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This month's Finance Bridge examines Bitcoin's post-halving sell-off and debates around Ethereum's staking policies. The analysis highlights ETF inflows, market momentum indicators, and speculative trends. A must-read read for finance professionals and institutional investors. Read the full article here: https://glassno.de/4bfxEtT

The Week On-Chain 20, 2024 Using our new Breakdown Metrics, we are now able to discretely isolate points of severe unrealized loss, and investor capitulation. In this article, we introduce a new framework to assess seller exhaustion across multiple timeframes and investor cohorts. Executive Summary - During a Bull Market regime, long-term investors are generally highly profitable. Therefore, the dominant source of realized loss originates from the Short-Term Holder cohort, which can provide information on inflection points during sell-off events. - Given that market inflection points unfold from the inside-out, we produce a framework using our newly released Breakdown by Age metrics to profile seller exhaustion across day trader and weekly-monthly investor cohorts. - Within this framework, we utilize onchain metrics to assess both the unrealized and realized losses of the targeted investor classes as a gauge for their response to market downturns. Read more in The Week On-Chain newsletter.

Amidst the hype and market rally surrounding approval of the spot Bitcoin ETFs, the unrealized profit of Bitcoin holders expanded considerably faster than that of Ethereum investors. As a result, the Bitcoin NUPL metric crossed 0.5 and entered the euphoria phase three months before the equivalent metric for Ethereum. Discover more in the latest Week On-Chain below👇 https://glassno.de/3y6TJMT

Ethereum staking grew by 9% in Q1 following the Dencun upgrade and a rise in ETH prices. Innovations like Liquid Staking and the Eigenlayer Airdrop are influencing participation. As new staking technologies reshape the Ethereum ecosystem, what impact will these developments have on Ethereum’s market? Discover more in our latest 'Spotlights' series: 👇 https://glassno.de/3QFNJki

Measured from the $73k ATH, Bitcoin prices corrected by -20.3%, which is the deepest correction on a closing basis since the FTX lows in Nov-2022. That said, this macro uptrend still appears to be one of the more resilient in history, with comparatively shallow corrections thus far. Discover more in the latest Week On-Chain below👇 https://glassno.de/3y6TJMT

The Week On-Chain 19, 2024 There has been a growing divergence in performance between Bitcoin and Ethereum during the 2023-23 cycle thus far. This has manifested as weaker price performance for ETH, and can be explained by an overall weaker capital rotation trend, especially relative to past cycles and ATH breaks. Executive Summary - The Fourth Bitcoin Halving initially led to a sell-off, with BTC prices falling to $57k before recovering swiftly. This is now the deepest pullback since the FTX lows. - Ethereum exhibited similar price performance, experiencing its maximum drawdown of this cycle which was twice as severe as Bitcoin's. - Ethereum's under-performance this cycle relative to Bitcoin is reflected in a measurable lag in speculative interest from the Short-Term Holder cohort. - Both assets still have a relatively low Realized Cap associated with Long-Term Holders, suggesting the market is likely within the early stages of a macro uptrend. Read more in The Week On-Chain newsletter.

Discover how the latest Bitcoin halving influences market trends and mining profits. Learn why this could matter to institutional investors. Read our full analysis 👉 https://glassno.de/4b5pcxg

We can use the ratio between the spot price and each cohort cost-basis via the Bitcoin MVRV ratio to gauge the typical deviations during corrections. The following chart shows that the MVRV (1w-1m) ratio usually drops into the 0.9-1 range during the bull market pullbacks. This means the market typically falls 0% to -10% below the 1w-1m investors' average cost basis. Discover more in the latest Week On-Chain below👇 https://glassno.de/3QrCRXj

Using NUPL, we can identify the classic Euphoria phase of a bull market where unrealized profits surpass more than half the market capitalization size (NUPL > 0.5). In the 2020-21 cycle, this phase was triggered 8.5 months after the Bitcoin halving, and saw sustained upside for almost 10.5 months afterwards. However, in this cycle, NUPL breached 0.5 approximately 6.5 months before the halving. This distinct shift highlights the significance of US ETF in shaping and accelerating price action by introducing powerful demand into the market. Discover more in the latest Week On-Chain below 👇 https://glassno.de/3QrCRXj

Inspecting the Bitcoin Accumulation Trend Score by Wallet Cohort, we see a distinct uptick in net outflows across all cohorts throughout April, suggesting a consistent sell-side pressure across the board. Discover more in the latest Week On-Chain below 👇 https://glassno.de/3QrCRXj