The Week Onchain Video Report #37 is live!

We analyse the volatility, and derivative liquidations behind the #Bitcoin sell-off that opened the week.

Then we shift to analyse #Bitcoin HODLers, accumulation, and conviction of these buyers of last resort.

aSOPR presents the relative profit, or loss realised by $BTC spent onchain.

The bearish trend in May-July saw a sustained period of aSOPR < 1 as investors capitulated losses.

In bullish trends, aSOPR = 1.0 tends to act as support as conviction to HODL profitable coins remains.

#Bitcoin mining hash-rate has now recovered by 54% from the 2021 lows.

Approximately half of the mining network went offline in May, as the full impact of the Great Mining Migration was felt.

This recovery suggests that around a quarter of the peak hash-rate remains offline.

#Bitcoin miners have been in accumulation mode over the last 6 months, with the unspent supply climbing by 13,000 $BTC since January.

After a small spend of ~1,360 $BTC in late August, it appears miner balances are increasing once again.

Live Chart

#Bitcoin Thermocap is calculated as the cumulative sum of USD block rewards paid to miners

It reflects the aggregate 'cost of production' for all circulating $BTC.

The Thermocap just passed $30.3B.

At a market cap of $900B, #Bitcoin is worth 29.7x more that its total input cost.

As #Bitcoin markets experiences further downside volatility, Long-term Holders are strategically spending coins.

$BTC exchange balances continue to see strong outflows, and the #Bitcoin Thermocap surpasses a $30B valuation.

Read more in The Week On-chain

When the #Bitcoin market experiences significant price moves, we can assess the change in profitable on-chain entities to gauge zones of cost basis concentration.

Approximately 8.6% of on-chain entities (wallets with the same owner) have a cost basis between $43k and $48k.

#Bitcoin has experienced a strong correction this week, with prices trading down to $40k.

In the Week 38 Video Report, we:
- assess the derivatives and market response
- analyse on-chain spending behaviour
- explore the Thermocap valuation model

#Bitcoin Lightning Network now at an all-time-high of over 72,380 open payment channels.

This is up 226% from the stable baseline of ~32k channels established throughout 2019-20.

Live Chart

The total volume of #Bitcoin held by Long-Term Holders has reached a new all-time-high of 80.5% of circulating $BTC.

The breakdown of circulating supply is:
- LTH supply profit = 71.1%
- LTH supply in loss = 9.4%
- STH supply = 19.5%

Live chart

During a volatile week, #Bitcoin investors have had their conviction tested.

This week, we assess both bullish and bearish indicators for the current market structure, and deep dive into our new Lightning Network metrics⚡️

Read more in The Week Onchain

The Week Onchain #39 Video Analysis is live.

We analyse the current bearish #Bitcoin market structure, as well as the bullish supply dynamic undertones.

We also cover our new suite of Lightning Network metrics which are all breaking all-time-highs⚡️

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

#Bitcoin Short-term Holders are currently seeing their conviction tested.

The STH-SOPR metric trades at or below 1.0 in:
- Bullish shake-outs
- Bear markets
- Capitulation events

STHs are currently realising minor losses on-chain, spending coins that last moved at higher prices

The total value paid to #Bitcoin miners via the block reward (subsidy + fees) is hovering around $40M/day.

Compared to the 2020 Halving, current USD miner revenue is:
- 275% higher vs pre-halving (12.5 $BTC/blk subsidy)
- 630% higher vs post-halving (6.25 $BTC/blk subsidy)

#Bitcoin rallied last week, breaking out of an accumulation range where 10.3% of $BTC supply last moved.

In the mining industry, the difficulty ribbon is about to signal positive recovery, as miner revenues reach $40M/day.

Read more in The Week Onchain

The Week Onchain Video Report #40 is live!

This week we analyse the changes in #Bitcoin profitability for holders and what this tells us about recent $BTC accumulation

We also analyse the mining recovery and positive flip of the Difficulty Ribbon metric

Live Dashboard

Video Report

#Bitcoin Entities in Profit has risen to 94.3%.

Over 16.2% of all on-chain entities have returned to profit since the Sept lows.

The last time this many network entities were in profit was before the sell-off in May.

Live Chart

#Bitcoin Long-Term Holders are those who have the lowest time preference, and the longest time horizon.

In our latest research piece by TXMC, we present a deep dive analysis into the psychology, and market fractals for #Bitcoin's strongest hands.

Read our analysis on #Bitcoin Long-Term Holders here

#Bitcoin on-chain fundamentals continue to paint a bullish picture, with Long-Term Holder supply hitting ATH

Leverage has also crept back into derivatives, with futures premiums, open interest and funding rates on the rise

Read more in The Week On-chain

The Week Onchain Video Analysis Week #41 is live!

We analyse a broad range of topics across the market
- Elevated on-chain activity
- Growth in Long-Term Holder Supply
- Accumulation, spending and HODLing behaviour
- Rising leverage in derivative markets

#Bitcoin Long-Term Holders Supply is currently increasing at between 13x and 15x $BTC issuance.

In other words, LTHs are stacking sats 13x faster than fresh coins are being minted by miners.

Read Analysis

Video Report