Glassnode

Underlying on-chain fundamentals continue to paint a bullish picture for Bitcoin, as leverage and futures premiums increase in derivatives markets.

The Bitcoin price has rallied strongly out of a zone of heavy accumulation, seeing around $1.75B worth of capital inflows per day.

Exploring the bull and bear cases for the current market structure, as well as a deep dive into our new Lightning Network metrics.

We assess the market response of Bitcoin traders and investors following a week of volatility lead by derivatives markets.

The Bitcoin market shows continued strength, as on-chain volumes indicate a growing dominance, and stickiness of institutional transaction sizes and capital inflows.

An on-chain divergence has developed between price, on-chain activity and supply dynamics, creating a market structure similar to an early bull impulse.

Bitcoin has continued to rally to new multi-month highs despite an uptick in distribution, spending by older coins, and a divergence in on-chain activity.

The Bitcoin market powers higher, supported by a growing body of evidence on-chain that a bullish disbelief rally is in effect.

The market rallies higher as indications of a Bitcoin on-chain supply squeeze take shape, and Ethereum successfully rolls out EIP1559.