The decline of #Bitcoin exchange balances signals reduced selling pressure.
Currently 2.6M BTC are being held on exchanges.
This is significantly lower than the last time $BTC hit a local top over a year ago (2.8M), and lower than before the sell-off in March (2.9M).
Live chart | @glassnode
Currently 2.6M BTC are being held on exchanges.
This is significantly lower than the last time $BTC hit a local top over a year ago (2.8M), and lower than before the sell-off in March (2.9M).
Live chart | @glassnode
Our data shows that a total of 1 billion $USDT (ERC20) was deposited to #Binance in the past two hours.
Note that #Tether has performed a chain swap from Tron to the ERC20 protocol, which effectively leaves the total #USDT supply unchanged.
Live chart | @glassnode
Note that #Tether has performed a chain swap from Tron to the ERC20 protocol, which effectively leaves the total #USDT supply unchanged.
Live chart | @glassnode
Despite a slight decrease in the Glassnode Network Index (GNI), #Bitcoin’s fundamentals remain strong – keeping the compass in the bullish quadrant for the 13th week in a row.
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
Increased #Bitcoin investor HODLing behaviour:
The circulaing BTC supply that hasn't moved in at least 2 years is now at 44% (8 million $BTC) – a level we haven't seen in over three years.
In the past year this metric has increased by 10 percentage points.
Live chart | @glassnode
The circulaing BTC supply that hasn't moved in at least 2 years is now at 44% (8 million $BTC) – a level we haven't seen in over three years.
In the past year this metric has increased by 10 percentage points.
Live chart | @glassnode
There are currently over 500,000 #Bitcoin "accumulation addresses" holding a total of 2.6M $BTC (~14% of the circulating supply).
Accumulation addresses are defined as addresses that:
- have 2+ incoming txs
- never spent BTC
- were active in the past 7 years (accounting for lost coins)
- exchanges & miners are excluded
Live chart | @glassnode
Accumulation addresses are defined as addresses that:
- have 2+ incoming txs
- never spent BTC
- were active in the past 7 years (accounting for lost coins)
- exchanges & miners are excluded
Live chart | @glassnode
While the GNI retraced for the second week in a row, #Bitcoin fundamentals remain healthy and the compass continues to provide a bullish sentiment.
Meanwhile the amount of wrapped BTC on Ethereum increases to new highs.
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
Meanwhile the amount of wrapped BTC on Ethereum increases to new highs.
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
#Ethereum miners earned over $500,000 USD in transaction fees in the past hour.
That is a new record high for a single hour (anomalous transaction fees earlier this year excluded).
Live chart | @glassnode
That is a new record high for a single hour (anomalous transaction fees earlier this year excluded).
Live chart | @glassnode
#Ethereum transaction fees in perspective: Miners earned a total of $113M from fees in August.
In April this number was at only $3M – that's a 38x increase!
And a 1.8x increase from the previous ATH in Jan 2018.
In comparison: #Bitcoin miners earned $39M in August, almost three times less.
Live chart | @glassnode
In April this number was at only $3M – that's a 38x increase!
And a 1.8x increase from the previous ATH in Jan 2018.
In comparison: #Bitcoin miners earned $39M in August, almost three times less.
Live chart | @glassnode
Coin Days Destroyed (CDD) is an indicator for movements of large & old stashes of $BTC.
Currently, it is showing no signs of long-term investors cashing out.
In fact, CDD is less than half compared to last year when #Bitcoin was at the same price level.
Live chart | @glassnode
Currently, it is showing no signs of long-term investors cashing out.
In fact, CDD is less than half compared to last year when #Bitcoin was at the same price level.
Live chart | @glassnode
Despite continued strong on-chain fundamentals, #Bitcoin lost over 11% of its value last week – but it still outperformed altcoins, which took an even larger tumble.
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
On-chain Exchange Fee Dominance shows the major role that centralized exchanges play in the #Bitcoin ecosystem.
20% of all miner fees are currently used for BTC txs involving exchange activity.
In 2018 after $BTC peaked, this number was as high as 41%.
Live chart | @glassnode
20% of all miner fees are currently used for BTC txs involving exchange activity.
In 2018 after $BTC peaked, this number was as high as 41%.
Live chart | @glassnode
Unfazed by $BTC's price swings the number of network addresses holding at least 1 BTC has shown a continuous growth over the years.
The number of "wholecoiner" addresses hit another ATH yesterday, closing the day above 823,000 for the first time.
#Bitcoin
Live chart | @glassnode
The number of "wholecoiner" addresses hit another ATH yesterday, closing the day above 823,000 for the first time.
#Bitcoin
Live chart | @glassnode
Currently, almost 10% of all #Bitcoin miner fees are spent for transactions that deposit $BTC to centralized exchanges.
This is a 2x increase since the beginning of the year, and levels we haven't seen since late 2017.
Live chart | @glassnode
This is a 2x increase since the beginning of the year, and levels we haven't seen since late 2017.
Live chart | @glassnode
Regardless of short-term $BTC price movements, #Bitcoin's hash rate continues to climb – and to hit new ATHs.
At the current rate, miner difficulty is estimated to increase by 11% this Sunday – the second largest positive adjustment in 2020.
Live chart | @glassnode
At the current rate, miner difficulty is estimated to increase by 11% this Sunday – the second largest positive adjustment in 2020.
Live chart | @glassnode
#Bitcoin's on-chain fundamentals are slipping slowly as BTC's price stagnates around $10k.
Meanwhile, activity within the #Ethereum ecosystem is continually picking up with the rise of DeFi protocols.
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
Meanwhile, activity within the #Ethereum ecosystem is continually picking up with the rise of DeFi protocols.
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
Following Uniswap's announcement of their governance token $UNI earlier today, #Ethereum saw a massive surge in miner fees.
Almost $1 million USD in fees were spent in a single hour!
This is a new record high (anomalous tx fees earlier this year excluded).
Live chart | @glassnode
Almost $1 million USD in fees were spent in a single hour!
This is a new record high (anomalous tx fees earlier this year excluded).
Live chart | @glassnode
ETH supply on centralized exchanges 📉
vs.
ETH supply in smart contracts 📈
#Ethereum
Live chart | @glassnode
vs.
ETH supply in smart contracts 📈
#Ethereum
Live chart | @glassnode
#Bitcoin mining difficulty increased today by 11.3%, hitting a new all–time high!
It is the 3rd largest positive adjustment in the past two years.
Live chart | @glassnode
It is the 3rd largest positive adjustment in the past two years.
Live chart | @glassnode
#Bitcoin’s on-chain fundamentals grew stronger during Week 38, but Monday's stock market drop saw BTC fall below $10,500 and threatens to wipe out the gains from the past week.
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain
Read about this week’s developments in the latest Week On-Chain.
Read more | #TheWeekOnChain