Glassnode

The Week Onchain Video Report #48 is live!

Our analysis looks at the current market drawdown, and how #Bitcoin supply dynamics can inform us about investor sentiment.

We also analyse ATH leverage and the risk of a flush out and liquidation cascade.

Watch our Video Report here

Leverage across #Bitcoin derivatives markets reached ATHs this week, suggesting a squeeze in either direction may play out.

Meanwhile short, and long-term holders own more profitable $BTC supply than during September's dip.

Read more in The Week Onchain

#Bitcoin has traded down -21.8% off the ATH during this months correction.

It may be a surprise that this correction is actually the least severe in 2021, measured in terms of drawdown from ATH.

Jan = -29.4%
Feb = -24.2%
Apr = -26.5%
May-July = -54%
Sept = -37.2%
Nov = -21.8%

Live Chart

The Week Onchain Video Report #47 is Live!

We deep dive into #Bitcoin Short-Term Holder cohort, who appear to be the dominant force swing trading $BTC at present.

By tracking their cost basis and profitability, we seek to identify likely support zones.

#Bitcoin has drawn down from ATHs this week, trading lower as Short-Term swing traders take profits at the highs, and then begin to capitulate at the lows.

This week we analyse what this price break down means for the longer term market trend.

Read More in The Week On-chain

Introducing the Value of Coin-days Destroyed Multiple.

This new metric is by TXMC, and uses investor spending patterns to identify overheated and undervalued markets.

This tool is now available as a pre-set on Workbench

Read our report here

The Week Onchain Video Report #46 is live!

This week we deep dive into tools available to help navigate #Bitcoin market cycle tops.

We explore numerous metrics including:
- Top Price Model
- Mayer Multiple
- MVRV Z-Score
- RHODL Ratio
- Reserve Risk

Watch our Video Report here.

#Bitcoin pushed to new ATHs last week, as investor spending transitions into Phase 2 of the bull, and Taproot activates on-chain.

This week, we deep dive into #Bitcoin market cycle top metrics, to help you navigate the bull with the right tools at hand.

Read more in The Week Onchain

The #Bitcoin Top Cap, was originally proposed by @woonomic, and is calculated by applying a factor of 35x to the all-time Average Cap.

Top Cap today puts #Bitcoin at a $4Trillion valuation, and Top Price is hovering around $214k.

Live Workbench Chart

The volume of #Bitcoin last moved above a $1 Trillion Market Cap has reached 3.454M $BTC.

This means 18.3% of the supply was transacted above $53k, demonstrating capital inflows

474k $BTC were last spent above the current price, and are thus currently holding an unrealised loss

Live Chart

A #Bitcoin Situation Room has been established in Glassnode Forum.

We are discussing the current sell-off from $69k, and the impacts of derivatives leverage, and on-chain spending behaviour on price moving forwards.

Members can join the discussion here

The Week Onchain Video Report #45 is live!

#Bitcoin investor sentiment remains exceptionally high, with young coin supply at all-time-lows

We analyse the on-chain spending patterns, and deep dive into the mining industry and #Bitcoin security assurances.

As #Bitcoin hits new All-Time-Highs, exchange balances continue to be depleted.

Exchange reserves we track account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices.

Read in The Week On-chain Newsletter

Watch our Video Report #45

#Bitcoin hovers just below ATH, as investor sentiment onchain remains extremely strong

Long-Term Holders take modest profits, onchain activity suggests an early stage bull market in play, and hashrate recovers by 95%

Read our analysis in The Week Onchain

#Bitcoin miners see $BTC income halve every four years. In the current epoch, miners avg between 900 and 1,000 $BTC per day.

Despite this reduction in $BTC denominated income, miner revenue in USD is up 550% since the 2020 halving, and approaching an ATH of $62M+ per day.

#Bitcoin transaction value settlement is rising substantially relative to the Market Cap.

This has driven NVT Signal metric lower, indicating that even at $61.8k, $BTC is historically undervalued relative to utilisation as a value settlement layer

Live Chart

#Bitcoin is consolidating just below the ATH as derivatives and onchain spending cool off.

The total range of the October monthly candle was $23,205, larger in USD value than all trading history from genesis to Dec 2020.

Read More in the Week Onchain

The Week Onchain Video Report 43 is live

This week we assess the Bitcoin ATH, and how the ETF has affected market structure

We also deep dive into:
- Long-term Holder spending patterns
- SOPR metric interpretation
- #Bitcoin Pricing and cycle top models

#Bitcoin hit a new ATH last week as the first futures ETF launched.

Open interest and volume in the underlying CME contracts increased 265%.

LTHs have taken strategic profits, but most are still waiting for higher prices.

Read More in The Week Onchain
https://glassno.de/3m84dmD

#Bitcoin open interest in CME futures contracts has increased by $3.95B over the course of October

This is in part driven by the introduction of the $BITO ETF product

This represents a 265% growth in open interest since the end of September.

Live Chart