The Week Onchain Newsletter The Fourth Halving The fourth Bitcoin Halving has occurred, leading to a 50% reduction in supply inflation and an inherent increase in issuance scarcity. In this edition, we explore the evolution of the Bitcoin network across Epochs with respect to price performance, and fundamental network metrics.
The Week Onchain Newsletter Ethereum's Staking Issue The Ethereum community is debating a change to the ETH monetary policy, following a proposals aimed at constraining the rapid expansion of the staking pool. This is motivated by a surge in demand for Liquid Staking and Restaking protocols.
The Week Onchain Newsletter Spot Driven Rally In this edition, we analyse the surge in both spot trading, and onchain exchange volumes for Bitcoin underlying the strong YTD performance. The market has also transitioned into a euphoric phase, as profit-taking has climbed accordingly.
The Week Onchain Newsletter Liquidity Abundance As the Bitcoin Spot Price consolidates below the new ATH of $73k, the Long-Term Holder cohort has entered their distribution phase, selling to new investors at higher prices. This represents an injection of new capital into the asset class, driving the realized cap up to new heights.
The Week Onchain Newsletter Taking Profit As the Bitcoin market hits resistance at a new ATH of $73k, the Long-Term Holder cohort have ramped up their overall distribution pressure. The market is currently seeing over $2.6B/day in realized profit, as investors start to take chips off the table.
Ethereum and DeFi Ethereum's Dencun Upgrade The Dencun upgrade has activated successfully, introducing a new architecture for Layer-2 solutions to anchor into the mainchain. It also introduces modifications to the staking pool. Both could impact Ethereum's monetary policy.
The Week Onchain Newsletter Bitcoin Breaks to New Highs Bitcoin has broken to its fourth cycle all-time-high, rallying above $72k, and pushing sentiment one step closer to Euphoria. The classic wealth transfer from the HODLer cohort to speculators is now well underway, with significant upticks in spot profit taking, and demand for futures leverage.
The Week Onchain Newsletter Bitcoin Attacks The ATH Bitcoin continues to surprise the market, with its recent rally pushing towards all-time-highs, even prior to the upcoming halving event. In this report, we assess how the demand inflows from the US Spot ETFs are interacting with the supply being released by Long-Term Holders taking profits.
The Week Onchain Newsletter Speculation In Both Directions The risk appetite for Bitcoin investors is increasing, with growing signs of speculation appearing across capital flows, exchange activity, derivatives leverage, and even institutional demand.
The Week Onchain Newsletter Moving Out On The Risk Curve With strong market momentum following the Bitcoin spot ETFs, several indicators are hinting at early signs of investor capital moving out on the risk curve. In this piece, we explore how capital starts to rotate through assets, by tracking asset performance, TVL, and trade volumes on DEXs.
The Week Onchain Newsletter Approaching Supply Discovery Bitcoin investors have been rewarded for their patience and conviction, with BTC prices rallying to multi-year highs above $50k. The volume of supply held at a loss is also thinning quickly, with just 13% falling into this category.
Analysis & Research Tracking Market Momentum with On-chain Data On-chain data provides analysts and investors with a remarkable degree of transparency into the performance, adoption, and investor positioning within digital assets. In this piece, we highlighted several approaches and frameworks for assessing market momentum across various data categories.
The Week Onchain Newsletter Featured Digesting the GBTC Overhang The Bitcoin market continues to show resilience, recovering from the initial sell-the-news drawdown following ETF approvals. In particular, the market is working through the significant supply overhead created by investors rebalancing capital out of the GBTC product since its conversion.
The Week Onchain Newsletter Who's next? With the Bitcoin ETF becoming a classic sell-the-news event, we explore the market's risk appetite for tokens further out on the risk curve. There are some indicators alluding to ETH outperformance, as well as interesting divergences in altcoin price action relative to the majors.
The Week Onchain Newsletter The End of the Beginning: The SEC Approves Spot Bitcoin ETFs 2024 has opened with a roller-coaster ride for Bitcoin, as ten new spot ETFs begin trading in US markets. The event was historic and chaotic, with BTC prices setting both new multi-year highs, and YTD lows. Bitcoin has welcomed traditional finance into it's world.
The Week Onchain Newsletter 2023 Yearly On-chain Review In this last edition for the year, we will do a whirlwind tour of what changed this year, on-chain. We will explore how the Bitcoin, Ethereum, Derivative, and Stablecoin landscapes have evolved in 2023, and how this sets up the space for an exciting road ahead.
The Week Onchain Newsletter Round-Trip Bitcoin performed a round-trip this week, rallying to new yearly highs before selling off back towards its weekly open. After such a powerful 2023 thus far, the rally seems to have met resistance, with several indicators suggesting a degree of near-term exhaustion.
The Week Onchain Newsletter Gaining Ground Bitcoin continues to lead as one of the best performing assets globally in 2023. Not only has BTC appreciated over 140% YTD, it has more than doubled relative to gold, and still dominates against the rest of the digital asset industry.
Ethereum and DeFi Twists and Turns The growth rate of the Ethereum validator set has slowed in recent weeks, as an increasing number of validators voluntarily exit. This has slowed the rate of ETH issuance. Alongside increasing ETH burnt via EIP1559 due to growing network activity, the ETH supply has turned deflationary once again.
The Week Onchain Newsletter Keeping A Firm Grip The volume of Bitcoin supply in profit has reached the levels last was seen 2 years ago as the market came off the Nov 2021 ATH. However, the magnitude of unrealized profit held within these coins remains modest, and thus far insufficient to motivate long-term holders to lock in profits.
The Week Onchain Newsletter Supply Squeeze The fourth Bitcoin halving is fast approaching, being an important milestone both for the asset, and for investors. In this edition, we deep dive into the impressive tightness of BTC supply, and demonstrate how we can measure investor accumulation patterns in the lead up to the event.
The Week Onchain Newsletter The Tightening of Supply The Bitcoin Supply is historically tight, with an all-time-high in coins held by Long-Term investors, and impressive rates of accumulation taking place. In this edition we explore this tightness using several on-chain supply heuristics and metrics.
The Week Onchain Newsletter The Capital Waterfall The digital asset market continues to post impressive relative performance, with both BTC and ETH appreciating meaningfully against USD and gold. However, within the industry, Bitcoin dominance continues to rise, as indicated by several indicators and approaches for observing capital rotation.
The Week Onchain Newsletter A Breath of Fresh Air Bitcoin prices have broken to new yearly highs, trading above the mid-cycle price level of $30k, and reaching $35k. The market found sufficient strength to break above several important psychological pricing levels, making the weeks that follow important to keep an eye on.
The Week Onchain Newsletter The Cycle of Bitcoin Changing Hands Capital rotation within digital assets markets occurs both between assets, as well as internally as coins change hands at different acquisition prices. In this edition, we develop two indicators based off the Realized Cap and NUPL to track this rotation of capital between investors.
