45193
Pioneering on-chain market analysis. Advanced charts/data/insights for investors in Bitcoin and digital assets. https://studio.glassnode.com/
#Stablecoins have become an important piece of the puzzle in driving Bitcoin and crypto adoption providing a way through which fiat enters and exits the market.
Join our upcoming webinar, as we dive into the world of stablecoins and explore how utilizing on-chain data can give you a competitive advantage in this dynamic landscape.
Save your seat now: https://glassno.de/3KJkOIn
Be sure to check out the latest podcast discussion between NLW and our lead analyst Checkmate, where they dive into the world of #Bitcoin on-chain data.
We cover how we can use on-chain data to describe the behaviour of HODLers, traders, and speculators, and how it plays out over cycles. The discussion covers:
- How $BTC changed hands in a post-FTX environment
- The movement of coins from whales to smaller holders
- Why the $30k move was largely spot driven, and less so leverage driven
Listen to the podcast at Bitcoin Builders
The highly anticipated Shanghai/Capella hard fork is scheduled to take place on 12-April-2023, enabling the withdrawal of staked #Ethereum.
In this extended edition of the Week On-Chain, we shall evaluate the overall #Ethereum staking landscape, develop a framework to establish staking cohorts, and assess the potential sell-side pressure which may occur due to the unlock event.
Read our analysis in The Week On-Chain
Deposit trends by #Ethereum staking providers have exhibited a clear shift over time with Kraken, Binance and Coinbase jousting for deposit allocations across the Beacon Chain's early days.
As the dust settled between the three giants, it was Lido who emerged victorious, continuing to dominate deposit inflows at present.
Save time and money filing crypto taxes with Accointing!
Get 30% off at https://glassno.de/3MiHL7V
We've just launched a powerful new backtesting suite for Workbench, designed to help traders, investors, and analysts improve decision-making, optimize trading strategies and portfolio performance, manage risk, and find an extra edge in the market.
Discover effective use cases and learn more about the backtesting feature at https://glassno.de/40kRwXc
Need an extra edge to stay ahead of the curve?
Our Advanced plan offers an exclusive collection of powerful dashboards, charts and tools to help you make smarter trading and investment decisions in crypto markets.
For a limited time, you can save 30% on your Advanced plan.
Upgrade today 👉 https://glassno.de/3LYdkUm
#Bitcoin has out-performed this week, rallying 35.8% against a backdrop of challenging conditions for the traditional financial system.
This week, we explore how #Bitcoin appears to be shifting up a gear, and rallying out of deep bear market territory.
Read our analysis in The Week On-chain.
Do you DeFi? Sign up to participate in our user research and receive $100 upon completion of your session.
https://glassno.de/3yJvOQH
We’ve released a powerful new suite of append-only variants for mutable metrics, designed specifically for backtesting and executing strategies where data stability is of the utmost importance. Learn more about the Point-In-Time suite below 👇
https://glassno.de/42htwph
Our latest market update video report is live for #Bitcoin and #Ethereum
We cover
- Fallout from three banks failing
- Depeg of $USDC and $DAI
- Market preference for spot $BTC and $ETH
- Long and Short Squeezes in Futures
Watch our latest analysis video report📽
https://youtu.be/pOmJ0Njhxn0
Bitcoin prices have been rejected from a series of psychological on-chain levels, related both to Older hands from the 2021-22 cycle and also for the Whale cohort. Profit- taking and capital flows have started to take place, although they remain low by historical standards.
In our latest Week On-chain report, we cover:
- Key on-chain cost basis levels related to HODLers and Whales.
- Adjusting for lost coins in the NUPL and MVRV metrics.
- Momentum forming within the On-chain Activity space.
- Resistance faced as profits are taken on the impulse higher.
Read more in The Week On-chain, or watch our latest video report.
Our latest product update report has been released, covering the major new products shipping so far YTD.
This includes:
📊 47x New metrics for Professionals
🗜 30x New Workbench models
📰 11x Analysis Reports
🪟 9x New Dashboards
📟 1x On-chain Signals
Read more in our latest Product Update Report
Are you a DeFi investor?
Participate in our user research survey and receive free Glassnode merch
A set of new dashboards for Mastering the MVRV Ratio are now live for both #Bitcoin and #Ethereum, designed to track market cycles, and extremes.
🟠 Bitcoin dashboard
🔷 Ethereum dashboard
📰 Report on Mastering the MVRV Ratio
Is the #Bitcoin bear market over?
With a rally 100% off the lows, $BTC is trading above a very large cluster of supply, that formed the 2022 floor.
This week, we investigate indicators showing if the market making a robust bear market recovery...or not.
Read more in The Week On-chain
With #Bitcoin trading above $30k this week, we analyse the degree to which the rally is driven by derivatives leverage, compared to spot demand.
