Glassnode

The #Bitcoin Spring is Coiled for High Volatility.

Our latest video report is now live covering:
- Realized and implied volatility coiled up
- On-chain spending patterns at a decision point
- $BTC Futures Open Interest at All-time-high

Watch our latest video report.

#Bitcoin supply that was moved in the last 6-months is approaching all-time-lows, currently at 18.12% of circulating supply (3.485M $BTC).

Historically, very low volumes of mobile supply typically occur after prolonged bear markets.

Live on our new Dashboard

The #Bitcoin market is primed for a burst of volatility, with both realized and options implied volatility falling to historical lows.

Futures open interest has hit all-time-highs, despite liquidations being at all-time-lows.

Read our latest analysis in The Week On-chain.

The Calm Before the #Bitcoin Storm video report is live.

We cover:
- Analysis of the Accumulation Trend Score.
- Focus in on Whale entities and their onchain behaviour.
- Supply profitability and adjusting for lost coins.
- Cross-over of Short- and Long-Term Holder Realized Price.

Watch out latest Week On-chain video report.

The on-chain cost basis for #Bitcoin Short-Term Holders has now crossed below that of Long-Term Holders.

This means that buyers of $BTC over the last 5-months have a superior cost basis to those who HODLed through all the volatility of the 2020-22 cycle.

Live Chart

If we assess #Bitcoin volumes flowing in and out of exchanges by Whale sized entities (> 1k $BTC), we can estimate their cost basis (Realized Price).

The average price of Whale Deposits/Withdrawals since Jan-2017 is currently around $15.8k.

Live Chart

The Week On-chain Video report for Week 40 is now live!

We deep dive into the #Bitcoin mining sector, to assess
- Hashrate and Difficulty ATHs
- Cost of production pricing models
- Risk and realities of mining capitulation

Watch our latest video report

#Bitcoin has been trading very close to its estimated cost of production price since the June sell-off.

The Difficulty Regression Model is hovering at $18,300, and signals a potential threshold for acute income stress in the mining industry.

Read more

As global equity and bond markets continue to tread challenging ground, #Bitcoin hashrate defies the odds, pushing to yet another all-time high.

This week, we deep dive into $BTC mining to assess if the worst of the capitulation is over, or not.

Read more in The Week On-chain

September was an exciting month, with the Glassnode team delivering our brand new suite of #Ethereum Merge and Proof-of-Stake metrics.

Monthly highlights:
- 16x New Metrics
- 19x Workbench Constructions
- 2x New Dashboards
- 8x Research Reports

Read about our latest Product Updates for September

#Bitcoin Miner Balance has seen large outflows since prices rejected from the local high of $24.5k.

This suggests aggregate Miner profitability is still under a degree of stress with ~8k $BTC/month being spent to cover USD denominated costs

Live Chart

In the latest edition of the Market Pulse, we deep dive into the RVT Ratio and how it captures shifts in Bitcoin macro market cycles.

We also explore two new RVT Ratio variations and new analysis frameworks.

Join the Discussion on Glassnode Forum

The Week On-chain video report is now live!

In this edition, we cover:
- #Bitcoin on-chain activity momentum
- HODLer behaviour at all-time-highs
- Risks associated with Short-Term Holder $BTC
- Price/supply regions of interest

Watch our latest video report.

#Bitcoin has once again rejected below the psychological $20k region, plunging Short-Term Holders into severe, unrealized loss.

However, #Bitcoin HODLers remain steadfast, with old coin spending approaching a full cycle detox.

Read our latest analysis in The Week On-chain

This is further reflected in the #Bitcoin Realized Cap HODL Waves.

Coins aged 3m+ now account for an ATH of 86.3% of all USD wealth held by the $BTC supply.

#Bitcoin HODLers appear to be steadfast and unwavering in their conviction.

Live Chart

The total volume of #Bitcoin coin-days destroyed in the last 90-days has, effectively, reached an all-time-low.

This indicates that coins which have been HODLed for several months to years are the most dormant they have ever been.

Live Chart

Our latest Video Report is live, covering details about the #Ethereum Merge.

We analyze:
- Suite of new on-chain Proof-of-Stake metrics.
- Movement and stake distribution of validators.
- Post-Merge $ETH supply dynamics.

Watch our latest video report

We have also released two new #Ethereum Proof-of-Stake dashboards, including metric primitives, and custom Workbench charts, to track this new consensus mechanism.

PoS Consensus Dashboard

PoS Supply Dynamics Dashboard

The #Ethereum Merge remains one of the most impressive engineering feats in the blockchain industry.

In this edition, we explore the Merge, as it happened, on-chain, and in derivatives markets, where traders paid over 1,200% funding rates to stay short.

Read more in The Week On-chain

Since the #Ethereum Merge, both the Mean and Median block interval have been a remarkably consistent 12-seconds

The transition from the probabilistic variability of PoW mining, to the engineered precision of PoS blocktime can be seen below.

Live Chart

The spread between $BTC and $ETH perpetual futures funding rates is pushing to a new ATH of 77% annualized.

This indicates traders are heavily short $ETH relative to $BTC, likely speculating/hedging for the upcoming Merge.

New Workbench Pre-set chart