#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

Live chart | @glassnode

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

In bull markets old coins tend to move more. This increases the relative supply of younger coins in the network.

At previous $BTC tops, around 50% of the #Bitcoin supply was younger than 6 months.

We are currently significantly below this level (36%).

Live chart | @glassnode

#Bitcoin on-chain indicators suggest conditions are similar to the second half or later stages of a bull market

This week we analyse:

- Accumulation dynamics
- HODLer Strength
- BTC Wealth Transfer cycles

Read more of our analysis in The Week On-chain

#GlassnodeInsights

#Bitcoin held above $50k last week as early signs of coin maturation showed up on-chain.

This week we analyse:

- Ageing of coins bought in this bull
- Spending behaviour of old coins
- Deep Dive into Exchange Balances

Read more in The Week On-chain

#GlassnodeInsights

BTC coins mature into older lifespan brackets when they remain unspent.

In the last 6mths, over 9.51% of BTC supply has matured into the 1m-6m age range.

These #Bitcoin were acquired during this bull market.

Live chart | @glassnode

#Bitcoin Binary CDD trends when older coins are spent or stay dormant.

With a 7-day MA applied it trends:
- Higher if old coins are spent
- Lower if old coins are dormant

Over last 3mths, Binary CDD has started trending lower implying that Old Hands have resumed HODLing their BTC.

Learn more in Academy
https://glassno.de/2PPprrw

Live chart | @glassnode

#Bitcoin has solidified its position as a $1 Trillion asset with on-chain volume equivalent to 10% of supply transferred above the $53.5k threshold

We analyse
- On-chain volumes
- Miners accumulating
- Futures market dynamics

Read more in The Week On-chain.

#GlassnodeInsights

#Ethereum on-chain fees tell a story of protocol evolution, as DEXs overtake CEXs.

Phase 1: Exchange based trading, alongside retail led ICO mania dominates gas fees.

Phase 2: Trading activity slows in the bear whilst smart contract experimentation continues.

Phase 3: DeFi + DEXs + mass CEX withdrawals dominate gas fees with Exchange related gas fees falling to only ~5% dominance.

Live Chart | @glassnode

#Bitcoin has held strong this week as on-chain data suggests old hands are maintaining their composure.

We analyse:

- Rick Astley HODLers as old hands have spend less and hodled more than previous cycles.
- Stablecoin supply expansion, with USDT alone expanding by $3.36B over the last two weeks
- Cyclical metrics to watch closely, including key levels to track via Glassnode Alerts

Read more in The Week On-chain

#Bitcoin Futures Open Interest across major exchanges reaches record highs of more than $27B as $BTC hits new ATHs.

Live Chart | @glassnode