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Glassnode Insights - On-Chain Market Intelligence

Unstable Coins
Newsletter

Unstable Coins

The Bitcoin market experienced a week for the history books, with the $40B LUNA/UST project hyper-inflating and collapsing, 80k BTC sold by LFG, the Tether $1 peg coming under pressure, Stablecoin supplies contracting by $7.5B, and a near visit to the Realized Price

  • Checkmate
  • Glassnode
Checkmate, Glassnode May 16, 2022 • 12 min read
Rate Hikes Drive Markets Lower
Newsletter

Rate Hikes Drive Markets Lower

Bitcoin bulls remain under pressure this week, as prices fall back to $33.8k, and network profitability falls by ~10%. Weakness has appeared across ETF product flows, stablecoin supply contraction, and in investor urgency to deposit coins to exchanges, largely in response to downside volatility.

  • Checkmate
  • Glassnode
Checkmate, Glassnode May 9, 2022 • 10 min read
Peering Into the Abyss
Newsletter

Peering Into the Abyss

Bitcoin investors are hanging onto the edge of profitability, with short-term price action threatening to put them back into the red. Meanwhile, a constructive confluence of macro indicators are developing into a clearer picture of a potential bear market floor.

  • Checkmate
  • Glassnode
Checkmate, Glassnode May 2, 2022 • 10 min read
The Growing Dominance of Perpetual Swaps
Newsletter

The Growing Dominance of Perpetual Swaps

Yields, implied volatility and trading volume in Bitcoin derivatives markets continue to compress, leading to an aggregate decline in capital inflows. On-chain volumes also remain muted, however, more constructive medium to long term fundamental trends are starting to develop.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Apr 25, 2022 • 10 min read
Short-Term Pain, But Long-Term Gain?
Newsletter

Short-Term Pain, But Long-Term Gain?

The Bitcoin market has traded back below $40k, as weakness continues to pressure prices lower. However, under the surface, a deep, and widespread capitulation event appears to have been absorbed by persistent, robust and quiet demand.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Apr 19, 2022 • 10 min read
Weakness in the Recovery
Newsletter

Weakness in the Recovery

The Bitcoin market pulled back this week after a break-out from the multi-month consolidation range. Prices have thus far struggled to find sustained upside momentum, and there are indications of a modest volume of profit taking by investors.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Apr 11, 2022 • 10 min read
Bitcoin as Pristine Collateral
Newsletter

Bitcoin as Pristine Collateral

As the 19 millionth bitcoin is mined, a number of large public buyers have sparked renewed interest in Bitcoin as pristine collateral. Shrimps and Whales are leading widespread coin accumulation, alongside the Luna Foundation Guard who added over 21k BTC to their balance in nine days.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Apr 4, 2022 • 9 min read
The Road to Recovery
Newsletter

The Road to Recovery

Bitcoin markets have rallied higher this week, as supply older than 1yr pushes towards new all-time-highs. In this analysis, we explore the longer term road to recovery, and how supply dynamics have historically signalled when bearish markets are coming to a conclusion.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Mar 28, 2022 • 10 min read
High Volatility Is On the Horizon
Newsletter

High Volatility Is On the Horizon

Bitcoin futures and options markets are pricing in higher volatility in the near future. Meanwhile, on-chain activity remains firmly in bear market territory, but continues to recover meaningfully.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Mar 21, 2022 • 11 min read
Short-Term Supply Dwindles
Newsletter

Short-Term Supply Dwindles

Bitcoin accumulation trends have softened in the short term, despite extremely constructive long-term demand trends. The potential energy for a capitulation event is in place, but is yet to manifest as it has in previous market cycles.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Mar 14, 2022 • 9 min read
A Delicate Equilibrium
Newsletter

A Delicate Equilibrium

The Bitcoin market is in a delicate equilibrium, with limited incoming demand, alongside a slowing sell-side. In this edition, we analyse exchange flows specifically to assess the characteristics of Bitcoin sales.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Mar 7, 2022 • 9 min read
All-Time-High Buyers Capitulate
Newsletter

All-Time-High Buyers Capitulate

Amidst kinetic conflict in Ukraine, investors who purchased around the Bitcoin ATH have almost completely capitulated. On the flip-side, the cohort of HODLers continue to accumulate, seemingly unfazed by macro and geopolitical risks.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Feb 28, 2022 • 9 min read
Bitcoin Faces Sell-Side Headwinds
Newsletter

Bitcoin Faces Sell-Side Headwinds

Bitcoin bulls face a number of headwinds, ranging from dwindling demand on-chain, to over 4.7M BTC held at an unrealized loss. In this edition, we explore this potential sell-side energy carried by underwater investors.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Feb 21, 2022 • 8 min read
Investors De-Risk Ahead of Hikes
Newsletter

Investors De-Risk Ahead of Hikes

Bitcoin investors have de-risked as global macro headwinds increase. In particular, traders eye the proposed Fed rate hikes in March, opting for protective insurance over speculative calls.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Feb 14, 2022 • 8 min read
Is a Bitcoin Bottom in?
Newsletter

Is a Bitcoin Bottom in?

