Despite weak price-action through June, #Bitcoin has been withdrawn from exchanges at the most aggressive rate in history.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However, with $ETH prices collapsing over 78%, and coins unable to be withdrawn, only 17% of staked $ETH is now in profit.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

Over 80% of the total USD denominated wealth invested in #Bitcoin has been HODLed for at least 3-months.

This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices.

Live Chart

2022 has seen #Bitcoin markets weather two enormous capitulation events, both with the largest $BTC transfer volume in loss since 2011.

When LUNA collapsed, the total transfer volume in loss was 538k $BTC.

This was followed by 480k $BTC as the market traded below the 2017 ATH.

Live Chart

#Bitcoin is testing the underside of the Realized Price, which has historically been associated with bear market bottoms.

With two deep, and historically large capitulation events in May-June, could a genuine bottom now be forming?

The Week On-chain Newsletter is also now available in a live dashboard format.

We include ideas for🔔Alerts to set, with the goal of helping you identify the changing tides of this #Bitcoin bear market.

Read our analysis in The Week Onchain and Live Dashboard

#Bitcoin is currently in the process of breaking above three long-term pricing models:

- Realized Price (average cost basis)
- Long-Term Holder RP (Cost basis of LTHs)
- 200-week Moving Average

Read more on #Bitcoin bottom formation in The Week On-chain Newsletter

Our latest video analysis is now live, exploring the market structure, and bottom formation characteristics for #Bitcoin.

We assess the deep capitulation by forced sellers, recovering profitability, and pricing models that describe bear market lows.

Watch The Week On-chain Video Report

#Bitcoin Lightning Network capacity in public channels continues to push to new highs, despite prevailing bear market headwinds.

Total capacity is now at 4,290 $BTC, which has increased by 34.6% since the November market peak.

Live Chart

#Bitcoin has attempted to escape the gravity of the $20k zone in a long awaited relief rally.

Momentum in the short term is favorable, however longer-term indicators suggest additional time may be required to form a firm foundation.

Read our analysis in The Week On-chain

The latest Week Onchain video report is now live.

We analyse the market considering
- Recent large statistical deviations from the 'mean'
- Evidence of capitulation
- Short-to-Long Term momentum indicators

Watch our latest video analysis report

We are extremely pleased to release a new State of the Market report in collaboration with CoinMarketCap.

In this first edition, we explore the 2022 bear so far, and how on-chain market structure has evolved for #Bitcoin, #Ethereum, and Stablecoins. We analyse
- Evolving market fundamentals and structural changes during the 2022 bear cycle.
- Risk-off sentiment, the deleveraging of DeFi, and shifting dominance of stablecoins.
- Network profitability of Bitcoin and Ethereum.
- Realized price, realized losses and how it compares to previous bear markets.
- Stress developing in the Bitcoin and Ethereum mining industries.

Read the Report and view the Live Dashboard

We have just released a video analysis to support our State of the Market report with @CoinMarketCap.

We explore:
- Evolving structure of the bear
- Risk-off sentiment in onchain metrics
- $BTC and $ETH Realized prices
- Stress in the mining industry

Watch our video analysis.

#Bitcoin and #Ethereum have rallied strongly off the bottom, reaching above the Realized Price.

Attention now turns to whether this is a bear market rally, or whether the fundamentals are following through in support.

Read more in The Week On-chain

The Week On-chain video report is live for Week 31.

In this edition, we assess if this is likely to be a bear market rally for #Bitcoin and #Ethereum, or whether there is follow through in on-chain fundamentals.

Watch our latest video report.

#Bitcoin investors continue to realized a larger magnitude of losses vs profits on spent coins.

🟥Realized Losses = $319M/day
🟩Realized Profit = $226M/day

This is typical of bear markets, and a reversal is often associated with a pick up in demand.

Live Chart

We also explore the concept of Realized Profit and Loss for #Bitcoin in this On-chain 101 Guide video.

Here we explore how to use investor profit and losses to track #Bitcoin cycles, sentiment, and inflection points between bull and bear market structure.

Watch our video guide on Realized Profits and Loss

With the #Bitcoin market now back above the Long-Term Holder Realized Price, the question turns to whether they are taking exit liquidity.

In out latest Market Pulse, we explore the current behaviour of LTHs, who have distributed 222k $BTC since May.

Read more in The Market Pulse