#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

#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

Live Chart

#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.

Live Chart

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

The Week On-chain Video Report #36 is live!

We analyse topics including:
- Miner revenue and spending behaviour
- Growth of institutional size #Bitcoin transactions
- Market sentiment via spending analysis
- ATH in $BTC and $ETH futures open interest

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

Over $4B in #Bitcoin open interest has been cleared during this sell-off.

This is the most significant leverage flush out since the sell-off in mid-May.

Read and watch our analysis leading up this event in our Newsletter and Video Analysis.

During yesterday's sell-off, over 10.3% of the #Bitcoin supply transitioned from holding an unrealised profit, to now holding an unrealised loss.

This indicates that around 1.94M $BTC have an on-chain cost basis between $45.8k and $52.6k.

Live Chart

We are pleased to release a Video Tutorial for using Workbench, to compare, and construct bespoke metrics and insights.

We show you how to use formulas to construct a simple pricing and hash-rate model.

Access Workbench Tool.

As derivatives led the sell-off this week, the value locked in #DeFi protocols has held up remarkably well.

Interestingly, the valuations of #DeFi tokens appears to have dislocated from this uptick in protocol usage and TVL.

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

The relative supply held by LTH and STH tells us an interesting story about #Bitcoin:

1. Over 16.8% of the $BTC supply was spent in the last 5mths and returned to profit at the recent $52.8k high.

2. Long-term holders now own 79.5% of the $BTC supply, equivalent to Oct 2020.

This suggests that many coins changed hands during the recent consolidation in $29k to $40k range. It also indicates $BTC purchased in Q1 to Q2 2021 remain tightly held, with investors unshaken by a 50%+ drawdown. Note, some of these coins are likely held by GBTC and custodians

Last week opened to a market wide deleveraging, as #Bitcoin sold off by $10k in 1hr.

Despite downside volatility, long-term holders remain unshaken, with almost 17% of supply bought and held through significant corrections.

Read more in The Week Onchain