Glassnode

Given the sudden market reaction and declines in markets globally, understanding seller exhaustion among short-term holders has become increasingly important. Our analysis of the Short-Term Holder Seller Exhaustion Model provides insights using metrics like STH MVRV, STH SOPR, and STH Realized Loss to navigate through volatile times. Learn more about this model and its applications here: glassno.de/3WWWzOV

Amid global market uncertainty, our on-chain checklist helps traders optimize their exit strategies using Glassnode's on-chain metrics like MVRV Ratio, Long-Term Holder Spending, and HODL Waves. Learn to identify key levels and navigate market downturns effectively. Download the checklist here: glassno.de/3VAjUVr

Kraken and Bitstamp have been selected as designated exchanges responsible for redistributing creditor funds. Kraken has now received 49k BTC, and Bitstamp has received the first tranche of 10k BTC. Discover more in the latest Week On-Chain below 👇 https://glassno.de/4ckrt7X

Daily active addresses on Ethereum and leading L2s have increased by 127% this year. This metric measures the number of distinct addresses interacting with the chain, indicating user base growth. More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn

Bitcoin Daily Active Entities, measured as clusters of addresses controlled by the same entity, fell 16% in Q2 2024. This metric helps gauge user adoption and network activity. More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn

The Week On-Chain 31, 2024 After more than a decade of legal process, the long awaited creditor distribution of the Bitcoin recovered from the Mt.Gox exchange collapse is underway. From a psychological perspective, this represents the final chapter in what has been a major market overhang over the industry since 2013. Executive Summary - After a prolonged legal process, Mt.Gox creditors are finally receiving Bitcoin recovered from the exchange hack. Currently, 59k of the 142k BTC has been distributed via Kraken and Bitstamp. - Wealth held by new investors is declining, well below levels seen at macro market tops, indicating a shift back towards HODLing. - The distribution pressure by the LTH cohort remains relatively light, and is in decline. Alongside this, Long-term investors currently hold 45% of the network wealth, which is relatively elevated compared to levels seen near macro cycle topping events. Read more in The Week On-Chain newsletter.

Bitcoin Spot ETF Balances now exceed $50B in AUM since their January 2024 launch, marking the most successful ETF debut in history. This chart shows the daily balances of the top US-traded Bitcoin ETFs. More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn

Bitcoin has historically exhibited exponential gains during bull cycles, but each cycle has also seen numerous large drawdowns. The current cycle has seen: - Eight drawdowns between 5%-20% - Two drawdowns between 20%-30% - No drawdowns greater than 30% Discover more insights from our recent Q3 report with Coinbase Institutional → https://glassno.de/4ddXPSn

Introducing the Q3 Guide to Crypto Markets by Coinbase Institutional and Glassnode. This third installment highlights the ongoing bull market, ETF impact, and surge in on-chain activity. Key points from the 65-page guide: - Bull Market Dynamics: Since November 2022, Bitcoin prices have quadrupled. This cycle had drawdowns of 5%-30%, with none exceeding 30%, a rarity in past cycles. - ETF Influence: Spot Bitcoin ETFs, launched in January 2024, amassed $50B in AUM within six months, boosting crypto interest and trading volumes. ETF inflows have outpaced new Bitcoin issuance, indicating strong demand. - On-chain Growth: On-chain activity is up, with daily active addresses on Ethereum and Layer 2 solutions increasing by 127% in 2024. Despite a 58% drop in user fees post-Ethereum's Dencun upgrade in March 2024, transactions rose by 59%, showing real utility. Download the guide here: https://glassno.de/4ddXPSn

The Week On-Chain 30, 2024 Bitcoin prices have rebounded strongly, rallying over $68k and catalyzing an uptick in perpetual futures activity. The appreciation in price has also provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit. Executive Summary - Binance, Bybit and OKX remain the industry leaders for perpetual swap markets, accounting for around 84% of the total open interest. - We introduce a novel model to track the sensitivity of leverage and Open Interest in Futures markets relative to changes in the spot Bitcoin price. - Price has climbed back above the Short-Term Holder cost basis, which has provided much-needed relief for new investors, with over 75% of their supply moving back into profit. Read more in The Week On-Chain newsletter.

