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%

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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

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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.

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#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

#Bitcoin on-chain activity has been on a consistent grind higher through Aug-Oct.

Many activity metrics are up ~24% since the $29k low set in late July.

Active Addresses +179k/day
Active Entities +51k/day
Transaction Counts +43k/day

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#Bitcoin balances on exchanges has plateaued throughout October.

Total exchange balance in those we track is at around 2.45M $BTC, which is equivalent to ~Aug 2018 levels

From the 3.11M $BTC ATH in Mar 2020, a total of 657k $BTC have flowed out, equal to 21% of the ATH balance.

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We can see this in the Exchange net position change metric which has been in a net outflow regime since March 2020.

May-July was the primary period of net inflows, however this has been fully reversed.

Exchanges are currently seeing modest outflows of around 20k $BTC per month.

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As #Bitcoin breaks above $59k, Long-Term Holders have returned to impressive unrealised profits.

The LTH cohort currently holds 70% of the market cap in unrealised gains.

If this metric rallies above 75%, it would start to resemble the 2013 double rally scenario.

With #Bitcoin attacking $60k once again, only 0.98% of the circulating supply was last spent at higher prices.

Owners of this 185,816 $BTC HODLed throughout all the volatility, the ups, and the downs of the last 6 months.

99.02% of all $BTC supply is now in profit.

#Bitcoin has broken above $60k and is consolidating just below the all-time-high.

We analyse whether Long-Term Holders are spending or HODLing through the rally, and whether risk is growing in options and futures markets.

Read more in The Week On-chain

The Week On-chain #42 Video Report is live!

We analyse the cyclical trend of Long-Term Holders starting to spend $BTC, and rising derivative leverage.

As #Bitcoin approaches all-time-highs, we assess the likelihood of any price headwinds playing out.

99.705% of the #Bitcoin supply is currently in profit.

Congratulations to all $BTC HODLers on the highest daily market close in history.

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As the #Bitcoin market consolidates below all-time-highs, Long-Term Holders are able to realise larger profit multiples.

The current spending pattern in the LTH-SOPR metric indicates they are realising 300% profits on aggregate.

This compares to 800% last time $BTC was at $64k.

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