CME Group futures now represent over 83% of the calendar futures market for Bitcoin and 65% for Ethereum, highlighting CME's growing influence in institutional trading.
Discover more insights from our report with CME Group → https://glassno.de/3XPCQkx
Discover more insights from our report with CME Group → https://glassno.de/3XPCQkx
We have now made the Spot Bitcoin ETF metrics accessible to all our users. View the latest ETF balances and flows from VanEck, BlackRock, Fidelity, and others in near real-time.
For more information, go to Glassnode Studio: https://glassno.de/3y3ER1Y
For more information, go to Glassnode Studio: https://glassno.de/3y3ER1Y
The Week On-Chain 30, 2024
Bitcoin prices have rebounded strongly, rallying over $68k and catalyzing an uptick in perpetual futures activity. The appreciation in price has also provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit.
Executive Summary
- Binance, Bybit and OKX remain the industry leaders for perpetual swap markets, accounting for around 84% of the total open interest.
- We introduce a novel model to track the sensitivity of leverage and Open Interest in Futures markets relative to changes in the spot Bitcoin price.
- Price has climbed back above the Short-Term Holder cost basis, which has provided much-needed relief for new investors, with over 75% of their supply moving back into profit.
Read more in The Week On-Chain newsletter.
Bitcoin prices have rebounded strongly, rallying over $68k and catalyzing an uptick in perpetual futures activity. The appreciation in price has also provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit.
Executive Summary
- Binance, Bybit and OKX remain the industry leaders for perpetual swap markets, accounting for around 84% of the total open interest.
- We introduce a novel model to track the sensitivity of leverage and Open Interest in Futures markets relative to changes in the spot Bitcoin price.
- Price has climbed back above the Short-Term Holder cost basis, which has provided much-needed relief for new investors, with over 75% of their supply moving back into profit.
Read more in The Week On-Chain newsletter.
❤1
Introducing the Q3 Guide to Crypto Markets by Coinbase Institutional and Glassnode.
This third installment highlights the ongoing bull market, ETF impact, and surge in on-chain activity.
Key points from the 65-page guide:
- Bull Market Dynamics: Since November 2022, Bitcoin prices have quadrupled. This cycle had drawdowns of 5%-30%, with none exceeding 30%, a rarity in past cycles.
- ETF Influence: Spot Bitcoin ETFs, launched in January 2024, amassed $50B in AUM within six months, boosting crypto interest and trading volumes. ETF inflows have outpaced new Bitcoin issuance, indicating strong demand.
- On-chain Growth: On-chain activity is up, with daily active addresses on Ethereum and Layer 2 solutions increasing by 127% in 2024. Despite a 58% drop in user fees post-Ethereum's Dencun upgrade in March 2024, transactions rose by 59%, showing real utility.
Download the guide here: https://glassno.de/4ddXPSn
This third installment highlights the ongoing bull market, ETF impact, and surge in on-chain activity.
Key points from the 65-page guide:
- Bull Market Dynamics: Since November 2022, Bitcoin prices have quadrupled. This cycle had drawdowns of 5%-30%, with none exceeding 30%, a rarity in past cycles.
- ETF Influence: Spot Bitcoin ETFs, launched in January 2024, amassed $50B in AUM within six months, boosting crypto interest and trading volumes. ETF inflows have outpaced new Bitcoin issuance, indicating strong demand.
- On-chain Growth: On-chain activity is up, with daily active addresses on Ethereum and Layer 2 solutions increasing by 127% in 2024. Despite a 58% drop in user fees post-Ethereum's Dencun upgrade in March 2024, transactions rose by 59%, showing real utility.
Download the guide here: https://glassno.de/4ddXPSn
Bitcoin has historically exhibited exponential gains during bull cycles, but each cycle has also seen numerous large drawdowns. The current cycle has seen:
- Eight drawdowns between 5%-20%
- Two drawdowns between 20%-30%
- No drawdowns greater than 30%
Discover more insights from our recent Q3 report with Coinbase Institutional → https://glassno.de/4ddXPSn
- Eight drawdowns between 5%-20%
- Two drawdowns between 20%-30%
- No drawdowns greater than 30%
Discover more insights from our recent Q3 report with Coinbase Institutional → https://glassno.de/4ddXPSn
Bitcoin Spot ETF Balances now exceed $50B in AUM since their January 2024 launch, marking the most successful ETF debut in history. This chart shows the daily balances of the top US-traded Bitcoin ETFs.
More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn
More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn
The Week On-Chain 31, 2024
After more than a decade of legal process, the long awaited creditor distribution of the Bitcoin recovered from the Mt.Gox exchange collapse is underway. From a psychological perspective, this represents the final chapter in what has been a major market overhang over the industry since 2013.
Executive Summary
- After a prolonged legal process, Mt.Gox creditors are finally receiving Bitcoin recovered from the exchange hack. Currently, 59k of the 142k BTC has been distributed via Kraken and Bitstamp.
- Wealth held by new investors is declining, well below levels seen at macro market tops, indicating a shift back towards HODLing.
