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

Despite weak price-action through June, #Bitcoin has been withdrawn from exchanges at the most aggressive rate in history.

Total exchange outflows in June peak at -151k BTC/month, with Shrimp and Whales as main receivers.

Read more in The Week Onchain.

#Ethereum 2.0 stakers have deposited over 12.98M $ETH, with 62% of it flowing in before the Nov ATH.

However, with $ETH prices collapsing over 78%, and coins unable to be withdrawn, only 17% of staked $ETH is now in profit.

In our latest research piece, we explore inflows into the ETH 2.0 contract, and calculate the Realized Price of deposits vs wider market.

What we find is, stakers who did not use liquid staking derivatives are down -36.5% more than the avg $ETH investor.

Read our latest Market Pulse on the profitability of ETH 2.0 staking deposits.

Over the last two years, the dominance of #Tether has been in macro decline.

$USDT has fallen from 88.3% of the stablecoin market, to 45.2% today, now less than half of the market.

$USDC dominance has grown 4.2x, $BUSD by 7.5x, and $DAI by 3.9x over the same 2y timeframe.

Live Workbench

Total $ETH deposited in the 2.0 contract has now surpassed 13M $ETH, which is 10.9% of circulating supply.

Lido accounts for 4.137M $ETH, commanding over 31.8% of the total stake.

By comparison, Coinbase, Kraken, and Binance combined account for 3.505M $ETH, 27% of the total.

The #Bitcoin market has many hallmarks of a deep capitulation and a late stage bear market in play.

Both Long-Term Holders, and Miners are under extreme financial stress. However,is it enough to form a resilient bottom?

Read more in The Week Onchain

The Week On-chain #28 Video Report is Live.

In this session, we study the structure of the 2022 #Bitcoin bear market, and compare it to the Nov 2018 capitulation phase.

This includes an assessment of the pressure on Miners and #BTC Long-Term Holders.

Watch The Week Onchain #28 Report

#Ethereum markets have rallied strongly off the back of a large short squeeze in futures markets.

Over $98M in short futures positions were liquidated in one hour, pushing $ETH prices up by 12.5%.

Live Chart