Glassnode

#Bitcoin held above $50k last week as early signs of coin maturation showed up on-chain.

This week we analyse:

- Ageing of coins bought in this bull
- Spending behaviour of old coins
- Deep Dive into Exchange Balances

Read more in The Week On-chain

#GlassnodeInsights

#Bitcoin on-chain indicators suggest conditions are similar to the second half or later stages of a bull market

This week we analyse:

- Accumulation dynamics
- HODLer Strength
- BTC Wealth Transfer cycles

Read more of our analysis in The Week On-chain

#GlassnodeInsights

In bull markets old coins tend to move more. This increases the relative supply of younger coins in the network.

At previous $BTC tops, around 50% of the #Bitcoin supply was younger than 6 months.

We are currently significantly below this level (36%).

Live chart | @glassnode

Long-Term Holder MVRV at 20+ has been a good indicator of #Bitcoin market tops in previous cycles.

Currently at 10, it indicates room for more upwards movement.

$BTC was trading at ~$4,500 at these levels in 2017 – and made another 4.4x to the peak.

Live chart | @glassnode

The number of new participants in the #Bitcoin network is unprecedented.

Over the past weeks, we have seen a large growth of new entities. This is a strong indication that new retail investors have been entering the space.

Live chart | @glassnode

The $GBTC premium remains negative for the 10th day in a row.

#Bitcoin

Live chart | @glassnode

More capital is flowing into the derivatives markets, as the amount of outstanding #Bitcoin futures contracts reaches another ATH.

Open interest across major exchanges is currently sitting at the verge of the $20B mark.

Live chart | @glassnode

#Bitcoin has held composure around $50k this week despite volatility in traditional markets.

This Week On-chain, we deep dive into how three key network participants managed this correction.

- Miners
- Long Term Holders
- Short Term Holders

Read more | #TheWeekOnChain

In 2021, the #Bitcoin network settles on average more than $10 billion (!) USD every day.

This number refers to BTC actually changing hands – it adjusts for change volume and transactions between addresses of a single network participant.

Live chart | @glassnode

60-Day SOPR (entity-adjusted) reset without falling below one.

This indicates a high HODLing conviction from new investors, as coins that were bought in 2021 did not move at a loss during this last dip.

#Bitcoin | @glassnode

$GBTC is trading at a -11.92% discount – record low. #Bitcoin

Live chart | @glassnode

#Bitcoin is in the midst of the second significant correction this bull cycle.

In this Week On-chain, we explore how both market and on-chain indicators are cooling off and whether there is any merit to 'this time is different'

Read more | #TheWeekOnChain

The daily #Bitcoin Spent Output Profit Ratio (SOPR) has seen a full reset, and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.

Live chart | @glassnode

Yesterday another 417 BTC were added to the Canadian #Bitcoin ETF – it now holds more than 10,000 BTC.

Live chart | @glassnode

#Bitcoin funding rates are trending further down and have reached levels not seen since almost a month.

Live chart | @glassnode

The #Bitcoin futures market saw a new record volume yesterday – more than $180B were traded across major exchanges.

Live chart | @glassnode

Just a few days after the world's first #Bitcoin ETF started trading, its holdings are at 8,288 BTC – 2,251 were added yesterday alone.

The ETF's AUM has crossed half a billion USD, currently sitting at $564M.

Live chart | @glassnode

While $BTC crosses above $57k, we are not seeing a significant increase in funding rates yet.

The average funding rate for perpetual swaps across major exchanges is currently around 0.05%.

#Bitcoin

Live chart | @glassnode

#Bitcoin MVRV-Z crosses a value of 7 into red territory for the first time since Dec 2017.

While this indicator suggests we could be in the advanced phase of the bull market, $BTC can still significantly grow from there.

In 2017, BTC made another ~2x.

Live chart | @glassnode

Open interest on #Bitcoin futures contracts across major exchanges is at $17.5 billion.

Live chart | @glassnode