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The month of June has been historically volatile for #Bitcoin, driving prices to levels below last cycles ATH.

In this weeks newsletter, we attempt to assess whether #Bitcoin bottom formation is possible, and whether this time is different.

Read More in The Week On-chain.

The 2022 bear market has been brutal for #Bitcoin and #Ethereum investors, realizing massive capital losses.

In our latest research, we quantify the severity of this bear, and makes a case for it being the most significant in history.

Read more in A Bear of Historic Proportions.

The #Bitcoin drawdown from ATH has reached 73.3%, compared to previous bear market lows of between 75% and 84%.

The duration in this bear is:
- 435-days from the Apr-2021 ATH
- 227-days from the Nov-2021 ATH

This firmly places the current bear within historical bear norms.

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The #Bitcoin Mayer Multiple is currently trading at 0.5, meaning price is at a 50% discount to the 200-day Moving Average.

#Bitcoin prices have only closed at a Mayer Multiple value of 0.5 or lower on 3% of all trading days.

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The latest Week Onchain video report is live.

This week we analyse the sell-off over the weekend:
- #Bitcoin market trading below $20k
- Cost of $BTC production model
- Capitulation of #Bitcoin miners
- Sell-side pressure by Long-Term Holders

Watch out Latest Video Analysis report.

This weekend, #Bitcoin plunged below the 2017 $20k ATH, as numerous entities in the market were deleveraged or liquidated.

In our latest Week Onchain report, we analyse the financial stress within by the market, including miners and Long-Term Holders.

Read more in The Week On-chain

The #Bitcoin Puell Multiple🟧has fallen to the lowest levels since the Nov 2018 bear market crash.

Miners are currently earning just 39% of their 1yr average USD income.

The Difficulty Ribbon🟪 is also compressed, signalling miner stress and potential capitulation is on the horizon.

The #Ethereum DeFi sector experienced a major de-leveraging event, with $124B wiped from DeFi TVL in 6-weeks.

In our latest research piece, we analyse the dramatic decline in crypto-collateral value, and the impacts on $ETH network profitability

Read our latest piece: The Great DeFi Deleveraging

#Bitcoin Long-Term Holders however realized major losses, equal to 0.007% of the Market Cap per day.

This is almost as large as March 2020, and is the first major LTH capitulation event in the 2021-22 cycle.

We explore this further in our latest WoC Newsletter

We can inspect the coins sent by #Bitcoin Short-Term Holders directly to exchanges.

Here we can see that this cohort locked in realized losses of 0.01% of the Market Cap per day.

Whilst significant, these STH losses are not as large as major sell-offs in the last 5yrs.

#Bitcoin investors have locked in the largest USD denominated Realized Loss in history last week.

The $BTC spent on-chain this week realized net losses of over $4.23B.

This eclipses all major sell-offs in 2021, and is 3x larger than March 2020.

The #Bitcoin market has plunged into the low $20k range, coming into contact with the Realized Price.

In our latest edition, we assess how the market is entering the deepest and darkest phase of the bear.

Read more in the Week On-chain

With the price declines over the weekend, the #Ethereum market has fallen below the $ETH Realized Price of $1,781.

This means the market is holding an average unrealized loss of -18.4%.

The Realized Price of ETH 2.0 deposits is higher at $2,404, with an unrealized loss of -39.6%.

With #Bictoin miners coming under stress as revenues decline, their behaviour is increasingly under the spotlight.

In our latest video report, we show you how to analyse the fundamentals of Proof-of-Work mining, as described via on-chain metrics.

The #Bitcoin hash ribbons have started to signal inversion.

This means that hash-rate is starting to come offline, usually as a result of stress in miner incomes impacting profitable operation.

Typically, these inversions occur in late stage bear markets.

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Congratulations to the #Ethereum community on a successful Merge on the Ropsten testnet.

There is over $22.78B in value staked and ready for the upcoming main-net Merge to Proof-of-Stake.

This represents 12.8M $ETH = 10.78% of supply.

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With #Bitcoin miner revenues down 56% since the all-time-high, we are seeing miners distributing $BTC from their reserves.

At the same time, difficulty is up 132%, increasing the #Bitcoin cost of production.

Watch more in our latest video analysis report

With #Bitcoin prices trading at the lower end of the 2021-22 range, almost all investors of this cycle are now holding an unrealized losses.

Just 2.2% of Short-Term Holders are in profit.

Read about declining network profitability in The Week On-chain.

As #Bitcoin prices trade at the lower end of the 2021-22 cycle, almost all investors from the last 18-months are holding unrealized losses.

Miners are also under pressure, with revenues down 56%, whilst cost of production is up 132% since the ATH.

Read more in The Week On-chain

#Bitcoin miners have been net distributors since the recent sell-off.

Miners balances have recently declined at a peak rate of 5k to 8k $BTC per month ($150M to $240M at $30k $BTC).

Their spending has slowed this week to 3.3k $BTC/mth.

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