The balance between #Bitcoin supply held by Long and Short term holders has similarities to the 2017 market top.

What is different this cycle is that Long Term Holders have stopped spending their coins, suggesting an unwillingness to sell at these prices.

Read more in The Week On-chain

Each week, a live chart dashboard accompanies The Week On-chain Newsletter.

Our newly released feature includes text-boxes to explain the metrics, and provide bullish and bearish indicators to keep an eye on.

See the Week On-chain Dashboard here

Declining $ETH and #DeFi token prices create new and challenging dynamics in the ecosystem.

As yields collapse lower, and speculation demand falls, true adoption metrics and a strong user-base becomes critical.

Read more in DeFi Uncovered and subscribe for more DeFi insights

The Grayscale $GBTC product has traded higher this week, closing the price gap to spot #Bitcoin by 66%.

$GBTC was trading at a -14.44% discount on Friday, and now trades at a much smaller discount of -4.83%.

Live Dashboard

The Canadian Purpose #Bitcoin ETF has continued to expand holdings since the sell-off in mid May.

Since 15-May, a total of 3,446 $BTC have flowed into the ETF, an average of 86.15 $BTC per day.

The Purpose ETF now holds 21,114 $BTC.

Live Dashboard

#Bitcoin has held onto support this week, absorbing yet another capitulation, and likely sell-side pressure from miners

We analyse
- A second on-chain capitulation
- Balance of miner revenue + selling
- Institutional demand

Read more in The Week On-chain

We are releasing a new weekly video analysis to support our Week On-chain newsletter.

This provides deeper insight into the metrics, and their interpretation.

Weekly video analysis will be available for Advanced users, with this edition open for all.

The Week On-chain 26 VIdeo Report

The #DeFi ecosystem is largely dependant on stablecoins as a preferred collateral, borrow liquidity, and hedge for risk.

In this weeks analysis, we explore a unique attempt to decouple a stablecoin design from fiat backing.

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

The #Bitcoin difficulty ribbon has inverted, as the network responds to the 'Great Hash-power Migration'.

This does not factor in the upcoming ~27% downwards adjustment expected on 3-Jul. This will invert the ribbon to the greatest extent since 2018.

Live Chart

Total UTXO count for #Bitcoin hit an ATH of 125M in early May, after which 2 Million UTXOs were spent during the sell-off and capitulation events.

The total number of UTXOs has recovered by 800k since the low of 123M UTXOs set in early June.

Live Chart

The #Bitcoin inflation rate briefly fell to 0.71% on 27-June, the lowest level in history.

Blocks will be mined slower when large volumes of hash-power come off the network, and prior to the difficulty adjusting down (estimated to be -27.6% on 3-July).

Live Chart

#Bitcoin mining difficulty just saw its largest downward adjustment in history: -28%

Live Chart | @glassnode

The Great Hash-power Migration is underway as an estimated 50% of $BTC mining hardware comes offline.

This week we analyse this seismic shift in the #Bitcoin mining market as observed in on-chain data.

Read more in The Week On-chain

Last week, the #Bitcoin network mined the slowest 24hr average block-time since the 2009 cypherpunk era.

This was a time before $BTC even had a price and coins were mined by Satoshi on CPUs.

Read more in The Week On-chain

As the #Bitcoin mining market reacts to an estimated 50% of the hash-power coming offline, on-chain metrics provide insight into the magnitude of the shift.

Our latest Week On-chain Video Report is now available for full details.

The Week On-chain Video Report

On-chain activity remains relatively muted for #Bitcoin and #Ethereum as USD denominated transfer volume returns to Dec-Jan 2020-21 levels

#Bitcoin is settling ~$236M/day
Live Chart

#Ethereum is settling $160M/day in $ETH transfers
Live Chart

The #Ethereum DeFi ecosystem caught a bid last week, the question is whether it is a fundamental repricing, or a relief rally.

We analyse whether on-chain activity on #Ethereum and Polygon support the bounce in token prices.

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

#Bitcoin funding rates on Perpetual Futures markets have been consistently negative since the Sell-off in May.

The last time funding rates remained negative for such an extended period of time was in Mar-Apr 2020.

Live Chart

#Bitcoin exchange balances have started to show signs of sustained outflows since the sell-off on 22-June.

From the 2021 lows, ~140k $BTC were deposited to exchanges.

Over the last three weeks, approx 40k $BTC have been withdrawn, 28% of what came in.

Live Chart

As volatility squeezes out of the #Bitcoin market, it is starting to feel like the calm before the storm.

This week we analyse a range of metrics seeking bull/bear triggers for
- Miners
- Exchanges
- Derivatives
- Investors

Read more in The Week On-chain

#Bitcoin aged between 2y-5y old were accumulated between 2016 and 2019 at prices ranging from $640 to $20k.

Conviction of these investors remains strong this cycle, now holding over 22.9% of the $BTC supply

Read our analysis on coin maturation patterns in The Week On-chain