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The Week On-Chain 37, 2024
The competitiveness of the Mining landscape and their conviction in the Bitcoin Network continues to rise, with the Hash Rate blasting towards new ATHs. However, investors remain unconvinced in the short term, with exchange-related on-chain volumes beginning to languish.

Executive Summary
- Hash Rate remains just shy of ATHs, as continued investment by Miners demonstrates immense conviction in the Bitcoin Network despite depressed revenues.
- Investor interactions with exchanges are in decline, with contracting volumes across the board, suggesting there is a diminished appetite for investors and trade.
- Both the Bitcoin and Ethereum ETFs are exhibiting outflows, however, investor interest in the Bitcoin ETFs remain significantly larger in scale and magnitude.

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