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

The #DeFi ecosystem was put to the test last week, as collateral value fell, gas prices spiked, and demand for stablecoins increased.

In this piece we analyse the resilience of #DeFi protocols, and the response of the market to a rapid 50% price mark-down.

Read our Analysis here and Sign-up here for more DeFi related insights.

As #Bitcoin price falls, the supply of the big three stablecoins $USDT, $USDC and $DAI have continued up and to the right.

During this sell-off, stablecoins have grown by:
$USDT up $14.2B
$USDC up $9.72B
$DAI up $1.22B

Flight to safety? or dry powder?
Live Chart

After one of the most dramatic sell-offs in #Bitcoin history, the conviction of investors has been put to the test.

In this piece we assess:
- Market structure leading into the crash
- Bull and Bear cases of various metrics
- BTC holder sentiment on-chain

Read our analysis here.

The #Bitcoin market currently has three supply trends in play:

- Short Term Holders are distributing.
- Long Term Holders are HODLing/Accumulating.
- Miners are Accumulating.

The $BTC market is a battleground between the bulls and the bears.

Live Chart

The #Bitcoin market consolidates after selling-off last week, as investors demonstrate unique spending behaviours on-chain.

We Assess
- Market pain points
- Spending patterns on-chain
- Analysis of sellers and hodlers

Read more in The Week On-chain

Our threshold for #Bitcoin Long-Term Holders are coins dormant for > 5-months.

At current prices, LTHs who accumulated in late-Dec to early-Jan are approaching their cost basis.

This will test the conviction of the market.

Read more in The Week On-chain

The DeFi ecosystem is constantly expanding with new ideas, innovations and protocol designs.

This week we explore and assess a suite of experimental lending platforms, with a focus on protocol design, risks and opportunities

Read our analysis and subscribe for more DeFi insights

The average transaction fees for both #Bitcoin and #Ethereum have returned to levels not seen since Jan 2021 and Aug-Sept 2020 during 'DeFi Summer'.

The average transaction fee paid on each network is currently:
$7.38 for $BTC
$6.08 for $ETH

Live Chart

From March 2020 to the start of May, a total of 744k $BTC moved from Liquid to Illiquid state.

During the recent sell-off, 160k $BTC have been spent back into liquid circulation providing an indication of the supply that has changed hands.

Live Chart

The demand for both #Bitcoin and #Ethereum blockspace has fallen dramatically this week, with many usage metrics breaking down.

We analyse:
- Active on-chain usage
- Falling blockspace demand
- Long-Term Holder supply

Read more in The Week On-chain

On-chain activity on the #Bitcoin network has dropped off, as investors become uneasy around market direction.

Meanwhile, coins accumulated in the early bull are maturing to Long-Term Holder status at an accelerating pace.

Read more in The Week On-chain

#Bitcoin Binary CDD (7DMA) shows when old $BTC are on the move greater than average.

After a period of sustained distribution spending by old hands, Binary CDD has fallen back to pre-bull accumulation levels.

Old coins are simply not moving.

Live Chart

Adjusted SOPR provides insight into the magnitude of profit or loss realised by the market on-chain.

Recently, aSOPR persisted below 1 as losses were realised.

Dip buyers also appear to be taking profits as aSOPR has just spiked above 1.

Learn more at Glassnode Academy.

Live Chart

Following El Salvador confirming #Bitcoin is now legal tender, 1.521M $BTC returned to an unrealised profit during the price bounce.

This means that around 1.521M $BTC (~8% of supply) have an on-chain cost basis between $31.7k and $37.9k.

Live Chart

As #Bitcoin becomes legal tender in El Salvador, Long and Short term investors appear to be taking opposing sides of the trade.

This week, we analyse:
- Short-term traders going short
- Long-term holders staying long

Read more in The Week On-chain

Large volumes of $BTC accumulated in the early bull remain tightly held, even as price trades back around their cost basis.

Coins are maturing into 3m-12m age bands indicating Long-Term Holders are unshaken by volatility.

Read more in The Week On-chain

The response of 'the little guy' to the evolution of #Bitcoin as an asset can be seen in the supply distribution.

Entities with < 1BTC (sat stackers) almost own 5% of the supply and have accumulated in four accelerating phases.

Live Chart

As the nascent #DeFi sector expands and evolves, a key question is whether the risk-adjusted performance is competitive vs $ETH?

We assess the YTD performance of:
- Spot $ETH
- Spot $DPI
- Yield Farming $SUSHI
- Passive Yearn yDAI

Read more in DeFi Uncovered and subscribe for more DeFi insights.

#Bitcoin on-chain activity has fallen dramatically this week, returning to levels not seen in 1yr.

Simultaneously, a seismic shift is underway in the #Bitcoin mining markets, as hash-rate falls and miners ramp up spending.

Read more in The Week On-chain