Glassnode Insights

A New Experiment in Cumulative Destruction

Introducing the Value of Coin-days Destroyed Multiple, a metric that uses investor spending patterns to identify overheated and undervalued markets.

Analysis

Following the Smart Money: A Study of Long-Term Holders

A deep dive analysis into the market psychology and fractals associated with Bitcoin Long-Term Holders.

Insights

No, Bitcoin Ownership is not Highly Concentrated – But Whales are Accumulating

We analyze the distribution of Bitcoin across network participants, and show that BTC ownership disperses over time and is much less concentrated than often reported. Meanwhile, BTC supply held by whales has recently increased, suggesting institutional investors are entering.

Analysis

78% of the Bitcoin Supply is Not Liquid

Quantifying the amount of liquid and illiquid BTC supply and its relationship to Bitcoin's price.

Insights

Long-Term Holders Are Selling BTC: Why This Is A Bullish Signal

On-chain metrics show that older coins are being sold as BTC's price increases, indicating that long-term holders are realizing profits. But while this might seem alarming, this trend has historically been extremely bullish.

Insights

Quantifying Short-Term and Long-Term Holder Bitcoin Supply

We introduce a new methodology to classify Bitcoin supply owned by long-term investors and short-term traders, and create a set of on-chain metrics that show when these two investor types are in a state of profit or loss.

Insights

How DeFi is Driving The Spike in Ethereum's Gas Price

The amount of fees being spent on Ethereum has reached an all-time high. What is driving this gas price spike, and what part do arbitrage bots have to play?

Insights

New Bitcoin Whales: Where Are They Coming From?

Bitcoin's whale population is on the rise for the first time since 2016. Where are these whales coming from, and are they hoarding more BTC than ever?

Insights

What Are Ethereum Users Paying Fees For?

An on-chain analysis on how fees are distributed across distinct transaction categories in the Ethereum network.

Analysis

Introducing Account-Based On-Chain Metrics for Bitcoin and Ethereum

Effectively mapping UTXO-based on-chain metrics to improved account-based versions for Bitcoin and Ethereum.

Insights

The Number of BTC On Exchanges Is Down Almost 7%

Following the recent price crash, the balance of BTC on exchanges has decreased by almost 7%, despite unusually large exchange deposits.

Insights

Bitcoin Sees Largest Ever Decrease In Absolute Hashing Power

Bitcoin's difficulty is set to experience one of its largest ever decreases as hashing power leaves the network. How will BTC respond to this?

Analysis

An On-Chain Distribution Analysis of Kyber Network Crystal (KNC)

An in-depth look into the KNC ecosystem; exploring recent growth, exchange balances and a broad token holder distribution analysis.

Insights

What The Upcoming Dilution Means For The Price Of MKR

The MKR Debt Auction on 19 March will see the token supply diluted as more MKR are minted. What will this do to the price of MKR?

Insights

What Really Happened To MakerDAO?

Black Thursday: The sell-off of 12 March resulted in $4.5 million of unbacked DAI in the MakerDAO system. What really happened?

Analysis

Breaking up On–Chain Metrics for Short and Long Term Investors

We introduce variations of the SOPR and MVRV on-chain metrics that serve as indicators to assess the behaviour of short and long term investors.

Analysis

Over 75% of Bitcoin’s On–Chain Volume Doesn’t Change Hands

Using advanced entity–adjusted metrics we assess Bitcoin's true transfer volume and show that only up to 25% of BTC moved on–chain actually changes owners.

Analysis

How Many Entities Hold Bitcoin?

Introducing a New Generation of Entity–based On–chain Metrics Using Clustering and Advanced Data Science that Quantifies the Number of Bitcoin Holders.

Analysis

Stablecoins' Buying Power over Bitcoin

Introducing the Stablecoin Supply Ratio (SSR)

Analysis

Dissecting Bitcoin’s Unrealised On–Chain Profit/Loss

Introducing a New Set of Metrics to Help Time Bitcoin Market Cycles

Analysis

Assessing the Distribution of ERC20 Tokens on the Ethereum Network

On-Chain Metrics Show Highly Uneven Token Distribution Across ERC20s

Analysis

Asymmetric Correlations of On–Chain Activity: Using Litecoin when Sending Bitcoin Becomes Expensive

Asymmetric on-chain data correlations show significant increases Litecoin network activity as a result of increased Bitcoin transaction fees.

Analysis

An On-Chain Distribution Analysis of Chainlink (LINK)

In this report we take an in-depth look into the LINK ecosystem; exploring the recent team sell-offs, exchange balances and do a broad token holder distribution analysis.

Product

Introducing Live SOPR (Spent Output Profit Ratio)

Announcing the launch of SOPR on Glassnode Studio.

Analysis

An On-Chain Distribution Analysis of Basic Attention Token (BAT)

An on-chain analysis of Basic Attention Token (BAT) giving insights to the distribution of BAT funds across the network and showing that the richest 1% hold 87% of funds.