Currently 79% of all #Bitcoin supply is in a state of profit.

It has been steeply increasing since its 45% low in March after Black Thursday.

Historically, levels of 90% and higher have clearly marked pronounced BTC bull markets.

View live chart | @glassnode

The number of #USDT transfers to exchanges has skyrocketed – ATH according to our data.

Given that the inflow exchange volume did not significantly increase, this implies a large amount of small-sized Tether deposits.

Main destination is #Huobi.

View live chart | @glassnode

#Bitcoin inflows to major exchanges spiked during BTC's recent sharp increase to $10,000, clearly showing investors' reaction to the sudden price surge.

Live data | @glassnode

#Miners play an essential role in the #Bitcoin ecosystem.

Understanding their behaviour gives investors powerful insight into a driving force of the market.

Are they hodling or selling their rewards?

BTC flow from miners to exchanges is now live.

Live chart | #ProductRelease

#Bitcoin's price increase has pushed it up into the bullish regime for the first time in 3 months, marking a return to pre–crash levels.

However, declining on–chain fundamentals leave BTC in an unstable & potentially unsustainable position.

Read more | #TheWeekOnChain

The Market Compass: Monthly (May 2020) is now available to Advanced & Professional Studio users - and to celebrate the launch of our new Telegram channel, subscribers can also access this month’s issue.

The Market Compass is a monthly publication which provides a thorough overview of Bitcoin's development over the previous month, based on Glassnode's market index, the GNI.

Read about Bitcoin's fundamentals for May below:

Get the report | #TheMarketCompass

When are miners moving large amounts of bitcoin?

Introducing the Miner Outflow Multiple:

It shows periods when the volume of BTC flowing out of miner wallets is high compared to its historical average.

It is defined as the ratio of miner outflow (in USD) and its 365 day MA.

Live chart | #ProductRelease

Miners appear to be hodling BTC after the halving.

However, this may not necessarily represent bullish sentiment, but rather an inability to recover costs at current prices – Bitcoin’s next price spike could trigger a sell-off.

Read more | #Insights

After an unstable transition, the compass has moved deeper into the bullish Regime 1 in Week 23.

With on-chain fundamentals rising and BTC holding over $9k, the present outlook for #Bitcoin seems to be optimistic.

Read more | #TheWeekOnChain

How much BTC is flowing in and out of miner wallets?

What is the number of incoming/outgoing Bitcoin transactions to/from miner addresses?

New miner metrics available on Glassnode Studio:

- Miner outflows and inflows
- Miner netflows
- Miner outgoing and incoming transactions

Live charts | #ProductRelease