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

#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

#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

The median gas price on #Ethereum hit an ATH of 485 Gwei in the past hour.

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

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

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

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

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

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

#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

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

ETH supply on centralized exchanges 📉

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

#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

The number of #Bitcoin addresses depositing funds to exchanges has doubled since the beginning of the year.

Currently, around 100k unique addresses send $BTC to exchanges each day.

Last time we saw these levels was during the peak bull market of 2017.

Live chart | @glassnode

#Bitcoin Realized Cap ist at an ATH.

Since $BTC hit $20,000 in December 2017, Realized Cap has grown by $43B to currently $115B – that is an increase of 60%.

Realized Cap values each bitcoin at the time they last moved on-chain, and serves as an estimate for investors' aggregate cost basis.

Live chart | @glassnode

The recent drop in #Bitcoin addresses holding ≥ 1 $BTC is of no concern and has no relevance regarding network fundamentals.

This was merely an exchange doing inhouse cleaning, and merging a bulk of small UTXOs in separate addresses into a single one.

Live chart | @glassnode

#Bitcoin Difficulty Ribbon Compression is trending up and broke out of the green buy zone for the first time since March.

Historically, these have been periods characterized by a positive momentum indicating significant $BTC price increases.

Live chart | @glassnode

#Bitcoin has mostly recovered after dropping rapidly on Monday in response to the stock market.

While its fundamentals remain strong, BTC's correlation with traditional markets is limiting price growth.

Read about this week’s developments in the latest Week On-Chain.

Read more | #TheWeekOnChain

#Ethereum miners made a total of $166 million from transaction fees in September – setting a new ATH.

This is an increase of 47% compared to the previous record high in August.

In comparison: #Bitcoin miners made $26 million from fees – a difference of more than 6x!

Live chart | @glassnode