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.

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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.

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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.

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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.

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#Bitcoin rallied towards the $50k level last week, absorbing the profits realised by spenders on-chain

This week, we assess who is spending coins, flows of coins to exchanges, and rising open interest in derivatives markets

Read More in The Week On-chain

The proportion of old $BTC spent on-chain increased last week, as some investors de-risk and take profits.

So far the market has absorbed these realised profits, despite an overall net inflow of coins to exchanges.

Read more analysis in The Week On-chain

The Week On-chain Video Report #35 is now live.

In our analysis, we assess:
- Increasing leverage in derivatives
- Net exchange balance inflows
- Old #Bitcoin on the move
- Spending behaviour of on-chain cohorts

Alternative smart contract chains saw a meteoric rise in attention over the last few weeks.

In this weeks analysis, we explore usage and adoption metrics for $AVAX, $SOL, and $LUNA, to assess their underlying fundamentals.

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

#Bitcoin price is currently sitting at the top end of a strong on-chain support zone.

Over 1.65M $BTC now have an on-chain cost basis within the $45k to $50k range

The green zone below, at $31k to $40k, is also home to another 2.98M $BTC, indicative of large accumulation demand

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#Bitcoin and #Ethereum have held into gains last week, despite a slow-down in on-chain activity.

This week, we assess this divergence for both chains, as well as analyse what appears to be a supply squeeze in the making.

Read More in The Week On-chain

The Week On-chain Video Report #35 is live.

Our analysis starts with an assessment of #Bitcoin on-chain volume support and accumulation levels.

We also analyse the divergence between low on-chain activity, and strong supply dynamics for $BTC and $ETH.

After a period of moderate $BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins.

This brings the total balance to just over 700k $BTC.

The last time the Coinbase #Bitcoin balance was at this level was December 2017.

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NFTs continue to command an impressive lead in Ethereum ecosystem attention.

This week, we explore the incredible growth of NFT markets through August, and whether any of this attention is leaking back into the DeFi sector.

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

#Bitcoin reclaimed the $50k level this week, with on-chain data suggesting the dominance and stickiness of institutional capital continues to grow

This week we analyse on-chain volumes, derivatives and recent miner spending

Read more in The Week On-chain