Glassnode

#Ethereum supply dynamics tell a compelling story for the future for the protocol.

$ETH on exchanges has fallen to 12.0% of circ. supply, as $ETH in smart contracts rises to 22.8%.

Our Analysis in The Week Onchain Newsletter

Refreshed Ethereum Dashboards

Live Chart | @glassnode

We have refreshed our pre-set Dashboards to provide improved insights and signals into the #Bitcoin market

The HODLers Dashboard is designed to observe spending patterns of long term investors and old coins.

HODLers Dashboard is available here.

#Bitcoin supply accumulated in the early phase of this bull market is beginning to mature.

HODLed $BTC are seen in the Realized Cap HODL Waves as the thickness of older age bands swells over time.

Read More in The Week On-chain

Live Chart | @glassnode

#Bitcoin has bounced from correction lows as $BTC coins mature, HODLing behaviour strengthens and stablecoin supplies hit ATH.

#Ethereum also shows market strength as throughput increases, exchanges are drained and DeFi absorbs $ETH.

Read more in The Week On-chain

As $ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycles lows.

Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap.

Today's market strength is supported by volume settled on-chain.

Live Chart | @glassnode

#Bitcoin supply held by Long Term Holders (LTH) usually needs to be spent to 'put the top in'.

At the 2017 top, LTHs had reduced their holdings from 74% at the point of 'Peak Hodl' down to 58% of circ. supply.

Currently, coins accumulated in late 2020 are maturing and LTH owned supply is actually increasing > 67%.

We analysed this metric in Week 12 of The Week On-chain Newsletter for more details.

Live Chart | @glassnode

#Bitcoin lifespan metrics provide unique insight into the spending patterns of long term holders.

Lifespan metrics will trend higher when older coins are spent, and trend lower when they remain dormant.

The ASOL, CDD and Dormancy metrics are all back down to late 2020 levels, indicating high conviction to HODL remains.

- ASOL represents the average age of all spent UTXOs (i.e. average age per transaction)
- Dormancy represents the average age per unit of BTC moved (i.e. average age per 1 BTC)
- CDD represents the total volume of coin-days destroyed (i.e. global total of lifespan spent that day)

Read our analysis in The Week On-chain

Live Dashboard | @glassnode

#Bitcoin price continued to slide lower last week, as on-chain data signals a healthy shake-out.

We analyse:
- Peaks in on-chain activity
- New hands shaken out
- Old hands and miners hold strong
- #Uniswap usage growth

Read More in The Week On-chain

#Ethereum on-chain USD transaction fees hit the second highest level in history yesterday.

#Ethereum on-chain fees hit $47.3M per day, coming close to the ATH of $49.8M set on 23-Feb.

Total fee revenue has exceeded $10M/day since 1-Feb.

Live Chart | @glassnode

#Bitcoin STH-SOPR has reset to the lowest value since the $29k dip back in Jan.

This metric will trend higher (>1.0) when profits are realised and lower when coins are dormant or losses are realised (<1.0)

This means some short term holders spent coins and took losses during this dip. However, it also means coins that are currently in profit were not shaken out.

Historically, SOPR resets below 1.0 in bull markets have been constructive for price in the weeks that follow.

Our Analysis in The Week On-chain

#Bitcoin has experienced a volatile week, hitting a $64k new ATH before selling off back down to $52k in a liquidation cascade.

This week we analyse:
- Hash-rate Drop and Recovery
- Derivative Leverage Flush Out
- On-chain Sentiment for New and Old Hands
- New Market Entrants

Read More in The Week On-chain

#Bitcoin change-adjusted transaction volume has hit a new ATH of $49.45 Billion.

The previous record $46.68B was set at 2017 peak during a 67-day stretch of high volume > $15B.

This bull has sustained a much longer 121-days with high volume > $15B

Live Chart | @glassnode

#Bitcoin has made a new ATH and the market has started constructing new on-chain support.

Over 245k $BTC have already moved on-chain at prices above $62.7k.

This follows the significant 1.909M $BTC moved in the previous $1 Trillion consolidation zone.

Live Chart | @glassnode

#Bitcoin Coin Years Destroyed (CYD) is the cumulative sum of all coin days destroyed in the last 365-days. CYD is trading at levels similar to 2013, but is still far below the 2017 top.

This suggests old hands have not distributed coins to the same extent as last cycle, and instead prefer to hold onto their coins. This is especially true given #Bitcoin is older and thus more coin days are in the system.

Read More in The Week On-chain

Live Chart | @glassnode

#Bitcoin Futures Open Interest across major exchanges reaches record highs of more than $27B as $BTC hits new ATHs.

Live Chart | @glassnode

#Bitcoin has held strong this week as on-chain data suggests old hands are maintaining their composure.

We analyse:

- Rick Astley HODLers as old hands have spend less and hodled more than previous cycles.
- Stablecoin supply expansion, with USDT alone expanding by $3.36B over the last two weeks
- Cyclical metrics to watch closely, including key levels to track via Glassnode Alerts

Read more in The Week On-chain

#Ethereum on-chain fees tell a story of protocol evolution, as DEXs overtake CEXs.

Phase 1: Exchange based trading, alongside retail led ICO mania dominates gas fees.

Phase 2: Trading activity slows in the bear whilst smart contract experimentation continues.

Phase 3: DeFi + DEXs + mass CEX withdrawals dominate gas fees with Exchange related gas fees falling to only ~5% dominance.

Live Chart | @glassnode

#Bitcoin has solidified its position as a $1 Trillion asset with on-chain volume equivalent to 10% of supply transferred above the $53.5k threshold

We analyse
- On-chain volumes
- Miners accumulating
- Futures market dynamics

Read more in The Week On-chain.

#GlassnodeInsights

#Bitcoin Binary CDD trends when older coins are spent or stay dormant.

With a 7-day MA applied it trends:
- Higher if old coins are spent
- Lower if old coins are dormant

Over last 3mths, Binary CDD has started trending lower implying that Old Hands have resumed HODLing their BTC.

Learn more in Academy
https://glassno.de/2PPprrw

Live chart | @glassnode

BTC coins mature into older lifespan brackets when they remain unspent.

In the last 6mths, over 9.51% of BTC supply has matured into the 1m-6m age range.

These #Bitcoin were acquired during this bull market.

Live chart | @glassnode