The Week Onchain (Week 52, 2021)
Bitcoin closes the year up 78%, having experienced a tumultuous, and volatile 2021. We provide a macro review of 2021 across the onchain, exchange, derivatives, and mining markets.
The Bitcoin market has traded only slightly higher over the end of year holiday season. The week opened at the consolidation low of $45,601, before rallying to local highs, hitting $51,773.
For our final newsletter of the year, we will provide a brief 2021 review of some year-to-date changes across both on-chain, exchange, derivatives, and mining datasets. When looking back at 2021, it interestingly appears to be a year best described as a macro, high time-frame consolidation, albeit a volatile one. The year-to-date summary for Bitcoin is:
- Prices are up 78.5% from 1-Jan with a current drawdown of 24.4% from 10-Nov ATH.
- The total Supply currently held at a loss is 3.480M BTC, equivalent to 18.34% of circulating supply.
- Exchange balances saw a net yearly outflow of 67.8k BTC, a decline of just 2.5%.
- Long-Term Holders added 1.846M BTC to their holdings, whilst Short-Term Holder supply declined by 1.428M BTC.
- Futures Open Interest almost doubled, increasing by $9.57B (97%) whilst futures trading volume actually declined by 16% to $36.7B/day.
- Mining hash-rate has finished 2021 up 27% on the year, after recovering entirely from the great migration where around 53% of miners were shut-off almost overnight.
- Meanwhile, aggregate miner revenue is up 58% YTD, and up over 440% since in the halving event in May 2020.
Week On-chain Dashboard
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