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Glassnode Insights - On-Chain Market Intelligence
Backtesting in Workbench
Product

Backtesting in Workbench

Discover Workbench's new backtesting suite and take your investment strategy to the next level. Test and compare trading hypotheses, and evaluate risk and performance with metrics like drawdown and Sharpe ratio. Explore basic and advanced trading strategy examples, including on-chain indicators.
Mar 29, 2023 10 min read
The Price of Time
The Week Onchain Newsletter

The Price of Time

After several weeks of out-performance by Bitcoin prices, the market is taking a breather. Within this consolidation, we will gauge investor confidence in the uptrend using a suite of on-chain tools, ranging from exchange flows, to profit taking, and coin holding times.
Mar 27, 2023 7 min read
Estimating the Cost of Bitcoin Production
Analysis & Research

Estimating the Cost of Bitcoin Production

The Bitcoin difficulty adjustment is one of the most remarkable of Satoshi's innovations, creating a system that autonomously seeks equilibrium in the mining sector. In this article, we estimate the cost of production, and derive several metrics describing the cyclical nature of the mining market.
Mar 24, 2023 6 min read
Bitcoin Shifts Up A Gear
The Week Onchain Newsletter

Bitcoin Shifts Up A Gear

Bitcoin has out-performed this week, rallying 35.8% against a backdrop of challenging conditions for the traditional financial and banking system. In this edition, we explore how Bitcoin appears to be shifting up a gear, and rallying out of deep bear market territory.
Mar 20, 2023 8 min read
Introducing Point-in-Time Data: Addressing the Mutability of On-chain Metrics
Product

Introducing Point-in-Time Data: Addressing the Mutability of On-chain Metrics

We discuss when and how quickly on-chain metrics at Glassnode get updated and analyze the impact and magnitude of data updates. Further, we introduce a broad set of point-in-time metrics that do not suffer from look-ahead bias, making them the ideal candidates for applications in backtesting.
Mar 15, 2023 25 min read
The Shrimp Supply Sink: Revisiting the Distribution of Bitcoin Supply
Analysis & Research

The Shrimp Supply Sink: Revisiting the Distribution of Bitcoin Supply

The supply distribution of Bitcoin continues to be a topic of great interest, for analysis of capital flows, and also for observing behaviors of investor cohorts. In this piece, we break down the BTC supply by wallet size, and explore how coins disperse over time.
Mar 15, 2023 15 min read
Three Fallen Banks
The Week Onchain Newsletter

Three Fallen Banks

After one of the most consequential weeks of 2023, the digital asset industry is short three crypto friendly banking institutions in the US. However the principle investor response thus far appears to be a seeking safety in the most trustless major assets BTC and ETH.
Mar 13, 2023 8 min read
Market Rejects Off the Cost Basis
The Week Onchain Newsletter

Market Rejects Off the Cost Basis

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.
Mar 6, 2023 8 min read
February 2023 Product Updates
Product

February 2023 Product Updates

The start of 2023 has been explosive for the digital assets landscape, with Bitcoin recording a 41% move upwards YTD, as well as significant regulatory challenges developing in the USA. We have also seen the unexpected phenomena of Ordinals and Inscriptions arise on the Bitcoin blockchain, sparking healthy debates regarding
Mar 3, 2023 6 min read
NFT Trading Professionalizes
The Week Onchain Newsletter

NFT Trading Professionalizes

Despite bearish sentiment, and an overhang of regulations, the application layer of Ethereum continues to flourish. The NFT market is experiencing great competition, with new marketplace Blur taking market share from leader OpenSea, driven by a strategy focused on traders and liquidity.
Feb 27, 2023 8 min read
Mastering the MVRV Ratio
Analysis & Research

Mastering the MVRV Ratio

The 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. In this paper, we will explore how MVRV can be supercharged to find cycle extremes, identify market trends, and get advanced warning of sell-side distribution.
Feb 22, 2023 9 min read
Investor Turning Point
The Week Onchain Newsletter

