The Week On-chain Video Report #31 is live.

In our analysis, we cover the market reaction to recent positive price action.

In particular, we assess which cohorts of holders took profits, the trend of spending vs accumulation, and metrics to keep an eye on.

You can see all our video analysis and metric tutorials on Glassnode Studio

It is estimated that the Patoshi entity mined 1.096M $BTC during the early days of #Bitcoin life.

At the ATH, these coins were worth almost $70 Billion.

An additional 717k $BTC are estimated to be held by the rest of the miner cohort.

Live Chart

This week in DeFi Uncovered we explore the rise of #NFTs and crypto-gaming.

We map out the basics of the #NFT space, and assess the volume and demand metrics describing its meteoric growth.

Read more in this week's issue of DeFi Uncovered

The proportion of #Bitcoin supply held by LTHs continues to trend higher as coins are held dormant.

Previous bull markets were triggered when LTH supply reached between 63.6% and 71.5% although often after many months at these levels.

LTHs currently hold 66% of the $BTC supply.

#Bitcoin entity-adjusted transaction volume has increased to $7.48B per day over the last 14-days.

In particular, transactions over $1M in size (approx. 25 $BTC) are on the rise. This represents 46.5% of the total transaction volume.

Live Chart

Despite a strong rally to $45k, the #Bitcoin market still has not seen a significant increase in old coins (> 1y) being spent.

This is very different to the 2018 bear market where old hands took exit liquidity on most relief rallies.

Live Chart

The #Bitcoin market has continued its rally higher with many on-chain metrics supporting market strength.

This week, we assess the probabilities of a supply squeeze, and analyse which cohorts are spending coins.

Read our analysis in The Week On-chain

The dominance of large #Bitcoin transactions (> $1M) has risen from 30% in 2020, to over 65% in 2021.

This reflects a growing share of institutional interest, and capital being transferring across the #Bitcoin network.

Read more in The Week On-chain

The Week On-chain video report #32 is now live!

In our analysis, we cover the spending behaviour on-chain to establish market conviction during the rally.

We also assess the mechanics of the supply squeeze and the probabilities of it happening.

Be sure to check our Video Portal on Glassnode Studio for more analysis and metric tutorials.

The #Bitcoin Hash Ribbons are about to complete a bullish cross-over.

This signals that miner hash-rate is recovering.

Historically, the 30D hash-ribbon crosses above 90D when the worst of the mining impact is over, and recovery is underway.

Live Chart

There are strong indications of accumulation and HODLing behaviour in #Bitcoin on-chain data.

The $BTC HODL waves for Young Coins (1w-3m) have been in in structural decline since Feb.

This indicates fewer old coins being spent, and young coins are being taken into cold storage.

#Bitcoin HODL waves for Middle-aged (3m-1y) and Old coins (1y-5y) show the other side of this equation.

Younger coins are held dormant and thus mature into older and older age brackets over time showing the conviction of $BTC holders is high.

Live Chart

Short Term Holder NUPL has just traded back to positive values.

This means that on aggregate, STHs are in a slight profit relative to their on-chain costs basis.

Rapid recoveries like this are common in two cases:
- Bear market relief rallies
- Disbelief phases of bull markets

Alongside #Ethereum launching EIP1559, the broader #DeFi market has caught a bid.

This week, we analyse the $ETH burn rate of EIP1559, and examine core metrics like revenue, users, and TVL for assessing #DeFi valuations.

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

#Bitcoin has continued to flow out of exchanges in August at a rate between 75k and 100k per month.

This magnitude of outflow is similar to the period between 2020 and Q1 2021, where heavy accumulation, and the GBTC arbitrage trade dominated.

Live Chart

Between the low of $29.7k, and the current price at $45.4k, a total of 16.4% of total #Bitcoin supply returned to profit.

This indicates that approximately 3.08M $BTC were last spent, and thus have an on-chain costs basis in this price range.

Live Chart

The #Bitcoin mining market has continued to recover this week, with both hash-rate and revenue per hash climbing.

We also assess new all-time-highs in capital inflows and what a surge in profitable supply indicates about the recent accumulation zone.

Read our analysis in The Week On-chain

#Bitcoin miner revenue per hash has climbed by 57%, returning to mid-2020 levels as the Great Migration continues.

The typical 900 $BTC mined per day are distributed between ~62.5% of the peak hash-power seen in May

See more analysis in The Week On-chain

The Week On-chain Video Report #33 is live.

This week we analyse the #Bitcoin mining market with an in-depth assessment of hash-rate recovery, miner revenue and accumulation.

We also analyse on-chain profit, loss, capital inflows and the Realised Cap ATH

The total $ETH held on exchange balances has hit an all-time-low, at the same time as $ETH 2.0 staking hits new highs

This week we analyse $ETH capital rotation through #DeFi protocols, and experiments in liquidity stickiness

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

#Bitcoin exchange flows have returned to a dominance of outflows through August as investors withdraw $BTC.

The market has transitioned through a number of phases of exchange flow dominance over the last year, with outflow dominance last seen in late 2020.

Live Chart