#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

#Bitcoin Coin Years Destroyed (CYD) is the cumulative sum of all coin days destroyed in the last 365-days. CYD is trading at levels similar to 2013, but is still far below the 2017 top.

This suggests old hands have not distributed coins to the same extent as last cycle, and instead prefer to hold onto their coins. This is especially true given #Bitcoin is older and thus more coin days are in the system.

Read More in The Week On-chain

Live Chart | @glassnode

#Bitcoin has made a new ATH and the market has started constructing new on-chain support.

Over 245k $BTC have already moved on-chain at prices above $62.7k.

This follows the significant 1.909M $BTC moved in the previous $1 Trillion consolidation zone.

Live Chart | @glassnode

#Bitcoin change-adjusted transaction volume has hit a new ATH of $49.45 Billion.

The previous record $46.68B was set at 2017 peak during a 67-day stretch of high volume > $15B.

This bull has sustained a much longer 121-days with high volume > $15B

Live Chart | @glassnode