In this week's Glassnode Clips, we focus on RHODL Ratio:

- High RHODL values indicate that a significant proportion of the Bitcoin supply is being held in coins that have recently moved, illustrating a tendency towards short-term holding, whereas low values are indicative of predominant long-term holding.
- The RHODL Ratio is currently near its two-year median, which has traditionally been crucial in indicating market transitions; the lack of a clear break in either direction is emphasizing the current state of high market indecision.
- The RHODL Ratio has consistently served as a reliable indicator in identifying key market trends and shifts, positioning it as an essential tool for comprehensive market analysis.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=LUt0XkuHyGs

Innoscriptions have been a significant buyer of Bitcoin blockspace since their introduction in Feb 2023. In this edition, we explore whether innoscriptions are displacing monetary transfers, and how the increase in fees has impacted miner profitability.

Executive Summary
Innoscriptions act as a form of buyer of last resort for cheap blockspace, and appear to be sensitive to the absolute fee paid.
Innoscriptions are best thought of as a sort of 'packing filler' which is stuffed into any remaining space once the higher value monetary transfers are packed into blocks.
Analysis of fees and volume need to consider that there can be a higher perception of 'value' assigned to the innoscriptions beyond the BTC volume being transferred and held.
Despite a meaningful uptick in fee revenue for miners, the halving event is likely to put many of them into extreme income stress unless BTC prices increase meaningfully.

Read more in The Week On-chain Newsletterand our latest Video Report.

In this week's Glassnode Clips, we focus on the upcoming Bitcoin Halving:

- We delve into the implications of the halving, exploring how the reduction in rewards will necessitate a significant increase in Bitcoin’s price to prevent operational losses for miners, potentially leading to the exit of those who can't maintain efficiency in this new landscape.
- Our models reveal a strong correlation between mining difficulty and market cap with a discernible stress point evident 24,000 USD.
- In a post-halving scenario, the focus intensifies on the survival and efficiency of miners, with indicators suggesting a requisite Bitcoin value above 30,000 USD to alleviate stress, thus offering a glimpse into market resilience and health under varying conditions.

Discover more in the latest Glassnode Clips below  👇
https://www.youtube.com/watch?v=G0lf7q9OmOc

New Chart of the Week is up! We're exploring the on-chain cost basis and MVRV metrics, spotlighting short-term holders. With Bitcoin's price testing its local range, why are these some of the key on-chain indicators to watch? Watch the video below for insights that can help you with your trading and investment decisions: https://youtu.be/GgDLdZPAX8I

In this week's Glassnode Clips, we focus on Transaction Counts and Block Capacity:

- SegWit utilizes a dual structure that separates transaction data from witness data, allowing innoscriptions to be placed in the signature side and benefiting from data discounting.
- In previous bull markets, the transaction count peaked at 400,000 daily, but with modern optimizations, we're seeing numbers rise to 550,000 due to efficient packing of innoscriptions.
- The average block now contains between 2.8k - 3.5k transactions, with daily spikes occasionally reaching over 4k per block.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=Qz0T9Ln-eYQ

In this week's Glassnode Clips, we focus on Percent Short-Term Holders in Profit:

- Short-term holders have recently been the focus, and it's evident they take profits during market peaks and incur losses during dips, as highlighted by a blue oscillator representation.
- Short-term holders are significantly sensitive to their cost-basis; thus, they tend to sell when in profit, but when facing potential losses, they can quickly succumb to panic, leading to asset transfers.
- Interestingly, while short-term holders predominantly impact immediate price actions, long-term holders are more active, especially during the pronounced cycle peaks and troughs.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=2AfzrLRRgVY

🔍 Finance Bridge by Glassnode is our go-to resource for traditional finance entities looking to integrate on-chain insights into their trading and investments. In the October edition, we delve into Bitcoin's resilience amidst panic selling and the hints of new capital inflow. We also explore how global economic challenges influence Bitcoin's liquidity and the unique options market dynamics. Plus, learn how to use the MVRV Ratio to inform your trading and investment strategies. Discover all these insights here: https://insights.glassnode.com/finance-bridge-edition-5/

