Glassnode

The Canadian Purpose #Bitcoin ETF has continued to expand holdings since the sell-off in mid May.

Since 15-May, a total of 3,446 $BTC have flowed into the ETF, an average of 86.15 $BTC per day.

The Purpose ETF now holds 21,114 $BTC.

Live Dashboard

The Grayscale $GBTC product has traded higher this week, closing the price gap to spot #Bitcoin by 66%.

$GBTC was trading at a -14.44% discount on Friday, and now trades at a much smaller discount of -4.83%.

Live Dashboard

Declining $ETH and #DeFi token prices create new and challenging dynamics in the ecosystem.

As yields collapse lower, and speculation demand falls, true adoption metrics and a strong user-base becomes critical.

Read more in DeFi Uncovered and subscribe for more DeFi insights

Each week, a live chart dashboard accompanies The Week On-chain Newsletter.

Our newly released feature includes text-boxes to explain the metrics, and provide bullish and bearish indicators to keep an eye on.

See the Week On-chain Dashboard here

The balance between #Bitcoin supply held by Long and Short term holders has similarities to the 2017 market top.

What is different this cycle is that Long Term Holders have stopped spending their coins, suggesting an unwillingness to sell at these prices.

Read more in The Week On-chain

#Bitcoin on-chain activity has fallen dramatically this week, returning to levels not seen in 1yr.

Simultaneously, a seismic shift is underway in the #Bitcoin mining markets, as hash-rate falls and miners ramp up spending.

Read more in The Week On-chain

As the nascent #DeFi sector expands and evolves, a key question is whether the risk-adjusted performance is competitive vs $ETH?

We assess the YTD performance of:
- Spot $ETH
- Spot $DPI
- Yield Farming $SUSHI
- Passive Yearn yDAI

Read more in DeFi Uncovered and subscribe for more DeFi insights.

The response of 'the little guy' to the evolution of #Bitcoin as an asset can be seen in the supply distribution.

Entities with < 1BTC (sat stackers) almost own 5% of the supply and have accumulated in four accelerating phases.

Live Chart

Large volumes of $BTC accumulated in the early bull remain tightly held, even as price trades back around their cost basis.

Coins are maturing into 3m-12m age bands indicating Long-Term Holders are unshaken by volatility.

Read more in The Week On-chain

As #Bitcoin becomes legal tender in El Salvador, Long and Short term investors appear to be taking opposing sides of the trade.

This week, we analyse:
- Short-term traders going short
- Long-term holders staying long

Read more in The Week On-chain

Following El Salvador confirming #Bitcoin is now legal tender, 1.521M $BTC returned to an unrealised profit during the price bounce.

This means that around 1.521M $BTC (~8% of supply) have an on-chain cost basis between $31.7k and $37.9k.

Live Chart

Adjusted SOPR provides insight into the magnitude of profit or loss realised by the market on-chain.

Recently, aSOPR persisted below 1 as losses were realised.

Dip buyers also appear to be taking profits as aSOPR has just spiked above 1.

Learn more at Glassnode Academy.

Live Chart

#Bitcoin Binary CDD (7DMA) shows when old $BTC are on the move greater than average.

After a period of sustained distribution spending by old hands, Binary CDD has fallen back to pre-bull accumulation levels.

Old coins are simply not moving.

Live Chart

On-chain activity on the #Bitcoin network has dropped off, as investors become uneasy around market direction.

Meanwhile, coins accumulated in the early bull are maturing to Long-Term Holder status at an accelerating pace.

Read more in The Week On-chain

The demand for both #Bitcoin and #Ethereum blockspace has fallen dramatically this week, with many usage metrics breaking down.

We analyse:
- Active on-chain usage
- Falling blockspace demand
- Long-Term Holder supply

Read more in The Week On-chain

From March 2020 to the start of May, a total of 744k $BTC moved from Liquid to Illiquid state.

During the recent sell-off, 160k $BTC have been spent back into liquid circulation providing an indication of the supply that has changed hands.

Live Chart

The average transaction fees for both #Bitcoin and #Ethereum have returned to levels not seen since Jan 2021 and Aug-Sept 2020 during 'DeFi Summer'.

The average transaction fee paid on each network is currently:
$7.38 for $BTC
$6.08 for $ETH

Live Chart

The DeFi ecosystem is constantly expanding with new ideas, innovations and protocol designs.

This week we explore and assess a suite of experimental lending platforms, with a focus on protocol design, risks and opportunities

Read our analysis and subscribe for more DeFi insights

Our threshold for #Bitcoin Long-Term Holders are coins dormant for > 5-months.

At current prices, LTHs who accumulated in late-Dec to early-Jan are approaching their cost basis.

This will test the conviction of the market.

Read more in The Week On-chain

The #Bitcoin market consolidates after selling-off last week, as investors demonstrate unique spending behaviours on-chain.

We Assess
- Market pain points
- Spending patterns on-chain
- Analysis of sellers and hodlers

Read more in The Week On-chain