Investor Turning Point

Despite continued regulatory pressure on digital assets exerted by the US, Bitcoin prices still rallied above $25k, and Inscriptions breached 100k total. Meanwhile, investor behavior on-chain appears to be reaching a turning point, hinting at a new cycle.
Feb 20, 2023 8 min read
Ordinal Theory and the Rise of Bitcoin Inscriptions
Analysis & Research

Ordinal Theory and the Rise of Bitcoin Inscriptions

Recent weeks have seen an very unexpected trend emerge on the Bitcoin network, being the permanent and immutable inscription of data, directly into the Bitcoin blockchain. Data files that have been inscribed range from images, to audio clips, and even a version of the video game Doom. This event has
Feb 15, 2023 12 min read
The Emergence of Ordinals
The Week Onchain Newsletter

The Emergence of Ordinals

The digital asset market has experienced its first significant pullback of the year, alongside news of heavy US regulatory moves, and SEC crackdowns. Simultaneously, the emergence of Ordinals and Inscriptions on Bitcoin is creating a new, and unexpected demand for blockspace.
Feb 13, 2023 9 min read
Shifting Tides
The Week Onchain Newsletter

Shifting Tides

Following an explosive month of volatile price action, Bitcoin is consolidating above the on-chain cost-basis of several cohorts. This puts the average BTC holder into a regime of unrealized profit, and demonstrates a potential turning of the macro market tides is underway.
Feb 6, 2023 8 min read
Short Squeezes and Spot Demand
The Week Onchain Newsletter

Short Squeezes and Spot Demand

Bitcoin markets have seen the strongest monthly price performance since Oct-2021, fuelled by both historic spot demand, and a sequence of short squeezes. In this edition, we explore the dynamics taking place in both derivatives markets, and the spot exchanges.
Jan 30, 2023 8 min read
An Opportunity, or a Trap?
The Week Onchain Newsletter

An Opportunity, or a Trap?

The recent market rally has pushed BTC prices above $23k, and has surprised many investors. However, alongside higher prices, comes an increased motivation for holders and miners to take exit liquidity, especially after the prolonged and painful bear of 2022.
Jan 23, 2023 8 min read
Ten Indicators for Tracking a Bear Market Recovery
Analysis & Research

Ten Indicators for Tracking a Bear Market Recovery

Identifying cycle changes is no easy feat, and there remains no single silver bullet to accomplish this task. In this report, we explore a suite of ten indicators which provide a useful toolbox for navigating these later stages of Bitcoin bear markets.
Jan 18, 2023 9 min read
Is Bitcoin Back?
The Week Onchain Newsletter

Is Bitcoin Back?

After one of the least volatile months in history, Bitcoin has seen an explosive rally back above $21k. This puts the average BTC holder, and mining operation back into the black, making this rally stand out from all those seen in 2022.
Jan 16, 2023 8 min read
A Volatility Slumber
The Week Onchain Newsletter

A Volatility Slumber

The digital asset market has opened the new year...by staying asleep. Realized volatility for the two major assets has fallen to extreme lows. Such periods have historically preceded explosive market moves, with past examples both cutting asset valuations in half, and triggering new bull markets.
Jan 9, 2023 9 min read
Product Update: December 2022
Product

Product Update: December 2022

We begin by wishing all our readers a very happy New Year from the Glassnode Team! We hope you had a refreshing break over the holidays and hope you are as excited as we are for 2023.
Jan 8, 2023 4 min read
2022 The Year On-chain
The Week Onchain Newsletter

2022 The Year On-chain

As the chaotic, volatile, and financially brutal year of 2022 comes to a close, we explore the state of play across Bitcoin, Ethereum and stablecoin markets. This year in review will be the final edition for the year, and we look forward to returning for an exciting 2023.
Dec 12, 2022 10 min read
Product Update: November 2022
Product

Product Update: November 2022

November was a chaotic month for the industry, with the shock waves of FTX still echoing through the space. However, out of this event has launched a new initiative by exchanges for Proof-of-Reserves to enhance transparency. We are proud to announce our new Proof-of-Reserves metric suite and dashboard, free for
Dec 9, 2022 6 min read
A Capital Reset
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.
Dec 5, 2022 8 min read
Introducing Proof-of-Reserve Exchange Metrics
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.
Dec 1, 2022 4 min read
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