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.
The Week Onchain Newsletter Betting on the Merge As Bitcoin and Ethereum derivative markets mature, sophisticated trade positions can be established using both options and futures. The Ethereum Merge presents an opportunity to observe such market positioning at a large scale.
Market Pulse Market Pulse: Are Bitcoin Long-Term Holders Spending Their Coins? As the market rallies from the recent lows, we inspect whether Bitcoin Long-Term Holders are taking the opportunity to exit positions at or above their aggregate cost basis.
Arabic مؤشرات ارتفاع وهمي في البير ماركت؟ شهدنا ارتداد لكل من البيتكوين وايثيريوم، وخروج للعملتين من ظروف بيع شديد، حيث كان اهم سبب للبيع هو اجتماع البنك الفدرالي و المخاطرة كانت مرتفعة بعد الاجتماع الاخير. الآن تتحول الانظار إلى التمعن في هذا الارتداد الصاعد و ما إذا كان الصعود هو مجرد ارتداد مضاربي في سوق هابط، أم بداية دافع صعودي مستمر
The Week Onchain Newsletter Beginnings of a Bear Market Rally? Both BTC and ETH have rallied, coming off extremely oversold conditions, and spurred on by risk-on sentiment following the July FOMC meeting. Attention now turns to whether it is a bear market relief rally, or the start of a sustained bullish impulse.
The Week Onchain Newsletter Conviction Through Confluence After a month of consolidation around the $20k zone, Bitcoin prices have experienced a much awaited relief rally. Momentum in the short term is favorable, however remains weighed down by longer-term macro indicators that time may be required to form a firm foundation.
The Week Onchain Newsletter Trading Below The Realized Price Bitcoin prices have now traded below the Realized Price for over a month, with many signals that a deep and complete capitulation has occurred. As a result, numerous signals indicate that genuine bottom formation could be underway.
Farsi هولدرهای سرسخت تحت فشار بیشتر قرار می‌گیرند بازار شواهد بسیاری حاکی از تسلیم شدن سرمایه گذاران در فاز خرسی فعلی دارد؛ اما اکنون تمام توجهات به تشکیل کف قیمتی جلب شده است. در این شماره خواهیم دید که فازهای خرسی قبل چه ویژگی هایی داشتند و چه مدت زمانی را برای رسیدن به کف قیمتی طی کردند.
The Week Onchain Newsletter Pressure Builds on Diamond Hands With many signals suggesting a widespread capitulation has taken place, attention turns to whether a Bitcoin bottom is forming. Here, we analyse the characteristics and duration of previous bear cycles, to assess what may lie on the road ahead.
Market Pulse Market Pulse: ETH 2.0 Stakers Are Underwater The Ethereum 2.0 upgrade is one of the most anticipated, and most watched events in digital asset industry. However, with staked ETH locked up, and market prices declining over 75%, the vast majority of stakers are now firmly underwater on their position.
The Week Onchain Newsletter The Expulsion of Bitcoin Tourists Bitcoin has locked in one of the worst monthly price performances in history, with prices trading down -37.9% in June. Bitcoin has seen a near complete expulsion of market tourists, leaving the resolve of HODLers as the last line standing.
The Week Onchain Newsletter Is This Time Different? Almost all macro indicators for Bitcoin are at all-time lows, signalling potential floor formation. Many are even trading at levels with single digit percentage points of prior history at similar levels. With numerous floor formation signals flashing, the question is, will this time be different?
Analysis & Research A Bear of Historic Proportions 2022 has been a tough year for Bitcoin and Ethereum, with valuations being hit hard and fast. With the extensive duration , and scale of capital destruction of the prevailing, it can reasonably be argued that 2022 is the most significant bear market in digital asset history.
French Décortiquer les Mesures On-Chain des Investisseurs à Court et à Long terme Nous introduisons des variations des métriques SOPR et MVRV sur la chaîne qui servent d'indicateurs pour évaluer le comportement des investisseurs à court et à long terme.
The Week Onchain Newsletter Falling Dominoes: Capitulations Across the Board The Bitcoin market has reeled from a massive deleveraging event this week, falling below the 2017 $20k ATH. Both on-chain DeFi markets, and off-chain entities deleveraged, as exchanges, lenders, and hedge funds were rendered insolvent, illiquid, or liquidated.
Ethereum and DeFi The Great DeFi Deleveraging The Ethereum DeFi market is undergoing a dramatic deleveraging, with over $124B in capital flushed out in just six weeks. The Ethereum investor base is now heavily underwater on spot positions, and is locking in historically large realized losses.
The Week Onchain Newsletter The Darkest Phase of the Bear With Bitcoin prices selling off to the mid-$20ks, a plethora of macro indicators suggest the market is entering the deepest phase of this bear cycle. Fundamentals have deteriorated, and even Long-term Holders are now realising significant losses.
Farsi ماینرها در مضیقه هستند بازار در محدوده کف قیمتی چرخه ۲۰۲۱ - ۲۰۲۲ حرکت می‌کند و اکنون بسیاری از سرمایه‌گذاران بیتکوین‌های خود را در ضرر نگه داشته اند. همچنین در حالی که درآمد ماینرها کاهش پیدا کرده، هزینه تولیدشان در حال افزایش است.
The Week Onchain Newsletter Miner Incomes Under Stress With the market trading near the price lows of the 2021-22 cycle, a great majority of investors are now holding unrealized losses. Furthermore, miners appear to experiencing some income stress, with revenues falling, whilst production costs climb.
The Week Onchain Newsletter Hardened HODLers Double Down In the aftermath of the sell-off in early May, a noteworthy shift in accumulation trends is underway. The Bitcoin HODLer class remain the only ones left, however their accumulation behaviour signals a doubling down as prices correct below $30k.
Product A Short History of the Etherverse We deep dive into Ethereum's most prominent use cases by quantifying gas consumption across major token, protocol, and transaction categories. Our analysis shines a light on the complexity and ever-evolving nature of the Ethereum ecosystem.
The Week Onchain Newsletter A Bear of Diminishing Returns Price performance over the last 12 months has been nothing short of lacklustre, putting a dent in long-term CAGR rates for Bitcoin and Ethereum. This is supported by a dwindling demand for both chains blockspace, as expressed in on-chain fee markets.
The Week Onchain 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
The Week Onchain 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.
The Week Onchain 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.
