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.

With the price declines over the weekend, the #Ethereum market has fallen below the $ETH Realized Price of $1,781.

This means the market is holding an average unrealized loss of -18.4%.

The Realized Price of ETH 2.0 deposits is higher at $2,404, with an unrealized loss of -39.6%.

The #Bitcoin market has plunged into the low $20k range, coming into contact with the Realized Price.

In our latest edition, we assess how the market is entering the deepest and darkest phase of the bear.

Read more in the Week On-chain

#Bitcoin investors have locked in the largest USD denominated Realized Loss in history last week.

The $BTC spent on-chain this week realized net losses of over $4.23B.

This eclipses all major sell-offs in 2021, and is 3x larger than March 2020.

We can inspect the coins sent by #Bitcoin Short-Term Holders directly to exchanges.

Here we can see that this cohort locked in realized losses of 0.01% of the Market Cap per day.

Whilst significant, these STH losses are not as large as major sell-offs in the last 5yrs.

#Bitcoin Long-Term Holders however realized major losses, equal to 0.007% of the Market Cap per day.

This is almost as large as March 2020, and is the first major LTH capitulation event in the 2021-22 cycle.

We explore this further in our latest WoC Newsletter

The #Ethereum DeFi sector experienced a major de-leveraging event, with $124B wiped from DeFi TVL in 6-weeks.

In our latest research piece, we analyse the dramatic decline in crypto-collateral value, and the impacts on $ETH network profitability

Read our latest piece: The Great DeFi Deleveraging

The #Bitcoin Puell Multiple🟧has fallen to the lowest levels since the Nov 2018 bear market crash.

Miners are currently earning just 39% of their 1yr average USD income.

The Difficulty Ribbon🟪 is also compressed, signalling miner stress and potential capitulation is on the horizon.

This weekend, #Bitcoin plunged below the 2017 $20k ATH, as numerous entities in the market were deleveraged or liquidated.

In our latest Week Onchain report, we analyse the financial stress within by the market, including miners and Long-Term Holders.

Read more in The Week On-chain

The latest Week Onchain video report is live.

This week we analyse the sell-off over the weekend:
- #Bitcoin market trading below $20k
- Cost of $BTC production model
- Capitulation of #Bitcoin miners
- Sell-side pressure by Long-Term Holders

Watch out Latest Video Analysis report.

The #Bitcoin Mayer Multiple is currently trading at 0.5, meaning price is at a 50% discount to the 200-day Moving Average.

#Bitcoin prices have only closed at a Mayer Multiple value of 0.5 or lower on 3% of all trading days.

Live Chart

The #Bitcoin drawdown from ATH has reached 73.3%, compared to previous bear market lows of between 75% and 84%.

The duration in this bear is:
- 435-days from the Apr-2021 ATH
- 227-days from the Nov-2021 ATH

This firmly places the current bear within historical bear norms.

Live Chart

The 2022 bear market has been brutal for #Bitcoin and #Ethereum investors, realizing massive capital losses.

In our latest research, we quantify the severity of this bear, and makes a case for it being the most significant in history.

Read more in A Bear of Historic Proportions.

The month of June has been historically volatile for #Bitcoin, driving prices to levels below last cycles ATH.

In this weeks newsletter, we attempt to assess whether #Bitcoin bottom formation is possible, and whether this time is different.

Read More in The Week On-chain.

#Bitcoin markets have been under extreme pressure this year, plunging the investor class of 2021-22 below their cost basis.

In this weeks video report, we explore the extreme deviations apparent in macro #Bitcoin metrics, models and on-chain patterns.

Watch out latest video report.

Within the extremely challenging #Bitcoin market conditions of 2022, there are three entity cohorts with very interesting dynamics:

- Shrimp < 1 $BTC are stacking 🟦
- Whales > 1k $BTC are stacking 🟦
- Miners are distributing 🟥

A thread exploring these entities 🧵1/4

Small #Bitcoin holders with < 1 $BTC have been adding to their balance at the most aggressive rate since March 2020.

Shrimps are adding at 36.75k BTC/month which is 0.2% of the circulating supply, and 1.36x monthly issuance.

Shrimps now hold 1.12M $BTC in total.

Whales (>1k $BTC) typically go through accumulation / distribution cycles, often aligned with #Bitcoin market structure.

These entities are also adding to their balance aggressively, acquiring 140k $BTC/month directly from exchanges

Whales now own 8.69M $BTC (45.6% Supply)

Finally, #Bitcoin miners, who have been under immense income stress of late are in distribution mode.

Excluding Patoshi and Unknown miners (balance is flat), miners hold 65.2k $BTC in aggregate

Miners are distributing 3k-4k $BTC/mth.

Read more

#Bitcoin has had its worst monthly price performance since 2011, trading down 37.9% in June.

Lacklustre on-chain activity indicates a near complete purge of 'fair weather' investors has taken place, leaving only HODLers to hold the line.

Read more in The Week On-chain

Our latest #Bitcoin analysis video report is live.

We cover:
- Lacklustre on-chain activity
- Historically high rate of exchange outflows
- Aggressive balance increase for Shrimp and Whales

Watch the Week On-chain Report