Amidst macro headwinds, #Bitcoin investors have opted to close out leverage, buy put option insurance, and de-risk ahead of Fed rate hikes expected in March.

We also analyse whale, miner and investor on-chain supply dynamics to assess the prevailing accumulation and distribution trends. Finally, we introduce a number of #Bitcoin supply sinks including ETF holdings, wrapped $wBTC, and the coins held by the Mt Gox Trustee

Read more in The Week Onchain

The #Bitcoin market has matured significantly over recent years, with derivatives markets offering new instruments to hedge risk.

With Fed rate hikes expected in March, we explore how derivatives have impacted spot $BTC holdings.

Watch our video report here.

#Bitcoin hash-rate has continued to climb in 2022, pushing to a new ATH of 194EH/s on a 30-day moving average basis.

Application of a longer term moving average helps smooth out the natural variability in day-to-day block production times.

Live Chart

There are currently ~275k daily active entities on the #Bitcoin network.

This level of activity is far below bull market highs, indicative of tepid demand from new users.

However, the activity floor continues to climb in bearish markets, reflecting longer-term network effects.

#Bitcoin Short-Term Holders are the most likely cohort to spend their coins in response to volatility.

With weakness across #Bitcoin markets, we analyse STH behaviour from a number of angles, including on-chain activity, supply dynamics, and profitability

https://youtu.be/gIUGmrMJZhQ

#Bitcoin Short-Term Holders currently own 54.5% of all coins held at an unrealized loss (2.56M $BTC, creating sell-side headwinds for price.

Read our full analysis in The Week On-chain

With over 33% of $BTC supply held at an unrealized loss, and a large portion held by Short-Term Holders, #Bitcoin bulls are faced with numerous headwinds.

Watch our latest video report where we deep dive into the supply side risks observable on-chain.

#Bitcoin Realized Cap HODL Waves show the maturation of supply, related to its 'stored USD value'.

During past bears, 6-12mth supply peaked approx. half-way through the bear cycle.

We are now 90-days past the 6m-12m peak, with supply now maturing into the 1yr+ age band.

Live Chart

Part 1 of the #Bitcoin Bear Market Survival Guide is now available.

JoIn us to explore how we apply T1 and T2 on-chain metrics to navigate bearish market trends.

Watch our analysis here

#Bitcoin top buyers have largely capitulated, with holders of young coins selling heavily over the last week.

In this edition, we perform a deep dive into coin distribution and what it tells us about the HODLer base

Read our analysis in The Week On-chain

Our latest video analysis is live, where we analyse the underlying #Bitcoin on-chain fundamentals supporting this rally.

A divergence between Short-Term and Long-Term Holder behaviour has been increasingly evident in recent weeks.

Watch our deep dive here.

The second instalment of the #Bitcoin Survival Guide is now live, where we cover the concept of #Bitcoin Floor models.

There is no single answer to a Bear Market bottom, which is why analysts seek confluence across numerous on-chain metrics.

Watch our video analysis here.

#Bitcoin continues to consolidate around the $38k level as the bulls attempt to put in a price floor.

In this edition, we analyse inflows to exchanges, with a particular focus on whether $BTC holders are fearful.

Read our analysis in The Week On-chain

The #Bitcoin bulls are working hard to create a price floor, whilst the bears continue to apply sell-side pressure.

As #Bitcoin consolidates in a delicate equilibrium, we deep dive into $BTC flows into exchanges to gauge the characteristics of sellers.

Watch our Video Analysis here.

Tracking on-chain #Bitcoin accumulation can be complex and nuanced to accurately analyse.

We are pleased to release the #Bitcoin Accumulation Trend Score, a metric designed to track when larger players or a large part of the market is accumulating.

The Accumulation Trend Score trades between values of 0 and 1 with the following interpretation:

1 = Whales and/or large parts of the market are accumulating.
0 = Macro distribution by the market.

This metric is calculated by combining wallet participation in different cohorts, with balance change to assess buy-side pressure.

Out methodology and example interpretation is available on Glassnode Academy.

See the Accumulation Trend Score on studio.

The ETH 2.0 deposit contract has hit 10M $ETH staked.

According to our data, at least 66% of these funds were deposited by exchanges and staking services, rather than individual stakers.

The largest deposited volume comes from Lido (22%), Coinbase is runner up with 15%.

Total ETH Staked Live Chart

To support the release of the #Bitcoin Accumulation Trend Score, we have just released a video metric guide.

In this session, we take you through the history of #Bitcoin accumulation, as it happened, on-chain.

Check out our Video Guide and the Live Metric

Over 82% of #Bitcoin Short-Term Holder supply is held at a loss, suggesting the potential energy for capitulation is in play.

The bulls however continue to stack sats, at an incredible rate of 7.6x $BTC issuance to miners.

Read more in The Week Onchain

The Week Onchain Video Report #11 is live.

We analyse:
- Short-Term softening of accumulation
- Near All-time-Lows of young $BTC supply
- Long-Term Holder trends and conviction
- The potential risk of a capitulation event

Watch our video report now

#Bitcoin has traded into a narrow price range for over 2 months, as more traders move risk neutral cash-and-carry positions.

But derivatives markets are now pricing in a high volatility move just over the horizon.

Read our analysis in The Week On-chain

Over the course of this #Bitcoin drawdown, buying pressure has been mainly during US and EU trading hours.

Meanwhile, the majority of sell-side pressure has occurred during Asian market hours, suggesting a divergence in regional strategy.

Read more in The Week On-chain