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%

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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

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#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

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#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.

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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%.

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#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

#Bitcoin hashrate has almost completely recovered, sitting only 4% below the ATH (7-day moving average basis).

Network hashrate fell by over 50% in May following China's ban on #Bitcoin mining

Hashrate has since climbed by 93% from the lows, hitting 172 Exahash/s today.

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The #Bitcoin market hovers precariously below $50k, as the bulls, and bears draw their lines in the sand.

After a significant deleveraging in derivatives markets, onchain data provides insight into the most likely $BTC move.

Read more in The Week Onchain

The #Bitcoin circulating supply has now passed 18.9M $BTC, which is 90% of the total 21M coins that will ever exist.

It took 12.9yrs to mine the first 90% of the supply, and will take approximately 112yrs to mine the remaining 2.1M $BTC

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Our video analysis report for Week #50 is live!

We analyse the Bull/Bear line in the sand, in the aftermath of last weeks deleveraging event.

#Bitcoin is on the edge of investor supply profitability, where, historically, the bulls have to step in and provide support.

The Canadian #Bitcoin Purpose ETF has added 6,341 $BTC in assets under management since the $69k ATH.

This represents an increase of 26.2% in coin holdings, even whilst prices drawdown over 34% in that time.

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#Bitcoin mining difficulty is just 3.5% below the all-time-high.

It has taken 180-days to almost fully recover from 52% of network hash-power going offline during the Great Migration.

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#Bitcoin miner unspent supply is currently sitting just 500 $BTC below ATH.

These coins are issued to miners as a reward for solving a block, but have never been spent onchain.

Miners started HODLing significantly more $BTC since March 2020.

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#Bitcoin continues to consolidate as macro uncertainty creates weakness across global markets.

In this edition, we assess both Short-, and Long-Term Holder cohorts, and how they are responding to a very top-heavy coin supply

Read more in The Week Onchain

#Bitcoin is currently a very top heavy market, with around 24.6% of the total supply held at an unrealized loss.

In this week's Video Report, we analyse various onchain cohorts, to gauge their profitability, and whether they are buying, or selling $BTC.

Watch our Video Report

#Bitcoin supply is moving from a Liquid, to Illiquid state at a rate of 100k $BTC per mth.

Illiquid coins are those sent to an address with little history of spending, generally associated with investor accumulation, and bull market buyers.

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