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.
The Week On-chain Newsletter now has a