- The distribution pressure by the LTH cohort remains relatively light, and is in decline. Alongside this, Long-term investors currently hold 45% of the network wealth, which is relatively elevated compared to levels seen near macro cycle topping events.
Read more in The Week On-Chain newsletter.
After more than a decade of legal process, the long awaited creditor distribution of the Bitcoin recovered from the Mt.Gox exchange collapse is underway. From a psychological perspective, this represents the final chapter in what has been a major market overhang over the industry since 2013.
Executive Summary
- After a prolonged legal process, Mt.Gox creditors are finally receiving Bitcoin recovered from the exchange hack. Currently, 59k of the 142k BTC has been distributed via Kraken and Bitstamp.
- Wealth held by new investors is declining, well below levels seen at macro market tops, indicating a shift back towards HODLing.
- The distribution pressure by the LTH cohort remains relatively light, and is in decline. Alongside this, Long-term investors currently hold 45% of the network wealth, which is relatively elevated compared to levels seen near macro cycle topping events.
Read more in The Week On-Chain newsletter.
Bitcoin Daily Active Entities, measured as clusters of addresses controlled by the same entity, fell 16% in Q2 2024. This metric helps gauge user adoption and network activity.
More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn
More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn
Daily active addresses on Ethereum and leading L2s have increased by 127% this year. This metric measures the number of distinct addresses interacting with the chain, indicating user base growth.
More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn
More insights from our report with Coinbase Institutional → https://glassno.de/4ddXPSn
Kraken and Bitstamp have been selected as designated exchanges responsible for redistributing creditor funds. Kraken has now received 49k BTC, and Bitstamp has received the first tranche of 10k BTC.
Discover more in the latest Week On-Chain below 👇
https://glassno.de/4ckrt7X
Discover more in the latest Week On-Chain below 👇
https://glassno.de/4ckrt7X
Amid global market uncertainty, our on-chain checklist helps traders optimize their exit strategies using Glassnode's on-chain metrics like MVRV Ratio, Long-Term Holder Spending, and HODL Waves.
Learn to identify key levels and navigate market downturns effectively. Download the checklist here: glassno.de/3VAjUVr
Learn to identify key levels and navigate market downturns effectively. Download the checklist here: glassno.de/3VAjUVr
Given the sudden market reaction and declines in markets globally, understanding seller exhaustion among short-term holders has become increasingly important. Our analysis of the Short-Term Holder Seller Exhaustion Model provides insights using metrics like STH MVRV, STH SOPR, and STH Realized Loss to navigate through volatile times.
Learn more about this model and its applications here: glassno.de/3WWWzOV
Learn more about this model and its applications here: glassno.de/3WWWzOV
The Week On-Chain 32, 2024
August has already been a exceptionally eventful month across both equity and digital asset markets, after a “correlation-1” event sparked a major market sell-off. Bitcoin has been no exception, recording its largest drawdown of the cycle, causing capitulation amongst Short-Term Holders.
Executive Summary
- A “correlation 1” event has seen major assets and equities decline markedly, with Bitcoin being no exception, recording its largest drawdown of the cycle.
- The price contraction has resulted in the BTC spot price reaching the Active Investor Price, located at $51.4k, which is a crucial level for investor psychology.
- A dramatic flush out of leverage has also occurred, with futures open interest declining by 11% in one day. This likely increases the importance on on-chain data moving forwards.
Read more in The Week On-Chain newsletter.
August has already been a exceptionally eventful month across both equity and digital asset markets, after a “correlation-1” event sparked a major market sell-off. Bitcoin has been no exception, recording its largest drawdown of the cycle, causing capitulation amongst Short-Term Holders.
Executive Summary
- A “correlation 1” event has seen major assets and equities decline markedly, with Bitcoin being no exception, recording its largest drawdown of the cycle.
- The price contraction has resulted in the BTC spot price reaching the Active Investor Price, located at $51.4k, which is a crucial level for investor psychology.
- A dramatic flush out of leverage has also occurred, with futures open interest declining by 11% in one day. This likely increases the importance on on-chain data moving forwards.
Read more in The Week On-Chain newsletter.
On Monday 5-Aug, equities and digital assets sold off sharply, as the unwinding of the yen-carry trade deleveraged markets, and US treasuries rallied on fears of a recession.
Bitcoin recorded a drawdown of -32% from the ATH, the most severe of the current cycle.
Discover more in the latest Week On-Chain below 👇
https://glassno.de/3WTkT3t
Bitcoin recorded a drawdown of -32% from the ATH, the most severe of the current cycle.
Discover more in the latest Week On-Chain below 👇
https://glassno.de/3WTkT3t
In derivatives markets, a large volume of long positions were forced closed, with a total volume of $275m worth of long contracts liquidated. Additionally, an extra $90m was liquidated from the short-side, for combined total liquidation volume of $365m.
Discover more in the latest Week On-Chain below👇
https://glassno.de/3WTkT3t
Discover more in the latest Week On-Chain below👇
https://glassno.de/3WTkT3t