Glassnode

This bear market has restructured #Bitcoin ownership, with $BTC moving out of Short-Term speculative, and towards Long-term investor hands.

On a statistical basis, it appears we have just seen the largest capitulation of both cohorts.

Read our analysis in The Week On-chain

#Bitcoin has corrected back below $40k, despite prior weeks of strong accumulation.

We are yet to see a follow through in new users on-chain, suggesting we remain in a HODLer dominated market.

We also analyse how mining hashrate continues to new ATHs.

Watch more in our latest video analysis report.

The #Bitcoin market has struggled to achieve upside momentum, with prices falling below $40k again.

In our latest analysis, we assess the weakness seen in on-chain activity, and the sustained profit taking that is slowing the recovery down.

Read our analysis in The Week On-chain

Last week was a historically strong period of $BTC accumulation, with exchange balances declining to multi-year lows.

In this analysis, we break-down the cohorts of #Bitcoin accumulators, to better characterise who was participating, and in what size.

Watch our Video Analysis

The #Bitcoin network has mined the 19 millionth $BTC, whilst accumulation by Shrimps alone surpass 1.7x daily issuance.

This week also saw an influx of buying from Luna Foundation Guard, inflows into Purpose ETF, and 1k+ $BTC Whales.

Read our analysis in The Week on-chain

#Bitcoin exchange outflow volume recently hit a rate of 96.2k $BTC per month.

Aggregate exchange outflows of this magnitude have only been seen on a handful of occasions through history, with most being after the March 2020 liquidity crisis.

Live Chart

The Realized Cap HODL waves are a multi-tool for analyzing #Bitcoin supply dynamics.

Watch our latest video 101 guide on how to assess:
- Bull vs bear market cycles.
- Behaviour of Long and Short term $BTC Holders.
- Where we are in the current cycle.

Watch the Realized Cap HODL Wave Video Guide.

The Luna Foundation Guard has been in #Bitcoin accumulation mode throughout 2022, adding a total of 30,727 $BTC to their balance so far.

Track the LFG Balance

The latest #Bitcoin Week On-chain video report is live, detailing the characteristics of the $BTC rally to $48k.

We analyse both the accumulation support provided by the bulls, as well as the sell-side headwinds by the bears.

Watch our latest Video Report for Week 13.

#Bitcoin has now broken out of the consolidation range it has been within for over 2-months.

In this edition, we analyse the underlying fundamental strength which supports this rally, and assess whether #Bitcoin is on the road to recovery.

Read more in The Week On-chain

The next major on-chain resistance for #Bitcoin is the Short-Term Holder Realized Price, trading at $45.9k.

This metric is the average price paid for $BTC by investors who purchased after the October ATH.

Bearish resistance comes from STHs seeking to 'get their money back'.

#Bitcoin has been driven back above $44k by combined short squeeze, and strong underlying accumulation fundamentals.

We explore these dynamics in our latest video report

#Bitcoin prices have now consolidated between $38k and $45k for over 2-months, and a large volume of $BTC has changed hands.

This chart shows:
🟥 Newer buyers (Short-Term Holders) have accumulated heavily in this range.
🟦 Many Long-Term Holders are holding coins at a loss.

Over the course of this #Bitcoin drawdown, buying pressure has been mainly during US and EU trading hours.

Meanwhile, the majority of sell-side pressure has occurred during Asian market hours, suggesting a divergence in regional strategy.

Read more in The Week On-chain

#Bitcoin has traded into a narrow price range for over 2 months, as more traders move risk neutral cash-and-carry positions.

But derivatives markets are now pricing in a high volatility move just over the horizon.

Read our analysis in The Week On-chain

The Week Onchain Video Report #11 is live.

We analyse:
- Short-Term softening of accumulation
- Near All-time-Lows of young $BTC supply
- Long-Term Holder trends and conviction
- The potential risk of a capitulation event

Watch our video report now

Over 82% of #Bitcoin Short-Term Holder supply is held at a loss, suggesting the potential energy for capitulation is in play.

The bulls however continue to stack sats, at an incredible rate of 7.6x $BTC issuance to miners.

Read more in The Week Onchain

To support the release of the #Bitcoin Accumulation Trend Score, we have just released a video metric guide.

In this session, we take you through the history of #Bitcoin accumulation, as it happened, on-chain.

Check out our Video Guide and the Live Metric

The ETH 2.0 deposit contract has hit 10M $ETH staked.

According to our data, at least 66% of these funds were deposited by exchanges and staking services, rather than individual stakers.

The largest deposited volume comes from Lido (22%), Coinbase is runner up with 15%.

Total ETH Staked Live Chart

Tracking on-chain #Bitcoin accumulation can be complex and nuanced to accurately analyse.

We are pleased to release the #Bitcoin Accumulation Trend Score, a metric designed to track when larger players or a large part of the market is accumulating.

The Accumulation Trend Score trades between values of 0 and 1 with the following interpretation:

1 = Whales and/or large parts of the market are accumulating.
0 = Macro distribution by the market.

This metric is calculated by combining wallet participation in different cohorts, with balance change to assess buy-side pressure.

Out methodology and example interpretation is available on Glassnode Academy.

See the Accumulation Trend Score on studio.