Glassnode

#Bitcoin markets hit the second lowest low of the bear cycle, reaching $18.5k, before reclaiming $20k levels.

This event was punctuated by three sets of 5k $BTC coins, acquired in Dec-2013, being spent, realizing $163M in profit

Read our analysis in The Week On-chain

The #Ethereum Merge is now on the horizon, expected to happen next week.

In our latest collaboration with @CoinMarketCap, we explore a suite of new Proof-of-Stake metrics to detail PoS network performance.

Read our new report profiling the Ethereum Beacon Chain

#Ethereum speculative action continues, with over $6.12B in outstanding Open Interest for Call Options.

Put options account for a much smaller $1.5B, making for a Put/Call Ratio of 0.25.

This chart is now available as a new Workbench Pre-set

We have also recently expanded our suite of Derivatives Workbench Pre-set charts for both #Bitcoin and #Ethereum.

New charts include:
- Annualized Funding rates
- Futures Leverage Ratios
- Total Futures Liquidations
- Put/Call Breakdowns of Volume and OI

See new Workbench Pre-sets here.

Our latest #Bitcoin video analysis is live for Week 36.

We assess:
- Prevailing regime of distribution
- Whale-to-exchange inflows increasing
- The macro market detox
- Short-term Holder stress

Watch our latest Week On-chain video report

Amidst a persistent contraction in global liquidity, #Bitcoin Short-Term Holders find themselves under immense pressure.

With almost all STH $BTC is in loss, the market struggles to hold the psychological $20k support level.

Read our latest analysis in The Week On-chain

#Bitcoin Active Entities is a proxy measurement for the size of the network user-base.

This activity metric is currently languishing at the lower end of a multi-year channel, indicating softness in network utilisation.

Read More in The Week On-chain

The latest Week On-chain video report is live for week 35.

In this edition, we analyse:
- Weakness in #Bitcoin markets
- $BTC prices falling below $20k
- Lifespan metrics describing investor spending
- Macro scale coinyears destroyed
- Realized Losses

Watch our latest video report.

Near-term weakness continues to haunt numerous #Bitcoin fundamentals, with prices faltering below $20k late last week.

In our latest newsletter, we assess this persistent market weakness, which is putting the bulls on the back-foot.

Read our analysis in The Week On-chain

#Bitcoin markets experienced a brief wave of relief, with prices trading above the Realized Price.

However, weakness in underlying network activity has manifested as a sell-off this week, as prices fall back below the $21.7k level.

Read our analysis in The Week On-chain

After a dramatic capitulation event, the ownership structure of #Bitcoin has been reshaped.

As markets sell-off, $BTC migrates from weaker hands, to those stepping in at the lows. Here, we explore how to track this migration of coins using age bands.

Read More in The Week On-chain

With the #Ethereum Merge scheduled for mid September, derivatives traders have bet big on a market rally using Call options

However, futures markets and October Put demand demand suggests an expectation to sell the news.

Watch more in our latest video analysis.

As #Bitcoin and #Ethereum derivatives markets mature, increasingly sophisticated trade positions can be established.

This week, we investigate aggregate market positioning around the #Ethereum Merge, and whether the market expects a 'sell-the-news' event

Read out latest analysis in The Week On-chain

With the #Bitcoin market now back above the Long-Term Holder Realized Price, the question turns to whether they are taking exit liquidity.

In out latest Market Pulse, we explore the current behaviour of LTHs, who have distributed 222k $BTC since May.

Read more in The Market Pulse

#Bitcoin investors continue to realized a larger magnitude of losses vs profits on spent coins.

🟥Realized Losses = $319M/day
🟩Realized Profit = $226M/day

This is typical of bear markets, and a reversal is often associated with a pick up in demand.

Live Chart

We also explore the concept of Realized Profit and Loss for #Bitcoin in this On-chain 101 Guide video.

Here we explore how to use investor profit and losses to track #Bitcoin cycles, sentiment, and inflection points between bull and bear market structure.

Watch our video guide on Realized Profits and Loss

The Week On-chain video report is live for Week 31.

In this edition, we assess if this is likely to be a bear market rally for #Bitcoin and #Ethereum, or whether there is follow through in on-chain fundamentals.

Watch our latest video report.

#Bitcoin and #Ethereum have rallied strongly off the bottom, reaching above the Realized Price.

Attention now turns to whether this is a bear market rally, or whether the fundamentals are following through in support.

Read more in The Week On-chain

We have just released a video analysis to support our State of the Market report with @CoinMarketCap.

We explore:
- Evolving structure of the bear
- Risk-off sentiment in onchain metrics
- $BTC and $ETH Realized prices
- Stress in the mining industry

Watch our video analysis.

We are extremely pleased to release a new State of the Market report in collaboration with CoinMarketCap.

In this first edition, we explore the 2022 bear so far, and how on-chain market structure has evolved for #Bitcoin, #Ethereum, and Stablecoins. We analyse
- Evolving market fundamentals and structural changes during the 2022 bear cycle.
- Risk-off sentiment, the deleveraging of DeFi, and shifting dominance of stablecoins.
- Network profitability of Bitcoin and Ethereum.
- Realized price, realized losses and how it compares to previous bear markets.
- Stress developing in the Bitcoin and Ethereum mining industries.

Read the Report and view the Live Dashboard

The latest Week Onchain video report is now live.

We analyse the market considering
- Recent large statistical deviations from the 'mean'
- Evidence of capitulation
- Short-to-Long Term momentum indicators

Watch our latest video analysis report

#Bitcoin has attempted to escape the gravity of the $20k zone in a long awaited relief rally.

Momentum in the short term is favorable, however longer-term indicators suggest additional time may be required to form a firm foundation.

Read our analysis in The Week On-chain