Glassnode

The #Ethereum DeFi sector experienced a major de-leveraging event, with $124B wiped from DeFi TVL in 6-weeks. In our latest research piece, we analyse the dramatic decline in crypto-collateral value, and the impacts on $ETH network profitability Read our latest piece: The Great DeFi Deleveraging

#Bitcoin Long-Term Holders however realized major losses, equal to 0.007% of the Market Cap per day. This is almost as large as March 2020, and is the first major LTH capitulation event in the 2021-22 cycle. We explore this further in our latest WoC Newsletter

We can inspect the coins sent by #Bitcoin Short-Term Holders directly to exchanges. Here we can see that this cohort locked in realized losses of 0.01% of the Market Cap per day. Whilst significant, these STH losses are not as large as major sell-offs in the last 5yrs.

#Bitcoin investors have locked in the largest USD denominated Realized Loss in history last week. The $BTC spent on-chain this week realized net losses of over $4.23B. This eclipses all major sell-offs in 2021, and is 3x larger than March 2020.

The #Bitcoin market has plunged into the low $20k range, coming into contact with the Realized Price. In our latest edition, we assess how the market is entering the deepest and darkest phase of the bear. Read more in the Week On-chain

With the price declines over the weekend, the #Ethereum market has fallen below the $ETH Realized Price of $1,781. This means the market is holding an average unrealized loss of -18.4%. The Realized Price of ETH 2.0 deposits is higher at $2,404, with an unrealized loss of -39.6%.

With #Bictoin miners coming under stress as revenues decline, their behaviour is increasingly under the spotlight. In our latest video report, we show you how to analyse the fundamentals of Proof-of-Work mining, as described via on-chain metrics.

The #Bitcoin hash ribbons have started to signal inversion. This means that hash-rate is starting to come offline, usually as a result of stress in miner incomes impacting profitable operation. Typically, these inversions occur in late stage bear markets. Live Chart

Congratulations to the #Ethereum community on a successful Merge on the Ropsten testnet. There is over $22.78B in value staked and ready for the upcoming main-net Merge to Proof-of-Stake. This represents 12.8M $ETH = 10.78% of supply. Live Chart

With #Bitcoin miner revenues down 56% since the all-time-high, we are seeing miners distributing $BTC from their reserves. At the same time, difficulty is up 132%, increasing the #Bitcoin cost of production. Watch more in our latest video analysis report

With #Bitcoin prices trading at the lower end of the 2021-22 range, almost all investors of this cycle are now holding an unrealized losses. Just 2.2% of Short-Term Holders are in profit. Read about declining network profitability in The Week On-chain.

As #Bitcoin prices trade at the lower end of the 2021-22 cycle, almost all investors from the last 18-months are holding unrealized losses. Miners are also under pressure, with revenues down 56%, whilst cost of production is up 132% since the ATH. Read more in The Week On-chain

#Bitcoin miners have been net distributors since the recent sell-off. Miners balances have recently declined at a peak rate of 5k to 8k $BTC per month ($150M to $240M at $30k $BTC). Their spending has slowed this week to 3.3k $BTC/mth. Live Chart

The total $ETH staked in the #Ethereum 2.0 contract continues to climb. Over 12.764M $ETH has been staked by 398k unique validators. This is 10.73% of the circulating supply. Since 1-May, 19.8k additional validators have staked, and come online. Live Chart

#Bitcoin HODLers appear to be doubling down, with wallet growth for <100 BTC entities growing significantly in recent weeks. In our latest video analysis, we deep dive into how investor psychology has changed since the sell-off in early May. Watch our latest Video Report.

In the aftermath of the recent sell-off, a notable shift in #Bitcoin accumulation trends is underway #Bitcoin HODLers remain the only ones left, however their behaviour signals a doubling down, as prices trade around $30k. Read more in The Week Onchain

During the $LUNA triggered sell-off in early May, a total of 80,081 $BTC were liquidated by the Luna Foundation Guard. Interestingly, the volume of supply held by entities < 100 $BTC has since increased by 80,724 $BTC. This shows a transfer from LFG, to <100 $BTC holders.

Welcome to the Glassnode Engine Room, a new product release for our Professional and Institutional members. This suite of exclusive image metrics provides an inside look at the research, innovation and experimentation happening behind the scenes. Engine Room metrics are designed to inspect increasingly bespoke segments of market and network data. Examples include: - Breaking down the URPD into Age, Wallet and LTH-STH cohorts - Profit and Loss bands by cohort and age - Accumulation Trend Score by wallet cohort You will find the Glassnode Engine room located under the #Bitcoin category in your list of pre-set dashboards. We look forward to releasing new metrics, research, and concepts to the Engine Room on a semi-regular basis, and to hearing your feedback.

Our weekly video analysis report is live, where we explore the price performance of #Bitcoin and #Ethereum We also analyse $BTC and $ETH options, and on-chain fee markets to assess risk factors that may drive further downside. Watch our video report for full details.

The severity of this bear market has put a dent in some of the long-term price performance metrics for both #Bitcoin and #Ethereum This week, we analyse the diminishing return profile of both $BTC and $ETH, and what market structure, and on-chain demand tells us about the road ahead. Read more in The Week On-chain