Glassnode

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.

As the Bitcoin market rallies over $42k, we analyse the spending and accumulation behaviour of entities on-chain.

The Bitcoin market has experienced a strong rally off the back of a short squeeze returning many coin holders to profitability.

As the probability for high Bitcoin market volatility increases, we analyse the Bull and Bear cases using market and on-chain metrics.