#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

The Week Onchain Video Report #45 is live!

#Bitcoin investor sentiment remains exceptionally high, with young coin supply at all-time-lows

We analyse the on-chain spending patterns, and deep dive into the mining industry and #Bitcoin security assurances.

A #Bitcoin Situation Room has been established in Glassnode Forum.

We are discussing the current sell-off from $69k, and the impacts of derivatives leverage, and on-chain spending behaviour on price moving forwards.

Members can join the discussion here

The volume of #Bitcoin last moved above a $1 Trillion Market Cap has reached 3.454M $BTC.

This means 18.3% of the supply was transacted above $53k, demonstrating capital inflows

474k $BTC were last spent above the current price, and are thus currently holding an unrealised loss

Live Chart

The #Bitcoin Top Cap, was originally proposed by @woonomic, and is calculated by applying a factor of 35x to the all-time Average Cap.

Top Cap today puts #Bitcoin at a $4Trillion valuation, and Top Price is hovering around $214k.

Live Workbench Chart

#Bitcoin pushed to new ATHs last week, as investor spending transitions into Phase 2 of the bull, and Taproot activates on-chain.

This week, we deep dive into #Bitcoin market cycle top metrics, to help you navigate the bull with the right tools at hand.

Read more in The Week Onchain

The Week Onchain Video Report #46 is live!

This week we deep dive into tools available to help navigate #Bitcoin market cycle tops.

We explore numerous metrics including:
- Top Price Model
- Mayer Multiple
- MVRV Z-Score
- RHODL Ratio
- Reserve Risk

Watch our Video Report here.

Introducing the Value of Coin-days Destroyed Multiple.

This new metric is by TXMC, and uses investor spending patterns to identify overheated and undervalued markets.

This tool is now available as a pre-set on Workbench

Read our report here

#Bitcoin has drawn down from ATHs this week, trading lower as Short-Term swing traders take profits at the highs, and then begin to capitulate at the lows.

This week we analyse what this price break down means for the longer term market trend.

Read More in The Week On-chain

The Week Onchain Video Report #47 is Live!

We deep dive into #Bitcoin Short-Term Holder cohort, who appear to be the dominant force swing trading $BTC at present.

By tracking their cost basis and profitability, we seek to identify likely support zones.

#Bitcoin has traded down -21.8% off the ATH during this months correction.

It may be a surprise that this correction is actually the least severe in 2021, measured in terms of drawdown from ATH.

Jan = -29.4%
Feb = -24.2%
Apr = -26.5%
May-July = -54%
Sept = -37.2%
Nov = -21.8%

Live Chart

Leverage across #Bitcoin derivatives markets reached ATHs this week, suggesting a squeeze in either direction may play out.

Meanwhile short, and long-term holders own more profitable $BTC supply than during September's dip.

Read more in The Week Onchain

The Week Onchain Video Report #48 is live!

Our analysis looks at the current market drawdown, and how #Bitcoin supply dynamics can inform us about investor sentiment.

We also analyse ATH leverage and the risk of a flush out and liquidation cascade.

Watch our Video Report here

Over the course of #Bitcoin's life, a staggering $8.89 Trillion in value has been settled on-chain.

We can further breakdown volume by whether it was in profit, or loss:
Volume in Profit = $5.10 Trillion
Volume in Loss = $3.79 Trillion

Live Chart

#Bitcoin Average Spent Output Lifespan has returned to a relatively low level of 35-days after peaking in late Oct.

ASOL trends higher as older coins spend, taking profits

During corrections, declining ASOL is a signal investor confidence is improving, and fewer coins are spent

Live Chart

#Bitcoin futures open interest continues to trade at historically high levels.

A total of $21.9 Billion in futures contract value is currently outstanding.

This reflects a growth of $9.5B (+76.6%) in open interest since the September lows.

Live Chart

The #Bitcoin market currently sits in one of the largest realised value clusters.

Over 2.208 Million $BTC have last moved on-chain between $55k and $60k.

The next large cluster between $60k and $63k may act as resistance, whilst support can be found at $50k and again at $42k.

#Bitcoin futures markets have experienced a significant deleveraging event, with over $5.4B in open interest closed yesterday.

Total futures open interest declined from $22B to $16.6B in one day, a decline of 24.5%.

Live Chart

#Bitcoin markets have experienced another liquidation cascade, with prices falling $8.8k in a single day.

This forced closed over $5.4B worth of futures contracts, in a large scale deleveraging event.

We assess the impact in derivative and spot markets.

Read more in The Week Onchain

#Bitcoin markets experienced to a sharp decline in prices over the weekend in a large deleveraging.

A key question is whether investor sentiment has been shaken?

in this week's video, we assess the response of both derivatives, and on-chain/spot markets.

Watch our Video Analysis for Week 49