December was a relatively quiet month for market, with realized volatility falling to multi-year lows for Bitcoin and Ethereum over the holiday break. Despite some much needed time-off the Glassnode team was hard at work through December, but also took the much needed down time to enjoy the festive period.
A summary of the metrics, content, and product releases for the month are as follows:
- New Discovery Page designed to serve as a hub between products.
- Week-on-Chain Newsletters (2x) covering the extensive capital reset amongst market participants, as well as a comprehensive review of 2022.
- Dashboards (4x) including 2x Ethereum Dashboards analyzing both Addresses activity and Supply Dynamics. We have also updates the Core-on-Chain Dashboard as well as releasing
- Workbench Constructions (23x) including a multitude of metrics ranging from modelling the ASIC Mining Fleet to a variety of new Ethereum Address and Supply constructions.
New Feature Release: Discovery
A Curated Landing Page for your Tailored to your Needs.Launch the Landing Page
We are excited to announce the launch of our new Discovery Page, which is a personalized landing page designed to serve as a navigation, and exploration hub for finding new and unique Dashboards, Workbenches, and our latest Insight Articles. Material shown is aligned with your asset preferences.
The Week On-chain
Our Flagship Weekly Newsletter and Video ReportRead our Newsletter
The month of December was, for the most part, uneventful, with the digital asset landscape continuing to digest the implications of the FTX implosion in early November. This was expressed in an extremely quiet price action, with BTC markets remaining within a tight range of just $1,400 through December.
In the wake of one of the largest deleveraging events in digital asset history (WoC 49), the Bitcoin Realized Cap has now declined such that all capital inflows since May 2021, have now been flushed out. There was a modest uptick in on-chain activity, however it thus far lacks any substantial on-chain volume follow through.
And as the chaotic, volatile, and financially brutal year of 2022 comes to a close, we closed the year with a state of play edition (WoC 50), reviewing the year from the lense of Bitcoin, Ethereum and Stablecoin markets. The Week On-chain will resume on 9-Jan, and we look forward to documenting another exciting year on-chain.
The Week On-chain Newsletters Released
Contextualised Analysis, Delivering Answers to Key QuestionsVisit Dashboards
At Glassnode, we believe data driven insights answer many of our biggest questions in digital asset markets. Thus, we have released and released a suite of 4x Dashboards which help contextualize, and answer core questions.
- ETH Core On-chain - This dashboard contains a suite of metrics which describe the foundational components and performance of the Ethereum blockchain.
- ETH Address Cohorts - This dashboard provides an overview of the number of addresses which fall into a specific cohort, defined by ETH coin balance.
- ETH Address Supply Change - The following suite of metrics present the total supply held, and 30-day balance change for various Ethereum cohorts.
- BTC Mining ASIC Fleet - This dashboard contains several models and tools to characterize and evaluate the size, energy demands, profitability, and efficiency of the global Bitcoin ASIC fleet over time.
Pushing the Boundaries of On-chain Market AnalysisAnalyze on Workbench
Workbench is our premier tool for crafting bespoke metrics and visualizations, to help elevate your Bitcoin, Ethereum, and crypto market analysis. This month we released 23x new Workbench Constructions for:
- ASIC Fleet Device Count
- ASIC Fleet Global Power Consumption
- ASIC Fleet Revenue per day [BTC/day]
- ASIC Fleet Profit per day [USD/day]
- ASIC Fleet Break-Even-Cost
- ASIC Rig Profitability (S9 Antminer)
- ASIC Rig Profitability (S19 XP Hyd Antminer)
- Transactions, Transfers and Contract Calls
- New Address Momentum
- Active Address Momentum
- Plankton Address Count
- Shrimp Address Count
- Crab Address Count
- Fish Address Count
- Shark Address Count
- Whale Address Count
- Mega-Whale Address Count
- Shrimp Net Position Change
- Crab Net Position Change
- Fish Net Position Change
- Shark Net Position Change
- Whale Net Position Change
- Mega-Whale Address Count
Construction of the Month: ASIC Fleet Revenue per Day (BTC/Day)
This metric calculates the theoretical BTC revenue earned per day for various ASIC rig models. The calculation does not account for any costs such as power or ASIC CAPEX, and thus reflects only the BTC revenue earned per day, per rig (assuming 100% up-time).
Revenue per day = ASIC Th / Hashrate * Block Reward (incl Fees)
Analysts can account for an all-in-sustaining-cost ($/kWh) by adjusting the Workbench formula
f5, which will subtract the BTC denominated value of costs from earned revenue. The following reference ASIC rig models are considered:
- 🟣 S9 Antminer (13.5 Th, 1323W, Feb-2017)
- 🔵 S17 Antminer (56 Th, 2520W, Apr-2019)
- 🟡 S19 Pro Antminer (110 Th, 3250W, May 2020)
- 🔴 S19 XP Hyd Antminer (255 Th, 5304W, Oct 2022)