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Glassnode Insights - On-Chain Market Intelligence
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A Network Overview
The Week On-chain

A Network Overview

The competitiveness of the Mining landscape and their conviction in the Bitcoin Network continues to rise, with the Hash Rate blasting towards new ATHs. However, investors remain unconvinced in the short term, with exchange-related onchain volumes beginning to languish.
Sep 10, 2024 7 min read
Short-Term Holder Stress
The Week On-chain

Short-Term Holder Stress

The Bitcoin market has continued to experience downward pressure over recent months despite the average Bitcoin investor remaining profitable overall. However, the Short-Term Holder cohort remains heavily underwater on their holdings, making them a source of risk for the time being.
Sep 4, 2024 6 min read
A Return to Equilibrium
The Week On-chain

A Return to Equilibrium

Market speculation remains relatively subdued for Bitcoin, with investors locking in only marginal profit and losses, and a reset across perpetual swap markets. Historically, periods of quiet and calm market structure are short-lived, and often precede an expectation for heightened volatility.
Aug 27, 2024 7 min read
New Investors Pain Cycle
The Week On-chain

New Investors Pain Cycle

Bitcoin, as the leading digital asset, continues to see its dominance expand, now commanding a staggering 56% of the total market capitalization. Supporting this, Bitcoin Long-Term Holders remain steadfast in their conviction, with significant accumulation pressure below the surface.
Aug 20, 2024 7 min read
A Return to HODLing
The Week On-chain

A Return to HODLing

With the market currently digesting the largest downtrend of the cycle, indecision amongst digital asset investors remains apparent. However, below the surface, a distinct return to HODLing and accumulation appears to be underway.
Aug 13, 2024 6 min read
Mid-Cycle Wipeout
The Week On-chain

Mid-Cycle Wipeout

August has already been a exceptionally eventful month across both equity and digital asset markets, after a “correlation-1” event sparked a major market sell-off. Bitcoin has been no exception, recording its largest drawdown of the cycle, causing capitulation amongst Short-Term Holders.
Aug 7, 2024 6 min read
Facing Mt. Gox Distribution
The Week On-chain

Facing Mt. Gox Distribution

After more than a decade of legal process, the long awaited creditor distribution of the Bitcoin recovered from the Mt.Gox exchange collapse is underway. From a psychological perspective, this represents the final chapter in what has been a major market overhang over the industry since 2013.
Jul 29, 2024 7 min read

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Coinbase + Glassnode: The Q3 Guide to Crypto Markets
Bitcoin Analysis & Research Featured

Coinbase + Glassnode: The Q3 Guide to Crypto Markets

In the Q3 'Guide to Crypto Markets' by Glassnode and Coinbase Institutional, we provide an update on the market cycle, show how demand from spot Bitcoin ETFs altered the crypto landscape, and delve into key on-chain activity metrics.
Jul 25, 2024 4 min read
Testing The Range Bands
The Week On-chain

Testing The Range Bands

Bitcoin prices have rebounded strongly, rallying over $68k and catalyzing an uptick in perpetual futures activity. The appreciation in price has also provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit.
Jul 24, 2024 6 min read
Surviving the Sell-Off
The Week On-chain

Surviving the Sell-Off

The Bitcoin market recently absorbed over 48k BTC in sell-side sourced from the German Government. With Mt Gox distributions also on the horizon, we examine these major sell-side forces, as well as the role ETFs have on price action.
Jul 16, 2024 8 min read
Bulls Under Pressure
The Week On-chain

Bulls Under Pressure

Following several months of sideways price action, Bitcoin has experienced its deepest correction since late 2022, trading below the 200DMA, and putting a significant number of Short-Term Holders into an unrealized loss.
Jul 9, 2024 7 min read
CME + Glassnode: Digital Asset Insights and Market Trends Report
Bitcoin Analysis & Research Featured

CME + Glassnode: Digital Asset Insights and Market Trends Report

A joint publication of CME Group and Glassnode, this report equips institutional traders and investors with knowledge and data about the 2024 trends in the digital asset market, aiming to enhance investment decision making.
Jul 9, 2024 2 min read
Grounding Through Confluence
The Week On-chain

Grounding Through Confluence

The Bitcoin market is in an interesting spot, with the average coin still up 2x, whilst most Short-Term Holders are underwater. A multitude of volatility measures are also heavily compressed, suggesting a larger move is on the horizon.
Jul 3, 2024 8 min read
A Data-Driven Approach to Identifying Short Opportunities with High Conviction
Bitcoin Analysis & Research Featured

