#Bitcoin markets continue to struggle to find price momentum in either direction.

However, under the surface, the ownership structure of $BTC is changing, fundamentals are shifting, and divergences are in play

We explore these ideas, and more in our latest weekly video analysis report.

The #Ethereum "Otherside" NFT mint by Yuga Labs on May 1st lead to record highs in fee-related metrics.

With a net change of -58,280 #ETH in circulating supply due to burned fees, this day is the most deflationary in Ethereum's history to date.

Full Thread | Live Chart

#Bitcoin Futures markets have seen a whirlwind 24hrs following Fed rate hikes yesterday.

Over 26.5k $BTC worth of open interest was added to the market during yesterdays rally.

However during the sell-off today, almost all of this open interest (~25k $BTC) has been closed out.

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Last week was historic for #Bitcoin, as $LUNA hyper-inflated, $UST failed, forcing the sale of 80k $BTC

Next, the $USDT peg came under pressure for 24hrs, creating $5B in losses, and a near miss with the Realized Price.

Read our full break-down analysis in The Week-On-chain

Last week saw $UST and $LUNA collapse, and the #Tether $1 peg come under pressure.

The #Bitcoin market sold off 21.2% in response, putting all 2021-22 investors in loss

Read our analysis of the impact the $UST and $USDT de-peg events had on the market.

Our video analysis report on the $LUNA and $UST events from last week is now live.

We analyse:
- The hyperinflation of $LUNA and $UST collapse
- Sale of 80k $BTC by LFG
- #Tether de-peg and impact on stablecoins
- Realized losses at an enormous scale

Watch our video report here.

Aggregate stablecoin supplies have declined by a total of $8.4B over the last month, the largest in history.

This reflects a net capital outflow from the space.

Last week, $USDC expanded by $2.64B, whilst $DAI contracted by over 24%, as debt positions were closed or liquidated.

You can find out more about the overall shifts occurring in the stablecoin market from our written or video reports.

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The severity of this bear market has put a dent in some of the long-term price performance metrics for both #Bitcoin and #Ethereum

This week, we analyse the diminishing return profile of both $BTC and $ETH, and what market structure, and on-chain demand tells us about the road ahead.

Read more in The Week On-chain

Our weekly video analysis report is live, where we explore the price performance of #Bitcoin and #Ethereum

We also analyse $BTC and $ETH options, and on-chain fee markets to assess risk factors that may drive further downside.

Watch our video report for full details.

Welcome to the Glassnode Engine Room, a new product release for our Professional and Institutional members.

This suite of exclusive image metrics provides an inside look at the research, innovation and experimentation happening behind the scenes.

Engine Room metrics are designed to inspect increasingly bespoke segments of market and network data. Examples include:
- Breaking down the URPD into Age, Wallet and LTH-STH cohorts
- Profit and Loss bands by cohort and age
- Accumulation Trend Score by wallet cohort

You will find the Glassnode Engine room located under the #Bitcoin category in your list of pre-set dashboards. We look forward to releasing new metrics, research, and concepts to the Engine Room on a semi-regular basis, and to hearing your feedback.

During the $LUNA triggered sell-off in early May, a total of 80,081 $BTC were liquidated by the Luna Foundation Guard.

Interestingly, the volume of supply held by entities < 100 $BTC has since increased by 80,724 $BTC.

This shows a transfer from LFG, to <100 $BTC holders.

In the aftermath of the recent sell-off, a notable shift in #Bitcoin accumulation trends is underway

#Bitcoin HODLers remain the only ones left, however their behaviour signals a doubling down, as prices trade around $30k.

Read more in The Week Onchain

#Bitcoin HODLers appear to be doubling down, with wallet growth for <100 BTC entities growing significantly in recent weeks.

In our latest video analysis, we deep dive into how investor psychology has changed since the sell-off in early May.

Watch our latest Video Report.

The total $ETH staked in the #Ethereum 2.0 contract continues to climb.

Over 12.764M $ETH has been staked by 398k unique validators. This is 10.73% of the circulating supply.

Since 1-May, 19.8k additional validators have staked, and come online.

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#Bitcoin miners have been net distributors since the recent sell-off.

Miners balances have recently declined at a peak rate of 5k to 8k $BTC per month ($150M to $240M at $30k $BTC).

Their spending has slowed this week to 3.3k $BTC/mth.

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As #Bitcoin prices trade at the lower end of the 2021-22 cycle, almost all investors from the last 18-months are holding unrealized losses.

Miners are also under pressure, with revenues down 56%, whilst cost of production is up 132% since the ATH.

Read more in The Week On-chain

With #Bitcoin prices trading at the lower end of the 2021-22 range, almost all investors of this cycle are now holding an unrealized losses.

Just 2.2% of Short-Term Holders are in profit.

Read about declining network profitability in The Week On-chain.

With #Bitcoin miner revenues down 56% since the all-time-high, we are seeing miners distributing $BTC from their reserves.

At the same time, difficulty is up 132%, increasing the #Bitcoin cost of production.

Watch more in our latest video analysis report

Congratulations to the #Ethereum community on a successful Merge on the Ropsten testnet.

There is over $22.78B in value staked and ready for the upcoming main-net Merge to Proof-of-Stake.

This represents 12.8M $ETH = 10.78% of supply.

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The #Bitcoin hash ribbons have started to signal inversion.

This means that hash-rate is starting to come offline, usually as a result of stress in miner incomes impacting profitable operation.

Typically, these inversions occur in late stage bear markets.

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With #Bictoin miners coming under stress as revenues decline, their behaviour is increasingly under the spotlight.

In our latest video report, we show you how to analyse the fundamentals of Proof-of-Work mining, as described via on-chain metrics.