Previous #Bitcoin bull markets are characterized by fingerprints of increased miner outflows of $BTC that had been acquired throughout prior years.

Even though we're seeing slightly higher outflows of older BTC, this same pattern has not emerged in the current bull market.

@glassnode

ATH: There are now more 94,000 #Bitcoin addresses holding at least $1 million worth of $BTC.

The steep increase in mid December marks the point when BTC crossed $20,000 – making all early miner addresses (50 BTC rewards) millionaire addresses.

Live chart | @glassnode

Record day: Trading volume on CME crossed the $5 billion mark for the first time.

#Bitcoin

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Institutional demand: One week after #Ethereum futures launched on CME, daily trading volume reached a total of $75.8M yesterday – almost doubling Friday's volume of $40M.

Meanwhile, open interest has increased to $62 million.

Live chart | @glassnode

Open interest on #Bitcoin futures contracts across major exchanges is at $17.5 billion.

Live chart | @glassnode

#Bitcoin MVRV-Z crosses a value of 7 into red territory for the first time since Dec 2017.

While this indicator suggests we could be in the advanced phase of the bull market, $BTC can still significantly grow from there.

In 2017, BTC made another ~2x.

Live chart | @glassnode

While $BTC crosses above $57k, we are not seeing a significant increase in funding rates yet.

The average funding rate for perpetual swaps across major exchanges is currently around 0.05%.

#Bitcoin

Live chart | @glassnode

Just a few days after the world's first #Bitcoin ETF started trading, its holdings are at 8,288 BTC – 2,251 were added yesterday alone.

The ETF's AUM has crossed half a billion USD, currently sitting at $564M.

Live chart | @glassnode

The #Bitcoin futures market saw a new record volume yesterday – more than $180B were traded across major exchanges.

Live chart | @glassnode

#Bitcoin funding rates are trending further down and have reached levels not seen since almost a month.

Live chart | @glassnode

Yesterday another 417 BTC were added to the Canadian #Bitcoin ETF – it now holds more than 10,000 BTC.

Live chart | @glassnode

The daily #Bitcoin Spent Output Profit Ratio (SOPR) has seen a full reset, and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.

Live chart | @glassnode

#Bitcoin is in the midst of the second significant correction this bull cycle.

In this Week On-chain, we explore how both market and on-chain indicators are cooling off and whether there is any merit to 'this time is different'

Read more | #TheWeekOnChain

$GBTC is trading at a -11.92% discount – record low. #Bitcoin

Live chart | @glassnode

60-Day SOPR (entity-adjusted) reset without falling below one.

This indicates a high HODLing conviction from new investors, as coins that were bought in 2021 did not move at a loss during this last dip.

#Bitcoin | @glassnode

In 2021, the #Bitcoin network settles on average more than $10 billion (!) USD every day.

This number refers to BTC actually changing hands – it adjusts for change volume and transactions between addresses of a single network participant.

Live chart | @glassnode

#Bitcoin has held composure around $50k this week despite volatility in traditional markets.

This Week On-chain, we deep dive into how three key network participants managed this correction.

- Miners
- Long Term Holders
- Short Term Holders

Read more | #TheWeekOnChain

More capital is flowing into the derivatives markets, as the amount of outstanding #Bitcoin futures contracts reaches another ATH.

Open interest across major exchanges is currently sitting at the verge of the $20B mark.

Live chart | @glassnode

The $GBTC premium remains negative for the 10th day in a row.

#Bitcoin

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The number of new participants in the #Bitcoin network is unprecedented.

Over the past weeks, we have seen a large growth of new entities. This is a strong indication that new retail investors have been entering the space.

Live chart | @glassnode

Long-Term Holder MVRV at 20+ has been a good indicator of #Bitcoin market tops in previous cycles.

Currently at 10, it indicates room for more upwards movement.

$BTC was trading at ~$4,500 at these levels in 2017 – and made another 4.4x to the peak.

Live chart | @glassnode