In this week's Glassnode Clips, we focus on The Realized Cap HODL Waves:
- The Realized Cap HODL Waves assesses the distribution of wealth across age cohorts, offering a clearer perspective on Bitcoin's investor sentiment.
- During bull markets, the landscape is dominated by new speculative investors, whereas bear phases see committed long-term HODLers accumulating, highlighting the shifting dynamics of wealth through market cycles.
- This tool provides a vivid display of real-time capital rotations in the market, emphasizing moments when older Bitcoin coins are spent and aiding in a detailed market analysis.
Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=ZHDk9hr7sBg

The Week On-chain 43, 2023 - A Breath of Fresh Air: Bitcoin Breaks to $35K

Bitcoin prices have broken to new yearly highs, trading above the mid-cycle price level of $30k, and reaching $35k. The market found sufficient strength to break above several important psychological pricing levels, making the weeks that follow important to keep an eye on.

Executive Summary
- Bitcoin bulls have managed to push BTC prices back to $35k, breaking several key technical and on-chain pricing levels which were co-located around $28k, a noteworthy sign of strength.
- Derivatives markets contributed to the move with a pair of short-squeezes, closing out of 60k BTC worth of futures positions, and a $4.3B surge in options call open interest.
- Long-term investors are unphased by this weeks price action, with Long-Term Holder supply reaching new ATHs, and revived supply volumes remaining insignificant.

Read our full analysis in The Week On-chain Newsletter, or watch our latest video report.

In this week's Glassnode Clips, we focus on Futures Funding Rates:
- Funding rates act as a directional barometer for the market, and throughout 2023, there was a clear long bias with traders consistently paying to maintain their long positions.
- For a significant portion of 2023, perpetual annualized funding rates yielded more than US Treasury rates, underscoring the potential rewards and risks of Bitcoin futures trading.
- Following the notable selloff in August, market volumes diminished, pointing to a widespread market apathy, and while futures play a pivotal role, the adjusting rates indicate the presence of other key market dynamics.
Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=Gp7mIbcWjKY

📈Bitcoin has seen a 25% surge over the past two weeks, largely driven by the anticipation of a spot BTC ETF and its renewed status as a potential safe haven. But how can we truly measure the confidence behind this rally? Dive into our latest Chart of the Week video where we explore Glassnode's recently-developed indicator, specifically designed to gauge the confidence of new investors in Bitcoin's current price trend. Discover the insights it offers and how it can be affect your trading strategies. https://youtu.be/Y5nqImojbPA

In this week's Glassnode Clips, we focus on Cointime True Market Mean Price:

- The True Market Mean Price is an updated realized price model that was developed in collaboration with ARK Invest, accurately representing the cost basis for active investors by accounting for lost coins and early miners.
- A critical level in the Bitcoin market is the $28,000 benchmark, which signifies the average active Bitcoin investor's cost basis, and the market's recent movement above this suggests that a majority of these investors are now seeing profits.
- Compared to the tools available in 2015, today's instruments provide a more transparent insight into the market's cost basis, and moving above this significant level is likely to have a profound impact on overall investor sentiment.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=0xnTNXXxHlY

The Bitcoin Supply is historically tight, with an all-time-high in coins held by Long-Term investors, and impressive rates of accumulation taking place. In this edition we explore this tightness using several on-chain supply heuristics and metrics.

Executive Summary
- The Bitcoin supply is quite tight with several measures of supply such as Illiquid, HODLed, and Long-Term Holder Supply at historical highs.
- The spending behavior of Short-Term Holders suggests a shift in market character has taken place now that the market has rallied above the key $30k level.
- Analysis of investor cost basis for various cohorts suggests that this $30k level is an important zone of interest for the bulls, with an 'air-gap' between there and $33k.

Read our full analysis in The Week On-chain Newsletter, and watch our latest video analysis report.