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
Amid the recent surge in global volatility, understanding the broader forces at play in crypto markets is more important than ever. Join us on August 15th, at 6 PM EST for an exclusive webinar, featuring Glassnode Analyst, James Check, and David Duong, Head of Institutional Research at Coinbase Institutional.
In this session, James and David will analyze the Q3 Guide to Crypto Markets, offering insights to help you navigate current market turbulence. Key topics include:
- The rapid rise in on-chain activity and what it signals for the future of market adoption.
- The transformative impact of ETFs on market liquidity and investor engagement.
- A deep dive into the current market cycle, comparing it to previous cycles to forecast future trends.
- The significance of MVRV Momentum as a key indicator of market resilience and investor sentiment.
Don’t miss this opportunity to gain a holistic view of the digital asset landscape. Seats are limited—secure your spot today: https://glassno.de/3M095X9
In this session, James and David will analyze the Q3 Guide to Crypto Markets, offering insights to help you navigate current market turbulence. Key topics include:
- The rapid rise in on-chain activity and what it signals for the future of market adoption.
- The transformative impact of ETFs on market liquidity and investor engagement.
- A deep dive into the current market cycle, comparing it to previous cycles to forecast future trends.
- The significance of MVRV Momentum as a key indicator of market resilience and investor sentiment.
Don’t miss this opportunity to gain a holistic view of the digital asset landscape. Seats are limited—secure your spot today: https://glassno.de/3M095X9
The Week On-Chain 33, 2024
With the market currently digesting the largest downtrend of the cycle, indecision amongst digital asset investors remains apparent. However, below the surface, a distinct return to HODLing and accumulation appears to be underway.
Executive Summary
- After several months of relatively heavy distribution pressures, the behavior of Bitcoin holders appears to be rotating back towards HODLing and accumulation.
- Activity in spot markets shows that there has been a net bias towards sell-side pressure of late, and this has not yet completely subsided.
- Compared to ATH breaks in past cycles, there is currently a relatively large percentage of network wealth held by the Long-Term Holder cohort.
- Overall, on-chain conditions speak to an undertone of high conviction amongst the Bitcoin holder-base.
Read more in The Week On-Chain newsletter.
With the market currently digesting the largest downtrend of the cycle, indecision amongst digital asset investors remains apparent. However, below the surface, a distinct return to HODLing and accumulation appears to be underway.
Executive Summary
- After several months of relatively heavy distribution pressures, the behavior of Bitcoin holders appears to be rotating back towards HODLing and accumulation.
- Activity in spot markets shows that there has been a net bias towards sell-side pressure of late, and this has not yet completely subsided.
- Compared to ATH breaks in past cycles, there is currently a relatively large percentage of network wealth held by the Long-Term Holder cohort.
- Overall, on-chain conditions speak to an undertone of high conviction amongst the Bitcoin holder-base.
Read more in The Week On-Chain newsletter.
Since Bitcoin's ATH in March, the market has seen widespread supply distribution across all wallet sizes. Recently, this trend shows signs of reversing, especially among the largest wallets, often linked to ETFs, which are now returning to accumulation.
Discover more in the latest Week On-Chain below👇
https://glassno.de/4fGn2Hk
Discover more in the latest Week On-Chain below👇
https://glassno.de/4fGn2Hk
Last night, David Duong, Head of Research at Coinbase Institutional, and our Lead Analyst, James Check, hosted an insightful webinar, highlighting key takeaways from our Q3 Guide to Crypto Markets.
A big thank you to all the institutional investors who joined us and engaged with thoughtful questions.
If you missed it, you can access the recording here: https://glassno.de/3SRG6sb
A big thank you to all the institutional investors who joined us and engaged with thoughtful questions.
If you missed it, you can access the recording here: https://glassno.de/3SRG6sb