A Data-Driven Approach to Identifying Short Opportunities with High Conviction

Discover Glassnode's Bitcoin Sharpe Signal Short, our proprietary trading signal based on on-chain data designed to identify high-confidence shorting opportunities and improve risk-adjusted returns for Bitcoin.
Jun 27, 2024 4 min read
Sizing Up Diamond Hands
The Week On-chain

Sizing Up Diamond Hands

As Bitcoin struggles to reclaim the recent ATH, we investigate the Long and Short-Term cohorts contribution to the supply and demand side. We also leverage the new breakdown metrics to evaluate the spending behavior and market influence of differing subsets of Long-Term investors.
Jun 25, 2024 8 min read
Establishing Equilibrium
The Week On-chain

Establishing Equilibrium

Despite choppy price action, the unrealized profit of Bitcoin investors remains constructive. However, volumes across all market facets are declining markedly as an equilibrium between demand and sell-side forces is established.
Jun 18, 2024 6 min read
Breakdown Metrics Applied: Identifying Local Bottoms in a Bull Market
Bitcoin Analysis & Research

Breakdown Metrics Applied: Identifying Local Bottoms in a Bull Market

Learn about how to apply our new suite of metrics to better identify local bottoms in a bull market and start applying these insights in your trading strategies.
Jun 17, 2024 4 min read
Dissecting Divergences
The Week On-chain

Dissecting Divergences

Despite impressive US ETF inflows, a market-neutral Cash-and-Carry trade appears to be subduing buy-side pressure, requiring non-arbitrage demand to further stimulate price action. Alongside this, we explore the divergence between declining active addresses and surging transaction counts.
Jun 11, 2024 6 min read
Room to Grow
The Week On-chain

Room to Grow

After months of apathy and sideways price action, the first glimmers of speculative activity is beginning to re-appear. The market responded to a false alarm regarding the distribution of Mt.Gox supply, however this offers a lens into how we can consider these events using onchain data.
Jun 4, 2024 8 min read
Primer on Automated Market Making and Uniswap
Ethereum and DeFi

Primer on Automated Market Making and Uniswap

Decentralized exchanges (DEXs), such as Uniswap, are a fundamental building block of the crypto-financial system. These platforms enable users to trade cryptocurrencies directly with each other, or via pools of liquidity, eliminating the need for a counterparty or a centralized entity to execute the trade. In this article, we will
May 30, 2024 4 min read
Market Making on Uniswap: An Analytical Approach - Part III
Ethereum and DeFi

Market Making on Uniswap: An Analytical Approach - Part III

Classifying Uniswap's Liquidity Providers and Their Strategies Introduction The introduction of concentrated liquidity in Uniswap V3 has granted market makers greater flexibility and opportunity to manage their positions. However, it has also increased competition among Liquidity Providers, who can now compete by using different market-making strategies. Additionally, it
May 30, 2024 11 min read
Market Making on Uniswap: An Analytical Approach - Part II
Ethereum and DeFi

Market Making on Uniswap: An Analytical Approach - Part II

Understanding Liquidity Supply and Demand Dynamics on Uniswap Introduction The introduction of concentrated liquidity in Uniswap V3 has given market makers more freedom and opportunity to manage their positions. It has also made the competitive landscape more challenging, and thus the decision-making process has become substantially more complex for selecting
May 30, 2024 7 min read
Market Making on Uniswap: An Analytical Approach - Part I
Ethereum and DeFi

Market Making on Uniswap: An Analytical Approach - Part I

A Breakdown of Uniswap's Protocol Activities Introduction One of the fundamental building blocks within the cryptocurrency ecosystem is decentralized exchanges (DEXs). These platforms enable users to trade cryptocurrencies directly with each other, or via liquidity pools, eliminating the need for a counterparty or a centralized entity to execute
May 30, 2024 7 min read
The Calm Bull
The Week On-chain

The Calm Bull

Residing just shy of the ATH, Bitcoin continues to consolidate, with long-term investors beginning to re-accumulate coins for the first time since Dec 2023. Alongside this, a historic first tranche of Ethereum spot ETFs have been approved in the US, seeing a +20% surge in the ETH price.
May 28, 2024 7 min read
A Macro Reset
The Week On-chain

A Macro Reset

Bitcoin markets have experienced a cool down after several months of intense distribution pressure. Whilst capital inflows remain modest, the lightening of sell-side, and compression of volatility suggest a bigger move could be on the horizon.
May 21, 2024 6 min read
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