of net outflows, suggesting a return of TradFi demand.
- Long-Term Holder spending pressure has cooled off significantly, with investors back to accumulation patterns, suggesting volatility is required to motivate the next wave.

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