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.

In this week's Glassnode Clips, we focus on Shrimp Balance Change:

- Shrimp, crabs, and fish, categorized as holders of under 100 BTC, are acquiring 92% of newly minted Bitcoin, reflecting significant investment activity by smaller market participants.
- The investment pattern significantly strengthened post the Luna and Three Arrows Capital collapses, signaling an extended phase of increased Bitcoin holding beginning in June 2022.
- Bitcoin's transition from liquid exchange wallets to investor-held wallets suggests a tightening supply, as investors, both new and established, exhibit a preference for holding over selling.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=Bk4erUcu8l4

The fourth #Bitcoin halving is fast approaching, estimated to be in April 2024.

In this edition, we deep dive into the impressive tightness of $BTC supply, and demonstrate how we can measure investor accumulation patterns in the lead up to the event.

By many measures of 'available supply', #Bitcoin is as tightly held by investors as it has ever been relative to total circulating supply.

Meanwhile, rates of accumulation and HODLing far exceed new issuance today.

Read more in The Week On-chain newsletter.

🔍📊 Discover Bitcoin's critical support and resistance zones in our Chart of the Week. Our analysis of Entity-Adjusted URPD reveals where the market's cost basis clusters could steer the next price movements. Watch now for essential on-chain insights to refine your trading and investment decisions. https://youtu.be/-8gIA9aaHMI

Recent volatility in Ethereum, triggered by BlackRock's move to file for a spot ETH ETF, highlights yet another pivotal moment in the digital asset landscape. This ETF could significantly impact Ethereum's supply-demand dynamics and its broader ecosystem. For investors navigating these changes, Glassnode offers essential insights for strategic decision-making. Download our one-page guide to understand how metrics like Gas Usage, Altcoin Indicator, and Capital Rotation Dynamics can inform your trading decisions, both now and in the future: https://glassno.de/47xVfDZ

In this week's Glassnode Clips, we focus on BTC and ETH vs Gold:

- Bitcoin's performance against gold was remarkable, almost doubling its gold-purchasing power with a growth exceeding 90%, demonstrating its significant ascendancy in the digital asset market.
- Ethereum, while achieving a 40% increase against gold, did not match Bitcoin's extraordinary growth, reflecting a growing performance disparity between these two leading cryptocurrencies.
- In fluctuating markets, Bitcoin and Ethereum exhibited similar trends on the downside. Yet, during periods of growth, Bitcoin consistently surpassed Ethereum, underscoring its robust performance in comparison to gold and Ethereum.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=G8GRxEUxZWQ