Glassnode

#Bitcoin Lightning Network capacity in public channels continues to push to new highs, despite prevailing bear market headwinds.

Total capacity is now at 4,290 $BTC, which has increased by 34.6% since the November market peak.

Live Chart

Our latest video analysis is now live, exploring the market structure, and bottom formation characteristics for #Bitcoin.

We assess the deep capitulation by forced sellers, recovering profitability, and pricing models that describe bear market lows.

Watch The Week On-chain Video Report

#Bitcoin is currently in the process of breaking above three long-term pricing models:

- Realized Price (average cost basis)
- Long-Term Holder RP (Cost basis of LTHs)
- 200-week Moving Average

Read more on #Bitcoin bottom formation in The Week On-chain Newsletter

#Bitcoin is testing the underside of the Realized Price, which has historically been associated with bear market bottoms.

With two deep, and historically large capitulation events in May-June, could a genuine bottom now be forming?

The Week On-chain Newsletter is also now available in a live dashboard format.

We include ideas for🔔Alerts to set, with the goal of helping you identify the changing tides of this #Bitcoin bear market.

Read our analysis in The Week Onchain and Live Dashboard

2022 has seen #Bitcoin markets weather two enormous capitulation events, both with the largest $BTC transfer volume in loss since 2011.

When LUNA collapsed, the total transfer volume in loss was 538k $BTC.

This was followed by 480k $BTC as the market traded below the 2017 ATH.

Live Chart

Over 80% of the total USD denominated wealth invested in #Bitcoin has been HODLed for at least 3-months.

This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices.

Live Chart

#Ethereum markets have rallied strongly off the back of a large short squeeze in futures markets.

Over $98M in short futures positions were liquidated in one hour, pushing $ETH prices up by 12.5%.

Live Chart

The Week On-chain #28 Video Report is Live.

In this session, we study the structure of the 2022 #Bitcoin bear market, and compare it to the Nov 2018 capitulation phase.

This includes an assessment of the pressure on Miners and #BTC Long-Term Holders.

Watch The Week Onchain #28 Report

The #Bitcoin market has many hallmarks of a deep capitulation and a late stage bear market in play.

Both Long-Term Holders, and Miners are under extreme financial stress. However,is it enough to form a resilient bottom?

Read more in The Week Onchain

Total $ETH deposited in the 2.0 contract has now surpassed 13M $ETH, which is 10.9% of circulating supply.

Lido accounts for 4.137M $ETH, commanding over 31.8% of the total stake.

By comparison, Coinbase, Kraken, and Binance combined account for 3.505M $ETH, 27% of the total.

Over the last two years, the dominance of #Tether has been in macro decline.

$USDT has fallen from 88.3% of the stablecoin market, to 45.2% today, now less than half of the market.

$USDC dominance has grown 4.2x, $BUSD by 7.5x, and $DAI by 3.9x over the same 2y timeframe.

Live Workbench

#Ethereum 2.0 stakers have deposited over 12.98M $ETH, with 62% of it flowing in before the Nov ATH.

However, with $ETH prices collapsing over 78%, and coins unable to be withdrawn, only 17% of staked $ETH is now in profit.

In our latest research piece, we explore inflows into the ETH 2.0 contract, and calculate the Realized Price of deposits vs wider market.

What we find is, stakers who did not use liquid staking derivatives are down -36.5% more than the avg $ETH investor.

Read our latest Market Pulse on the profitability of ETH 2.0 staking deposits.

Despite weak price-action through June, #Bitcoin has been withdrawn from exchanges at the most aggressive rate in history.

Total exchange outflows in June peak at -151k BTC/month, with Shrimp and Whales as main receivers.

Read more in The Week Onchain.

Our latest #Bitcoin analysis video report is live.

We cover:
- Lacklustre on-chain activity
- Historically high rate of exchange outflows
- Aggressive balance increase for Shrimp and Whales

Watch the Week On-chain Report

#Bitcoin has had its worst monthly price performance since 2011, trading down 37.9% in June.

Lacklustre on-chain activity indicates a near complete purge of 'fair weather' investors has taken place, leaving only HODLers to hold the line.

Read more in The Week On-chain

Finally, #Bitcoin miners, who have been under immense income stress of late are in distribution mode.

Excluding Patoshi and Unknown miners (balance is flat), miners hold 65.2k $BTC in aggregate

Miners are distributing 3k-4k $BTC/mth.

Read more

Whales (>1k $BTC) typically go through accumulation / distribution cycles, often aligned with #Bitcoin market structure.

These entities are also adding to their balance aggressively, acquiring 140k $BTC/month directly from exchanges

Whales now own 8.69M $BTC (45.6% Supply)

Small #Bitcoin holders with < 1 $BTC have been adding to their balance at the most aggressive rate since March 2020.

Shrimps are adding at 36.75k BTC/month which is 0.2% of the circulating supply, and 1.36x monthly issuance.

Shrimps now hold 1.12M $BTC in total.

Within the extremely challenging #Bitcoin market conditions of 2022, there are three entity cohorts with very interesting dynamics:

- Shrimp < 1 $BTC are stacking 🟦
- Whales > 1k $BTC are stacking 🟦
- Miners are distributing 🟥

A thread exploring these entities 🧵1/4

#Bitcoin markets have been under extreme pressure this year, plunging the investor class of 2021-22 below their cost basis.

In this weeks video report, we explore the extreme deviations apparent in macro #Bitcoin metrics, models and on-chain patterns.

Watch out latest video report.