Glassnode

The Week On-chain video report #32 is now live!

In our analysis, we cover the spending behaviour on-chain to establish market conviction during the rally.

We also assess the mechanics of the supply squeeze and the probabilities of it happening.

Be sure to check our Video Portal on Glassnode Studio for more analysis and metric tutorials.

The dominance of large #Bitcoin transactions (> $1M) has risen from 30% in 2020, to over 65% in 2021.

This reflects a growing share of institutional interest, and capital being transferring across the #Bitcoin network.

Read more in The Week On-chain

The #Bitcoin market has continued its rally higher with many on-chain metrics supporting market strength.

This week, we assess the probabilities of a supply squeeze, and analyse which cohorts are spending coins.

Read our analysis in The Week On-chain

Despite a strong rally to $45k, the #Bitcoin market still has not seen a significant increase in old coins (> 1y) being spent.

This is very different to the 2018 bear market where old hands took exit liquidity on most relief rallies.

Live Chart

#Bitcoin entity-adjusted transaction volume has increased to $7.48B per day over the last 14-days.

In particular, transactions over $1M in size (approx. 25 $BTC) are on the rise. This represents 46.5% of the total transaction volume.

Live Chart

The proportion of #Bitcoin supply held by LTHs continues to trend higher as coins are held dormant.

Previous bull markets were triggered when LTH supply reached between 63.6% and 71.5% although often after many months at these levels.

LTHs currently hold 66% of the $BTC supply.

This week in DeFi Uncovered we explore the rise of #NFTs and crypto-gaming.

We map out the basics of the #NFT space, and assess the volume and demand metrics describing its meteoric growth.

Read more in this week's issue of DeFi Uncovered

It is estimated that the Patoshi entity mined 1.096M $BTC during the early days of #Bitcoin life.

At the ATH, these coins were worth almost $70 Billion.

An additional 717k $BTC are estimated to be held by the rest of the miner cohort.

Live Chart

The Week On-chain Video Report #31 is live.

In our analysis, we cover the market reaction to recent positive price action.

In particular, we assess which cohorts of holders took profits, the trend of spending vs accumulation, and metrics to keep an eye on.

You can see all our video analysis and metric tutorials on Glassnode Studio

#Bitcoin on-chain data demonstrates a pattern of accumulation is in play, similar in structure to early-mid 2018.

A key difference in 2021 is 10% more supply is held by long-term holders, so it starts from a higher base.

Read more in The Week On-chain

#Bitcoin rallied above $42k this week, providing relief to the recent consolidation.

This week, we analyse the on-chain market response, magnitude of profits taken, and holder spending vs accumulation behaviour.

Read More in The Week On-chain

#Bitcoin has seen a resurgence in Active Entities over the past week, rising by 30% from 250k to 325k active entities per day.

This degree of activity was sustained in July 2020 when $BTC prices were around $11.3k in Q2-2020.

Live Chart

This week in #DeFi Uncovered, we take a deep dive into the fundamentals, performance and supply dynamics of the $SUSHI project.

We map out the Sushi ecosystem, products, on-chain metrics and protocol incentives.

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

The Week On-chain #30 Video Report is live.

We analyse:
- Market structure and the short squeeze
- Changes in derivative market positioning
- Divergence between price and on-chain activity
- Network profitability

Live Dashboard and Video Report

The #Bitcoin price has squeezed higher early Monday morning in what appears to be a short squeeze.

In this weeks analysis, we review derivatives and on-chain markets to assess whether fundamentals support the rally.

Read more in The Week On-chain

As #Bitcoin prices rally higher, over 2.1M $BTC have returned to profitability based on their realised price.

This indicates that 11.2% of the circulating supply has an on-chain cost basis between $29k and $38k.

Live Chart

#Bitcoin Short-term Holder MVRV measures deviation of price away from the realised price (STH cohort cost basis).

Very low values indicate STHs are holding coins significantly below their acquisition cost.

In bearish trends, this has typically aligned with capitulation events.

Live Chart

The #DeFi ecosystem has seen capital redistribution out of risk-on speculation, and into risk-off stablecoin yield generation.

In our analysis, we present a short-term bear case for DeFi, alongside future growth opportunities.

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

The #Bitcoin Realised Cap tracks the aggregate value of all coins at the price when last moved.

It rises when coins are spent at a net profit, and declines when spent at a loss.

Since mid-May, the market has absorbed over $15B in net losses.

Live Chart

Tune in for our analysis of the Bull, and Bear case for #Bitcoin in this Week On-chain Video.

We assess:
- Short vs Long range indicators
- Institutional demand
- On-chain activity
- Miners and HODLers
- Coin maturation
- Probability of Supply Squeeze

Video Report