As $ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycles lows.

Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap.

Today's market strength is supported by volume settled on-chain.

Live Chart | @glassnode

#Bitcoin has bounced from correction lows as $BTC coins mature, HODLing behaviour strengthens and stablecoin supplies hit ATH.

#Ethereum also shows market strength as throughput increases, exchanges are drained and DeFi absorbs $ETH.

Read more in The Week On-chain

#Bitcoin supply accumulated in the early phase of this bull market is beginning to mature.

HODLed $BTC are seen in the Realized Cap HODL Waves as the thickness of older age bands swells over time.

Read More in The Week On-chain

Live Chart | @glassnode

We have refreshed our pre-set Dashboards to provide improved insights and signals into the #Bitcoin market

The HODLers Dashboard is designed to observe spending patterns of long term investors and old coins.

HODLers Dashboard is available here.

#Ethereum supply dynamics tell a compelling story for the future for the protocol.

$ETH on exchanges has fallen to 12.0% of circ. supply, as $ETH in smart contracts rises to 22.8%.

Our Analysis in The Week Onchain Newsletter

Refreshed Ethereum Dashboards

Live Chart | @glassnode

#Bitcoin accumulation by 'sat stackers' has continued slow, steady and uninterrupted for many years.

Addresses holding less than 1BTC now own 5.25% of the circulating $BTC supply.

So far we've not seen a FOMO impulse like 2017 blow-off top.

Live Chart | @glassnode

#Bitcoin on-chain support strengthens as miners return to accumulation and supply held in OTC desks is depleted.

Meanwhile, #Ethereum has been the beneficiary of significant capital rotation, as both price and on-chain metrics reach new ATHs.

Read More in The Week On-chain

$BTC held on OTC Desks has been in constant decline through 2021, even as miners distributed coins.

2021 Institutional demand absorbed more supply than available and recently, miners have returned to steady accumulation.

Read more in The Week On-chain

#Ethereum DeFi has expanded at an incredible pace, absorbing over $100B in liquidity in under 12 months.

In this analysis, we assess the key on-chain metrics which track and quantify the explosive growth, and stickiness of DeFi.

Read our latest report on The State of DeFi

For more DeFi related analysis, insights and content, subscribe here

#Bitcoin mining difficulty has increased by 21.5% today.

It is the largest positive difficulty adjustment in almost 7 years.

Live Chart | @glassnode

#Bitcoin supply held by Long Term Holders has returned to accumulation mode

Whilst it looks similar to the 2017 peak, HODLers today actually hold +8% more of the circulating supply in dormant wallets.

Dormant supply increases, even as price dips.

Live Chart | @glassnode

As Elon Musk reverses his #Bitcoin sentiment, we observe new entrants panic selling and hodlers stepping in to buy the dip.

This is a historically significant correction that is testing $BTC hodler conviction.

Read more in The Week On-chain

As crypto markets experience downside volatility, the demand for stablecoins increases.

A key feature of the burgeoning #DeFi ecosystem is the opportunity to deploy stablecoins into yield producing protocols.

Read our analysis on opportunities to generate yield on stablecoin collateral here

This #Bitcoin sell-off is historic in the magnitude of losses realised by short term holders.

STH-SOPR has only dipped this low on three occasions since 2015:
- Feb 2018 start of bear market
- Nov 2018 bear capitulation
- Mar 2020 COVID sell-off

Live Chart

#Bitcoin on-chain transaction fee dominance for deposits to exchanges reached a new ATH during yesterdays sell-off.

Over 18% of all on-chain transaction fees were associated with deposits, eclipsing the top of 14% set in 2017.

This highlights the urgency felt by coin holders as they reacted to market volatility.

Live Chart | @glassnode

Stablecoin Supply Ratio hits an All-Time-Low of 8.54.

This means the #Bitcoin Market Cap is 8.54x larger than the global supply of stablecoins.

ATL SSR values indicates that the purchasing power of crypto-native dollars is at a relative ATH.

Live Chart | @glassnode

Demand for the top stablecoins $USDT, $USDC and $DAI pushed prices noticeably above the $1 peg in the month before the Coinbase listing.

This may suggest there was distribution and a strong demand for exit liquidity to 'sell the news'.

Live Chart | @glassnode

This weeks correction has resulted in a substantial deleveraging of futures markets.

Over $7.5B in #Bitcoin open interest was cleared within a few hours, bringing total open interest back to levels last seen in early February.

Live chart | @glassnode

#Bitcoin has experienced a tremendous deleveraging, with prices falling over 50%, and on-chain entities taking historically large losses.

We analyse:
- Magnitude of Losses
- Cross Section of Sellers
- Market Deleveraging

Read more in The Week On-chain

The Grayscale $GBTC Discount has risen from a peak low of -21.23% to a smaller discount of -3.8%.

$GBTC has sustained a discount to spot #Bitcoin prices for 3 months. Positive price momentum started on May 12, early in the current correction.

Live Chart | @glassnode

#Bitcoin Net Unrealized Profit and Loss is a macro cycle oscillator which tracks the magnitude of profit held in $BTC.

The market is currently testing a NUPL value of 0.5 which is typical for deep bull cycle corrections.

Read More in The Week On-chain