Moving into the first week of 2021, $BTC continued to hit all-time highs as it shot past $30k and kept climbing.
But $ETH is the real winner of the past week, gaining over 37% in a single 24 hour period.
Read more | #TheWeekOnChain
But $ETH is the real winner of the past week, gaining over 37% in a single 24 hour period.
Read more | #TheWeekOnChain
Glassnode Insights - On-Chain Market Intelligence
The Week On-Chain (Week 1, 2021)
Moving into the first week of 2021, BTC continues to hit all-time highs as it shoots past $30k and continues to climb. But ETH is the real winner of the week, gaining over 37% in a single day.
#Bitcoin MVRV Z-Score has seen a sharp increase to values above 5.
It is now at the levels of the main bull market of 2017.
Note that in 2017, $BTC made another 10x over the course of 6 months.
Live chart | @glassnode
It is now at the levels of the main bull market of 2017.
Note that in 2017, $BTC made another 10x over the course of 6 months.
Live chart | @glassnode
#Bitcoin network activity on the rise: The number of hourly active addresses (24h MA) just broke a new ATH.
Live chart | @glassnode
Live chart | @glassnode
#Bitcoin realized profits at record highs.
Yesterday alone, the total net realized profit of all coins moved on-chain was $5.5 billion.
Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades.
Live chart | @glassnode
Yesterday alone, the total net realized profit of all coins moved on-chain was $5.5 billion.
Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades.
Live chart | @glassnode
While $BTC dipped in value today, on-chain fundamentals remain strong, pointing to a healthy network.
#Bitcoin mining difficulty and hash rate are at ATHs.
Live chart | @glassnode
#Bitcoin mining difficulty and hash rate are at ATHs.
Live chart | @glassnode
Last week, $BTC exceeded $40k for the first time ever - more than double its 2017 ATH.
However, amidst Monday's bloodbath, a correction and some sideways movement may be in order before further growth #Bitcoin is seen.
Read more | #TheWeekOnChain
However, amidst Monday's bloodbath, a correction and some sideways movement may be in order before further growth #Bitcoin is seen.
Read more | #TheWeekOnChain
The recent $BTC dip caused a clear bounce off the bear/bull threshold on the #Bitcoin dormancy flow chart.
Live chart | @glassnode
Live chart | @glassnode
Yesterday, a total of $410M (!) in $BTC long positions in futures contracts were liquidated on Binance – marking the largest daily value to date.
#Bitcoin
Live chart | @glassnode
#Bitcoin
Live chart | @glassnode
Cumulative #Bitcoin miner revenue (Thermocap) crossed $20 billion USD.
Thermocap serves as a lower bound for the true capital inflow into Bitcoin.
It has doubled in the past 2 years.
Live chart | @glassnode
Thermocap serves as a lower bound for the true capital inflow into Bitcoin.
It has doubled in the past 2 years.
Live chart | @glassnode
$BTC has lost some ground over the past week, losing almost 7% of its value.
But despite a possible further correction, long-term on-chain metrics remain bullish for #Bitcoin.
Read more | #TheWeekOnChain
But despite a possible further correction, long-term on-chain metrics remain bullish for #Bitcoin.
Read more | #TheWeekOnChain
#Bitcoin is seeing the largest depletion of liquidity since years.
Not only are funds being withdrawn from exchanges, but coins are continuously moving to strong hands.
In the past 30 days around 270,000 $BTC moved to entities considered HODLers.
Live chart | @glassnode
Not only are funds being withdrawn from exchanges, but coins are continuously moving to strong hands.
In the past 30 days around 270,000 $BTC moved to entities considered HODLers.
Live chart | @glassnode
New milestone: Within just three years after its launch as ERC20 token, a total of $1 trillion $USDT have been transferred on #Ethereum to date.
Live chart | @glassnode
Live chart | @glassnode
Despite briefly dropping below $30k over the past week, on-chain fundamentals for $BTC remain strong, indicating room for further growth.
Meanwhile, the rest of the crypto market is growing even faster than #Bitcoin.
Read more | #TheWeekOnChain
Meanwhile, the rest of the crypto market is growing even faster than #Bitcoin.
Read more | #TheWeekOnChain
Glassnode Insights - On-Chain Market Intelligence
The Week On-Chain (Week 4, 2021)
Despite briefly dropping below $30k over the past week, on-chain fundamentals for BTC remain strong, indicating room for further growth. Meanwhile, the rest of the crypto market is growing even faster.
12.6% of the #Bitcoin supply (2.3M BTC) was moved at prices above $30,000 USD.
This is substantial, given that $BTC crossed $30k just this year. It suggests investors are injecting capital, and therefore confidence in further price appreciation.
Live chart | @glassnode
This is substantial, given that $BTC crossed $30k just this year. It suggests investors are injecting capital, and therefore confidence in further price appreciation.
Live chart | @glassnode
#Bitcoin NUPL was rejected the entrance into the "euphoria" zone earlier this month.
A near miss of the blue zone does not rule out significant further growth for Bitcoin.
After a similar event in 2017, $BTC increased around 900% before hitting the top.
Live chart | @glassnode
A near miss of the blue zone does not rule out significant further growth for Bitcoin.
After a similar event in 2017, $BTC increased around 900% before hitting the top.
Live chart | @glassnode
$57 million #Bitcoin short positions were liquidated on Binance within 10 minutes after $BTC surged $4,000.
Live chart | @glassnode
Live chart | @glassnode
Wrapped BTC (WBTC) volume on Uniswap hit an ATH.
A total of $38 million were traded on the exchange within a single hour after #BTC surged to over $36,000.
Live chart | @glassnode
A total of $38 million were traded on the exchange within a single hour after #BTC surged to over $36,000.
Live chart | @glassnode