#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

The Week On-chain Video Report #28 is live on Glassnode Studio.

We analyse a broad scope of the #Bitcoin market:
- Mining market dynamics
- Exchange flows and Derivatives
- Coin maturation and holding patterns
- Deep dive into the HODL waves

See our Video Report

As yields across #Ethereum #DeFi compress, active participants seek out new pools, projects and protocols to find fresh yield opportunities

This week we analyse a number of less obvious sources of yield available in the market

Read more in DeFi Uncovered

#Bitcoin is currently trading near the lows of a significant on-chain volume node.

Between prices of $31k and $34.3k, over 1.86M $BTC have transacted on-chain, equivalent to 9.93% of the circulating supply.

This is now convincingly the largest realised volume cluster since $12k.

Live Chart

#Bitcoin is trading on the edge of a large on-chain volume support level, with a high volatility move likely just over the horizon.

This week, we analyse the Bull and Bear cases using the full suite of on-chain metrics.

Read more in The Week On-chain

Tune in for our analysis of the Bull, and Bear case for #Bitcoin in this Week On-chain Video.

We assess:
- Short vs Long range indicators
- Institutional demand
- On-chain activity
- Miners and HODLers
- Coin maturation
- Probability of Supply Squeeze

Video Report