The Week Onchain Newsletter

A Capital Reset

In the wake of one of the largest deleveraging events in digital asset history, the Bitcoin Realized Cap has declined such that all capital inflows since May 2021, have now been flushed out. There is an associated uptick in on-chain activity, however it lacks substantial volume follow through.

Analysis & Research

Introducing Proof-of-Reserve Exchange Metrics

We introduce an array of proof-of-reserve metrics to easily monitor the balances of exchanges' on-chain reserves held in self-reported addresses.

The Week Onchain Newsletter

The Character of Capitulation

As the dust settles after the FTX debacle, a key question is whether the sell-off can be better characterized as a simple continuation of the bearish trend, or instead a trigger of a deeper psychological shift amongst investors.

The Week Onchain Newsletter

Uncertainty Amongst Whales and Old Hands

In the wake of the FTX fallout, we explore the developing trends in on-chain data, which suggest that the confidence and financial position of Whales and Bitcoin old hands have been shaken by the event.

The Week Onchain Newsletter

The Fall of FTX

With the devastating collapse of the FTX exchange, the digital asset industry has experienced the most shocking insolvency of a custodian since Mt Gox. In this report, we analyze the FTX bank run, seeking of safety in self-custody, and the response of Bitcoin's strongest hands.

Market Pulse

Market Pulse: Vapour-liquid Equilibrium and Bitcoin Cycles

In this analysis, we utilize concepts borrowed from thermodynamics, to model behaviour of Bitcoin market participants during cyclical tops and bottoms. What we seek are rapid phase changes, analogous to the transition between bull and bear market regimes.

The Week Onchain Newsletter

Slowly but Surely

Bitcoin faces strong resistance as it approaches several key on-chain cost basis. With very early signs pointing to a a positive shift in demand, and a convergence of market acquisition prices, the Bitcoin holder-base is slowly but surely becoming saturated by those with the strongest resolve.

The Week Onchain Newsletter

Hammering Out The Bottom

Bitcoin has rallied back above the key $20k psychological level this week, after many months of extremely low volatility. In this edition, we analyse how Bitcoin may be hammering out a near-textbook bear market floor, and what risks may lay on the road ahead.

Product

Product Update: October 2022

October was an extremely exciting month for Glassnode, as we proudly announce our acquisition of portfolio tracking and tax platform Accointing.com. This is the next step in our mission to equip investors with the best tools, data, and unparalleled insights for navigating the industry, and making data-driven decisions in

Product Featured

Unlocking full-spectrum investment intelligence

We are excited to announce that we have acquired portfolio tracking and tax platform Accointing.com. This is the next step in our mission to equip investors with the best tools, data, and unparalleled insights for navigating the industry, and making data-driven decisions in digital asset markets.

The Week Onchain Newsletter

A Case for Bitcoin Bulls and Bears

As the volatility of Bitcoin markets compress to historical lows, we present both the bull and the bear case for Bitcoin. We cover the $1.5B overhang of a miner deleveraging, weak on-chain activity, persistent draining of exchanges, and unwavering HODLer conviction.

The Week Onchain Newsletter

A Coiled Spring

The Bitcoin market is primed for volatility, with both realized and options implied volatility falling to historical lows. Futures open interest has hit new all-time-highs, despite liquidations being at all-time-lows. Volatility is likely on the horizon, and Bitcoin prices rarely sit still for long.

The Week Onchain Newsletter

A Calm Before The Storm

In stark contrast to highly volatile equity, credit, and forex markets, Bitcoin has remained remarkably stable in recent weeks. With Bitcoin gaining ground on many traditional assets, we evaluate if true bottom formation may be in play, and adjust several metrics for the influence of lost coins.

The Week Onchain Newsletter

Hashrate Hits New Highs

As global equity and bond markets continue to tread challenging ground, Bitcoin hashrate defies the odds, pushing to yet another all-time high. In this piece, we deep dive into the mining sector to assess whether the worst of the miner capitulation is over, or not.

Product

Product Update: September 2022

September was an extremely exciting month for Glassnode, engaging our entire team from engineering, data scientists, and analysts, to deploy a brand new suite of Ethereum Merge and Proof-of-Stake metrics. A brief summary of the metrics, content, and product releases for the month are as follows: * Week-on-Chain Newsletters (4x) * New

The Week Onchain Newsletter

The Great Detox

Bitcoin has once again rejected below the psychological $20k region, plunging Short-Term Holders into severe unrealized loss. However, HODLers remain steadfast, with numerous metrics displaying a full cycle detox.

Product

Product Update: August 2022

August has been another busy month for Glassnode metric, content, and product releases. A brief summary for the month is as follows: * Week-on-Chain Newsletters (5x) covering the bear market rally, and speculation on the Ethereum Merge in derivatives markets. * New Assets Supported (4x): APE, SHIB, SAND and stETH * Ethereum transaction

Market Pulse

Cycle Top/Bottom Detection: Utilizing Drilling Concepts in On-chain Analysis

In this Market Pulse, we leverage principles used in Bitcoin behavioural analysis to develop a framework analogous to Measurement While Drilling (MWD) methods. The goal of this framework is to measure investors' resilience to price volatility, and develop a cycle extreme detection model.

The Week Onchain Newsletter

The Merge: A Feat of Engineering

This week saw the successful deployment of one of the most impressive feats of engineering in the blockchain industry: The Ethereum Merge. We explore it as it happened, on-chain.

Ethereum and DeFi

Before the Merge: Analysing the Ethereum Beacon Chain

With the Ethereum Merge on the horizon, we dive into Ethereum a suite of new metrics which describe Proof-of-Stake consensus, and profile the performance of the Beacon Chain since genesis.

The Week Onchain Newsletter

A Rally Off the Bear Market Lows

After the market rejected a rally to $24.5k, Bitcoin prices have dropped to $18.5k setting the second lowest low of the bear cycle. This has plunged over 11.8% of the supply back into an unrealized loss, allowing us to survey the risk of downside, and the possibility of bottom formation.

The Week Onchain Newsletter

A Trial by Fire

Amidst a persistent contraction in global liquidity, Bitcoin Short-Term Holders find themselves under immense pressure, with Bitcoin markets struggling to hold the psychological $20k support level.

The Week Onchain Newsletter

Bitcoin Barely Hanging On

Near-term weakness continues to haunt numerous Bitcoin fundamentals, with prices faltering amidst minimal excess sell-side pressure. Investors who are spending appear to be taking advantage of any and all exit liquidity offered.

The Week Onchain Newsletter

A Bear Market Mirage

The Bitcoin market recently experienced a wave of short relief, with prices trading above the Realized Price for 23 consecutive days. However, weakness in the underlying network activity has manifested as a sell-off this week, with prices falling once again below this key cost basis level.

The Week Onchain Newsletter

The Coin Maturity Gauntlet

During the recent capitulation event, Bitcoin migrated from weaker hands, to those stepping in at the lows. In this edition, we explore how we can assess the migration of conviction by use of coin age bands.