The Week On-chain 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 On-chain 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 On-chain 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 On-chain 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 On-chain 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 On-chain 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.
Bitcoin Analysis & Research 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.
The Week On-chain 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.
Bitcoin Analysis & Research CoinMarketCap + Glassnode: A Challenging Bear Market The 2022 bear market has been exceptionally challening for digital asset investors, with Bitcoin and Ethereum down 75% to 85% from the ATHs. In this report with CoinMarketCap Research, we explore the mechanics and performance of BTC, ETH and the wider digital asset ecosystem in 2022.
The Week On-chain 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 On-chain 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.
The Week On-chain 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.
Ethereum and DeFi 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 On-chain 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 On-chain 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?
Bitcoin 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.
The Week On-chain 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 On-chain 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.
The Week On-chain 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.
How Crypto impacts portfolio performance and allocation As the Q1 2024 Guide to Crypto Markets showed, crypto has already altered portfolio allocation strategies. Characterized by its decentralized nature and potential for high returns, crypto, offers a unique trading opportunity that challenges conventional paradigms.
The Week On-chain 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 On-chain 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 On-chain 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