Watch more in our latest video report 📽
https://youtu.be/7BIQ0rUzpqo
We have just released a suite of #Bitcoin Price Performance metrics that compare across:
- Cycles by Halving, ATH, and Cycle Low
- Show Quarterly, Monthly and Weekly performance
- Compare to long-term average and ±1σ moves
Available live in a dashboard
For the first time, the amount of Open Interest in #Bitcoin Options contracts ($10.3B) has surpassed that held in Futures contracts ($10.0B).
Futures OI has been relatively flat in 2023.
This results from significant call option buys, as investors start to speculate on higher $BTC prices.
Live Chart
Our latest video report is live. This week we are investigating investor response to the increasing regulatory pressures on the industry:
- Coin flows in and out of Binance
- Whether sentiment of #Bitcoin holders is shaken
Watch more in The Week On-chain video Report
Our latest #Bitcoin onchain analysis report is live, this week focusing on The Price of Time.
We demonstrate how to use exchange flows, realized profits, and coinday destruction to assess profit taking by the market.
Watch more in our latest video report.
Latest onchain analysis video report is live!
We explore the #Bitcoin rally above $28k, and seek to determine:
- If underlying fundamentals support the strength
- Where we are in the #Bitcoin cycle
- Are profits being taken, and by which entities
Watch our latest video report for The Week On-chain
The price performance of #Bitcoin has been historically strong, returning 35.8% over the last 7-days.
Similar weekly $BTC performance since 2015 have all been related to bull market conditions, however only Nov 2015 occurred early in the up-trend.
Live Chart
#Bitcoin has now confidently broken above the Adjusted Realized Price located at $24.6k.
This average cost basis variant excludes the tremendous profit held by lost coins.
The market also recently found support on the classic Realized Price at $19.8k.
📊Live Chart
The topic of #Bitcoin supply concentration is a favourite for critics of the asset.
In our latest research piece, we explore how the smallest HODLers of $BTC, the Shrimp (< 1 $BTC) 🦐 and Crab (< 10 $BTC)🦀 are in fact last cycles largest accumulators.
We assess
- Relative population growth and balance change by wallet cohort.
- Introduce a new metric called Yearly Absorption Rate showing balance change relative to mined supply
- Demonstrate the dispersion of BTC from miners, through exchanges and out to investor cohorts.
Our analysis demonstrates that #Bitcoin supply continues to disperse in time, settling in to smaller entity wallets. Over the 2021-23 cycle, Shrimp and Crab entities absorbed more than 2x the total coins mined, and are growing supply share at the greatest rate in history.
Read our latest piece Shrimp Supply Sink: Revising the Distribution of Bitcoin Supply
After an extremely consequential week, the digital asset industry finds itself short three crypto friendly banks in the US.
Investors appear to be seeking safety in the most trustless major assets #Bitcoin and #Ethereum
In this edition, we will focus on some of the key effects playing out on-chain, and within wider in market structure, including:
- De-pegging of several stablecoins from $1, as well as dominance shifting back towards Tether (USDT).
- Net capital outflows from the digital asset market, observable across both stablecoins, and the two majors, BTC and ETH.
- Cyclical lows hit in futures open interest, despite elevated trade volumes, and speculative interest leading to an explosive rally back to $22k for BTC, and $1.6k for ETH.
Read more in The Week On-chain
Identification of #Bitcoin cycle extremes is tricky business, but investor behaviors do tend to rhyme each cycle.
Our latest report covers a new dashboard design which tracks cycle extremes via confluence of:
- MVRV
- SOPR
- Puell Multiple
- Reserve Risk
Watch our latest video report, and see our new dashboard for Spotting Cycle Extremes.
We can model the yearly balance change of #Bitcoin wallet cohorts, and compare to volumes of $BTC mined over the last year.
Both Shrimps (< 1 BTC) and Crabs (1-10 BTC) are at ATH accumulation rates by this metric.
- 🦐 +105% of mined coins
- 🦀 +119% of mined coins
Both of these cohorts have historically been net #Bitcoin accumulators, consistently growing their balance, but also behaving in line with macro cycles.
Of interest is the period from May to December 2021, where Crabs significantly reduced their accumulation until LUNA collapsed
View this metric in our Entity Balance Change Dashboard which is available for our Professional members.
Despite an overhang of regulations, the application layer of #Ethereum continues to flourish.
The #NFT market has seen competitor Blur take market share from leader OpenSea, driven by a strategy focused on pro traders.
Read more in The Week On-chain
#Bitcoin MVRV Ratio is one of the most popular and widely used on-chain metrics. However, much of the power of MVRV is rarely put to use.
The MVRV can be supercharged, and used to find cycle extremes, market trends, and for early warning of cycle peaks.
In our latest research piece, we explore the #Bitcoin MVRV Ratio from several angles:
- Exploring Extreme Values of the MVRV for spotting cycle tops and bottoms.
- MVRV Momentum and how to use the indicator to track macro bull/bear trends.
- Distribution Divergences showing how MVRV often gives advanced warning of cycle tops that are experiencing heavy distribution (sell-side pressure).
Read more in our latest report, and see all live charts in a newly released dashboard