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Glassnode Glassnode @glassnode · 44.1K subscribers
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Introducing the Q3 Guide to Crypto Markets by Coinbase Institutional and Glassnode.

This third installment highlights the ongoing bull market, ETF impact, and surge in on-chain activity.

Key points from the 65-page guide:

- Bull Market Dynamics: Since November 2022, Bitcoin prices have quadrupled. This cycle had drawdowns of 5%-30%, with none exceeding 30%, a rarity in past cycles.

- ETF Influence: Spot Bitcoin ETFs, launched in January 2024, amassed $50B in AUM within six months, boosting crypto interest and trading volumes. ETF inflows have outpaced new Bitcoin issuance, indicating strong demand.

- On-chain Growth: On-chain activity is up, with daily active addresses on Ethereum and Layer 2 solutions increasing by 127% in 2024. Despite a 58% drop in user fees post-Ethereum's Dencun upgrade in March 2024, transactions rose by 59%, showing real utility.

Download the guide here: https://glassno.de/4ddXPSn
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