We have now made the Spot Bitcoin ETF metrics accessible to all our users. View the latest ETF balances and flows from VanEck, BlackRock, Fidelity, and others in near real-time. For more information, go to Glassnode Studio: https://glassno.de/3y3ER1Y

CME Group futures now represent over 83% of the calendar futures market for Bitcoin and 65% for Ethereum, highlighting CME's growing influence in institutional trading. Discover more insights from our report with CME Group → https://glassno.de/3XPCQkx

Bitcoin currently sees around $46.4 billion in on-chain volume daily, comparable to traditional payment processors like Visa and Mastercard. Filtered economical transfer volumes are closer to $6.5 billion per day. Discover more insights from our report with CME Group → https://glassno.de/3XPCQkx

The Week On-Chain 29, 2024 The Bitcoin market recently absorbed over 48k BTC in sell-side sourced from the German Government. With Mt Gox distributions also on the horizon, we examine these major sell-side forces, as well as the role ETFs have on price action. Executive Summary - Large labelled entities currently hold approximately 4.9M BTC, which is equivalent to 25% of the circulating supply. Amongst these entities, centralized exchanges and ETF custodians account for the largest portion. - Following the complete exhaustion of BTC sell-side by the German Government, there appears to be near-term sell-side relief, as well as renewed inflows of demand to support the market. - Market profitability remains remarkably robust, with the majority of the coin supply still held at a favourable cost basis, and below the current spot price. Read more in The Week On-Chain newsletter.

The Bitcoin market experienced around 18 months of steady price appreciation after the collapse of FTX, followed by three months of range-bound price action after the $73k ETF high. Between May and July, the market experienced its deepest cycle correction, recording a drawdown exceeding -26% from the ATH. Discover more in the latest Week On-Chain below👇 https://glassno.de/3zBT1b6

Since the launch of the Runes protocol on April 20, 2024, we've observed a significant surge in transactions, largely displacing BRC-20 tokens, Ordinals, and Inscriptions. As of current, Runes-related TXs account for an impressive 66% of total daily TXs. Explore our latest Runes metrics to gain deeper insights into this trend 👇 https://glassno.de/3xTL6oY

Bitcoin's market cap increased by $1.13 trillion (+370%) since November 2022, and Ethereum's valuation rose by $354 billion (+267%) over the same period. Discover more insights from our report with @CMEGroup 👇 https://glassno.de/3XPCQkx

The Week On-Chain 28, 2024 Following several months of sideways price action, Bitcoin has experienced its deepest correction since late 2022, trading below the 200DMA, and putting a significant number of Short-Term Holders into an unrealized loss. Executive Summary - Bitcoin has recorded its deepest drawdown for the current cycle, trading more than -26% below the ATH. Despite this, the drawdown remains historically shallow relative to past cycles. - This price contraction has put a significant volume of Short-Term Holder Supply into an unrealized loss, with over 2.8M BTC now underwater based on their on-chain acquisition price. - Whilst financial pressure is elevated amongst Short-Term Holders, the magnitude of losses locked in has remained relatively subdued in comparison to the market size. Read more in The Week On-Chain newsletter.

Introducing the guide to Digital Assets: Insights and Market Trends by CME Group and Glassnode The report provides institutional investors with an in-depth analysis of Bitcoin and Ethereum fundamentals, capital flows, market cycles, derivatives markets, and institutional adoption. Key takeaways: - Major Asset Dominance: Bitcoin's market cap increased by $1.13 trillion (+370%) since November 2022, and Ethereum's valuation rose by $354 billion (+267%). - Settlement Volume: Bitcoin's daily on-chain volume is around $46.4 billion, comparable to Visa and Mastercard, with filtered volumes at $6.5 billion. - Bull Market Correction: Bitcoin's deepest correction since November 2022 was -20.3%. - ETH/BTC Ratio: The declining ratio indicates shifting market dynamics, with more institutional buy-side pressure on Bitcoin. - CME Futures Dominance: CME futures represent over 80% of the calendar futures market for Bitcoin and 53% for Ethereum. For the full analysis, download the guide here: https://glassno.de/3XPCQkx

If we look at the ratio between the Bitcoin unrealized profit/loss per coin, we can see that the magnitude of paper gains held is 8.2x larger than paper losses. Only 18% of trading days have recorded a larger relative value, all of which are within Euphoric bull market regimes. Discover more in the latest Week On-Chain below 👇 https://glassno.de/4cOHEej