As Bitcoin prices bounce from multi-month lows, we investigate the likely driving mechanisms, and evaluate the quality of support provided in the $30k-$40k range.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Feb 7, 2022 • 9 min read
Exchanges on the Road to SegWit Adoption: on Pioneers, Stragglers and Holdouts
Analysis

Exchanges on the Road to SegWit Adoption: on Pioneers, Stragglers and Holdouts

We take the recent release of Taproot as opportunity to investigate ways to measure the adoption of SegWit-related Bitcoin improvements in a meaningful way; simultaneously, we put a spotlight on exchanges and their SegWit adoption.

  • Johannes Hofmann
  • Glassnode
Johannes Hofmann, Glassnode Feb 4, 2022 • 9 min read
Levered Shorts vs Spot Demand
Newsletter

Levered Shorts vs Spot Demand

Bitcoin enters its 82nd day of the prevailing drawdown, as derivatives traders bet on further downside. Meanwhile, on-chain demand models suggest a more bullish undertone is in play.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Jan 31, 2022 • 9 min read
Sizing Up a Bitcoin Bear
Newsletter

Sizing Up a Bitcoin Bear

As Bitcoin prices are cut in half from the ATH, the market experiences a large onchain capitulation event, with $2.5B in net realised losses. In response we analyse whether a macro bear has taken the reigns.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Jan 24, 2022 • 8 min read
Bulls & Bears Collide
Newsletter

Bulls & Bears Collide

Bears are on the hunt for Bitcoin HODLers profits, whilst supply dynamics approach a new equilibrium, and derivative markets remain heated.

  • Permabull Nino
  • Glassnode
Permabull Nino, Glassnode Jan 17, 2022 • 8 min read
Extreme Leverage at Extreme Depths
Newsletter

Extreme Leverage at Extreme Depths

With onchain indicators hitting significantly oversold conditions, Bitcoin futures markets see all-time-high leverage, with increased chances of volatility, and a short squeeze bias.

  • TXMC
  • Glassnode
TXMC, Glassnode Jan 10, 2022 • 9 min read
New Year Opens Sideways
Newsletter

New Year Opens Sideways

Bitcoin has opened the new year quietly, with lacklustre demand for blockspace, despite bullish undertones in macro supply dynamics.

  • Checkmate
Checkmate Jan 3, 2022 • 8 min read
The Week Onchain (Week 52, 2021)
Newsletter

The Week Onchain (Week 52, 2021)

Bitcoin closes the year up 78%, having experienced a tumultuous, and volatile 2021. We provide a macro review of 2021 across the onchain, exchange, derivatives, and mining markets.

  • Checkmate
  • Glassnode
Checkmate, Glassnode Dec 27, 2021 • 7 min read
The Week Onchain (Week 51, 2021)
Newsletter

The Week Onchain (Week 51, 2021)

Bitcoin investors are increasingly underwater, with 1-in-4 coins held at an unrealized loss. We analyse this top heavy market and what it means for sentiment moving forward.

  • TXMC
  • Glassnode
TXMC, Glassnode Dec 20, 2021 • 9 min read
The Week Onchain (Week 50, 2021)
Newsletter

The Week Onchain (Week 50, 2021)

Bitcoin bulls attempt to hold the $50k price level as strong demand pulls coins out of exchanges. However, network profitability suggests this may be the bull/bear line in the sand.

  • Permabull Nino
  • Glassnode
Permabull Nino, Glassnode Dec 13, 2021 • 8 min read
The Week Onchain (Week 49, 2021)
Newsletter

The Week Onchain (Week 49, 2021)

Bitcoin markets have experienced another liquidation cascade, with prices falling $8.8k in a single day, forcing closed over $5.4B worth of futures contracts.

  • TXMC
  • Glassnode
TXMC, Glassnode Dec 6, 2021 • 8 min read
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