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

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

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Over the last three weeks, approx 40k $BTC have been withdrawn, 28% of what came in.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

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#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

The #Bitcoin Realised Cap tracks the aggregate value of all coins at the price when last moved.

It rises when coins are spent at a net profit, and declines when spent at a loss.

Since mid-May, the market has absorbed over $15B in net losses.

Live Chart

The #DeFi ecosystem has seen capital redistribution out of risk-on speculation, and into risk-off stablecoin yield generation.

In our analysis, we present a short-term bear case for DeFi, alongside future growth opportunities.

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

#Bitcoin Short-term Holder MVRV measures deviation of price away from the realised price (STH cohort cost basis).

Very low values indicate STHs are holding coins significantly below their acquisition cost.

In bearish trends, this has typically aligned with capitulation events.

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As #Bitcoin prices rally higher, over 2.1M $BTC have returned to profitability based on their realised price.

This indicates that 11.2% of the circulating supply has an on-chain cost basis between $29k and $38k.

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The #Bitcoin price has squeezed higher early Monday morning in what appears to be a short squeeze.

In this weeks analysis, we review derivatives and on-chain markets to assess whether fundamentals support the rally.

Read more in The Week On-chain

The Week On-chain #30 Video Report is live.

We analyse:
- Market structure and the short squeeze
- Changes in derivative market positioning
- Divergence between price and on-chain activity
- Network profitability

Live Dashboard and Video Report