The Week On-chain A Volatile Road to Nowhere Volatility, volumes, and realized values are at multi-year lows, indicating that Bitcoin investor apathy is firmly in play. However, under the surface, HODLers continue their classic slow and steady accumulation, with the halving now less than 1yr away.
The Week On-chain Under Pressure: The SEC Charges Binance and Coinbase The US regulatory environment continues hostilities this week, with the SEC charging Binance and Coinbase for securities violations. In this edition, we assess the investor response from the lens of exchange inflows, and which investor cohorts panicked, and which stayed calm.
Finance Bridge Finance Bridge: Edition #1 Finance Bridge aids institutional investors in understanding the dynamics of the cryptocurrency market and empowers them to make informed decisions that drive alpha. This issue explores Bitcoin's Market Momentum, unveils key Risk Vectors, and demystifies the concept of 'Payload' in onchain analysis.
Ethereum and DeFi Risk-Off Capital Rotation While digital asset prices have remained stagnant in recent months, several indicators point towards a risk-off rotation of capital taking place beneath the surface. Volumes have dried up, and investors are increasingly expressing a preference for stablecoin capital.
Bitcoin Analysis & Research Buying High and Selling Low: The Long-Term Holder Learning Curve The age old market adage is to buy low, and sell high. However, a great many new Bitcoiner's do the exact opposite, riding heavy losses from the market peak, only to capitulate at the very bottom. In this piece, we visualize this phenomena, as it happens, on-chain.
Ethereum and DeFi Dealing With The DeFi Downtrend DeFi on the Ethereum is a centrepiece of the ecosystem, with DeFi protocols being a destination for tokens, stablecoins and NFTs alike. However, DeFi tokens remain in a multi-year, and relentless bearish trend. In this piece, we uncover why this may be.
The Week On-chain Seeking Equilibrium With prices tight, and the volatility spring coiled, the Bitcoin market looks increasingly ready to move out of the current equilibrium. As Long-Term Holder spending ticks marginally higher, we present a series of on-chain tools to help navigate the volatile road ahead.
The Week On-chain Quiet But Confident The Bitcoin market has traded within an extremely tight price range this week, whilst on-chain volumes have been extremely light, hovering around cyclical lows. Meanwhile, large swathes of the coin supply remain dormant in investor wallets with supply in several key age bands hitting all-time-highs.
The Week On-chain A Bitcoin Blockspace Boom Bitcoin blockspace experienced a historically significant inflow of demand last week, as speculators rushed to mint BRC-20 tokens via text inscriptions. This resulted in immense fee pressure, driving miner fee revenue towards ATHs, and surpassing the 6.25 BTC block subsidy for the fifth time.
Ethereum and DeFi Post-Shanghai: What Really Happened We previously simulated the potential economic outcomes of ETH withdrawals enabled by the Shapella upgrade. In this edition, we will examine what actually happened to the 1.55M withdrawn ETH, and how stake has reshuffled between stakers, staking service providers, and sell-side pressure.
The Week On-chain Ancient Supply, Mt Gox, and US Government Coins This week, the market experienced a sharp sell-off, following what turned out to be false rumours related to distributions by the Mt Gox Trustee, and the US Government. Add to this the revival of 3.2k ancient Bitcoin, and the market found itself amidst serious volatility.
The Week On-chain The Allure of Profit After an incredible quarter of price performance, Bitcoin price action has taken a breather. In this edition, we evaluate participant spending behavior to assess the markets conviction towards the prevailing trend.
The Week On-chain Is the Bitcoin Bear Behind Us? Bitcoin has posted the strongest price performance since the market all-time-high, with several on-chain indicators signalling strength in support. In this edition, we assess whether the Bitcoin Bear may be behind us, and if a robust recovery is underway.
Ethereum and DeFi Simulating Shanghai Sell-side: Investigating the Ethereum Unlock The highly anticipated Shanghai/Capella hard fork is scheduled to take place on 12-April-2023, which enables withdrawals of staked ETH. In this piece, we establish cohorts of stakers, and assess the potential sell-side pressure which may occur due to the unlock event.
The Week On-chain The Binance Stablecoin Shuffle With Binance firmly in the cross-hairs of US regulators this week, we investigate how the market has responded by deep diving into net coin flows through the exchange. We also assess the supply dynamics of Bitcoin, to gauge the shaking of holder confidence.
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The Week On-chain The Price of Time After several weeks of out-performance by Bitcoin prices, the market is taking a breather. Within this consolidation, we will gauge investor confidence in the uptrend using a suite of on-chain tools, ranging from exchange flows, to profit taking, and coin holding times.
Bitcoin Analysis & Research Estimating the Cost of Bitcoin Production The Bitcoin difficulty adjustment is one of the most remarkable of Satoshi's innovations, creating a system that autonomously seeks equilibrium in the mining sector. In this article, we estimate the cost of production, and derive several metrics describing the cyclical nature of the mining market.
The Week On-chain Bitcoin Shifts Up A Gear Bitcoin has out-performed this week, rallying 35.8% against a backdrop of challenging conditions for the traditional financial and banking system. In this edition, we explore how Bitcoin appears to be shifting up a gear, and rallying out of deep bear market territory.
Product Introducing Point-in-Time Data: Addressing the Mutability of On-chain Metrics We discuss when and how quickly on-chain metrics at Glassnode get updated and analyze the impact and magnitude of data updates. Further, we introduce a broad set of point-in-time metrics that do not suffer from look-ahead bias, making them the ideal candidates for applications in backtesting.
Bitcoin Analysis & Research The Shrimp Supply Sink: Revisiting the Distribution of Bitcoin Supply The supply distribution of Bitcoin continues to be a topic of great interest, for analysis of capital flows, and also for observing behaviors of investor cohorts. In this piece, we break down the BTC supply by wallet size, and explore how coins disperse over time.
The Week On-chain Three Fallen Banks After one of the most consequential weeks of 2023, the digital asset industry is short three crypto friendly banking institutions in the US. However the principle investor response thus far appears to be a seeking safety in the most trustless major assets BTC and ETH.
The Week On-chain Market Meets Psychological Resistance Bitcoin prices have been rejected from a series of psychological on-chain levels, related both to Older hands from the 2021-22 cycle and also for the Whale cohort. Profit-taking and capital flows have started to take place, although they remain low by historical standards.
Product February 2023 Product Updates The start of 2023 has been explosive for the digital assets landscape, with Bitcoin recording a 41% move upwards YTD, as well as significant regulatory challenges developing in the USA. We have also seen the unexpected phenomena of Ordinals and Inscriptions arise on the Bitcoin blockchain, sparking healthy debates regarding
The Week On-chain NFT Trading Professionalizes Despite bearish sentiment, and an overhang of regulations, the application layer of Ethereum continues to flourish. The NFT market is experiencing great competition, with new marketplace Blur taking market share from leader OpenSea, driven by a strategy focused on traders and liquidity.
