#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

Live Chart

#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.

Live Chart

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.

Live Chart

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.

Live Chart

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.

Live Chart

#Bitcoin open interest in CME futures contracts has increased by $3.95B over the course of October

This is in part driven by the introduction of the $BITO ETF product

This represents a 265% growth in open interest since the end of September.

Live Chart

#Bitcoin hit a new ATH last week as the first futures ETF launched.

Open interest and volume in the underlying CME contracts increased 265%.

LTHs have taken strategic profits, but most are still waiting for higher prices.

Read More in The Week Onchain
https://glassno.de/3m84dmD

The Week Onchain Video Report 43 is live

This week we assess the Bitcoin ATH, and how the ETF has affected market structure

We also deep dive into:
- Long-term Holder spending patterns
- SOPR metric interpretation
- #Bitcoin Pricing and cycle top models

#Bitcoin is consolidating just below the ATH as derivatives and onchain spending cool off.

The total range of the October monthly candle was $23,205, larger in USD value than all trading history from genesis to Dec 2020.

Read More in the Week Onchain

#Bitcoin transaction value settlement is rising substantially relative to the Market Cap.

This has driven NVT Signal metric lower, indicating that even at $61.8k, $BTC is historically undervalued relative to utilisation as a value settlement layer

Live Chart

#Bitcoin miners see $BTC income halve every four years. In the current epoch, miners avg between 900 and 1,000 $BTC per day.

Despite this reduction in $BTC denominated income, miner revenue in USD is up 550% since the 2020 halving, and approaching an ATH of $62M+ per day.

#Bitcoin hovers just below ATH, as investor sentiment onchain remains extremely strong

Long-Term Holders take modest profits, onchain activity suggests an early stage bull market in play, and hashrate recovers by 95%

Read our analysis in The Week Onchain

As #Bitcoin hits new All-Time-Highs, exchange balances continue to be depleted.

Exchange reserves we track account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices.

Read in The Week On-chain Newsletter

Watch our Video Report #45