Glassnode

#Bitcoin Realized Cap ist at an ATH.

Since $BTC hit $20,000 in December 2017, Realized Cap has grown by $43B to currently $115B – that is an increase of 60%.

Realized Cap values each bitcoin at the time they last moved on-chain, and serves as an estimate for investors' aggregate cost basis.

Live chart | @glassnode

The number of #Bitcoin addresses depositing funds to exchanges has doubled since the beginning of the year.

Currently, around 100k unique addresses send $BTC to exchanges each day.

Last time we saw these levels was during the peak bull market of 2017.

Live chart | @glassnode

#Bitcoin’s on-chain fundamentals grew stronger during Week 38, but Monday's stock market drop saw BTC fall below $10,500 and threatens to wipe out the gains from the past week.

Read about this week’s developments in the latest Week On-Chain.

Read more | #TheWeekOnChain

#Bitcoin mining difficulty increased today by 11.3%, hitting a new all–time high!

It is the 3rd largest positive adjustment in the past two years.

Live chart | @glassnode

ETH supply on centralized exchanges 📉

vs.

ETH supply in smart contracts 📈

#Ethereum

Live chart | @glassnode

Following Uniswap's announcement of their governance token $UNI earlier today, #Ethereum saw a massive surge in miner fees.

Almost $1 million USD in fees were spent in a single hour!

This is a new record high (anomalous tx fees earlier this year excluded).

Live chart | @glassnode

#Bitcoin's on-chain fundamentals are slipping slowly as BTC's price stagnates around $10k.

Meanwhile, activity within the #Ethereum ecosystem is continually picking up with the rise of DeFi protocols.

Read about this week’s developments in the latest Week On-Chain.

Read more | #TheWeekOnChain

Regardless of short-term $BTC price movements, #Bitcoin's hash rate continues to climb – and to hit new ATHs.

At the current rate, miner difficulty is estimated to increase by 11% this Sunday – the second largest positive adjustment in 2020.

Live chart | @glassnode

Currently, almost 10% of all #Bitcoin miner fees are spent for transactions that deposit $BTC to centralized exchanges.

This is a 2x increase since the beginning of the year, and levels we haven't seen since late 2017.

Live chart | @glassnode

Unfazed by $BTC's price swings the number of network addresses holding at least 1 BTC has shown a continuous growth over the years.

The number of "wholecoiner" addresses hit another ATH yesterday, closing the day above 823,000 for the first time.

#Bitcoin

Live chart | @glassnode

On-chain Exchange Fee Dominance shows the major role that centralized exchanges play in the #Bitcoin ecosystem.

20% of all miner fees are currently used for BTC txs involving exchange activity.

In 2018 after $BTC peaked, this number was as high as 41%.

Live chart | @glassnode

Despite continued strong on-chain fundamentals, #Bitcoin lost over 11% of its value last week – but it still outperformed altcoins, which took an even larger tumble.

Read about this week’s developments in the latest Week On-Chain.

Read more | #TheWeekOnChain

Coin Days Destroyed (CDD) is an indicator for movements of large & old stashes of $BTC.

Currently, it is showing no signs of long-term investors cashing out.

In fact, CDD is less than half compared to last year when #Bitcoin was at the same price level.

Live chart | @glassnode

The median gas price on #Ethereum hit an ATH of 485 Gwei in the past hour.

Live chart | @glassnode

#Ethereum transaction fees in perspective: Miners earned a total of $113M from fees in August.

In April this number was at only $3M – that's a 38x increase!

And a 1.8x increase from the previous ATH in Jan 2018.

In comparison: #Bitcoin miners earned $39M in August, almost three times less.

Live chart | @glassnode

#Ethereum miners earned over $500,000 USD in transaction fees in the past hour.

That is a new record high for a single hour (anomalous transaction fees earlier this year excluded).

Live chart | @glassnode

While the GNI retraced for the second week in a row, #Bitcoin fundamentals remain healthy and the compass continues to provide a bullish sentiment.

Meanwhile the amount of wrapped BTC on Ethereum increases to new highs.

Read about this week’s developments in the latest Week On-Chain.

Read more | #TheWeekOnChain

There are currently over 500,000 #Bitcoin "accumulation addresses" holding a total of 2.6M $BTC (~14% of the circulating supply).

Accumulation addresses are defined as addresses that:

- have 2+ incoming txs
- never spent BTC
- were active in the past 7 years (accounting for lost coins)
- exchanges & miners are excluded

Live chart | @glassnode

Increased #Bitcoin investor HODLing behaviour:

The circulaing BTC supply that hasn't moved in at least 2 years is now at 44% (8 million $BTC) – a level we haven't seen in over three years.

In the past year this metric has increased by 10 percentage points.

Live chart | @glassnode

Despite a slight decrease in the Glassnode Network Index (GNI), #Bitcoin’s fundamentals remain strong – keeping the compass in the bullish quadrant for the 13th week in a row.

Read about this week’s developments in the latest Week On-Chain.

Read more | #TheWeekOnChain