Over the last two years, the dominance of #Tether has been in macro decline.

$USDT has fallen from 88.3% of the stablecoin market, to 45.2% today, now less than half of the market.

$USDC dominance has grown 4.2x, $BUSD by 7.5x, and $DAI by 3.9x over the same 2y timeframe.

Live Workbench

Total $ETH deposited in the 2.0 contract has now surpassed 13M $ETH, which is 10.9% of circulating supply.

Lido accounts for 4.137M $ETH, commanding over 31.8% of the total stake.

By comparison, Coinbase, Kraken, and Binance combined account for 3.505M $ETH, 27% of the total.

The #Bitcoin market has many hallmarks of a deep capitulation and a late stage bear market in play.

Both Long-Term Holders, and Miners are under extreme financial stress. However,is it enough to form a resilient bottom?

Read more in The Week Onchain

The Week On-chain #28 Video Report is Live.

In this session, we study the structure of the 2022 #Bitcoin bear market, and compare it to the Nov 2018 capitulation phase.

This includes an assessment of the pressure on Miners and #BTC Long-Term Holders.

Watch The Week Onchain #28 Report

#Ethereum markets have rallied strongly off the back of a large short squeeze in futures markets.

Over $98M in short futures positions were liquidated in one hour, pushing $ETH prices up by 12.5%.

Live Chart

Over 80% of the total USD denominated wealth invested in #Bitcoin has been HODLed for at least 3-months.

This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices.

Live Chart

2022 has seen #Bitcoin markets weather two enormous capitulation events, both with the largest $BTC transfer volume in loss since 2011.

When LUNA collapsed, the total transfer volume in loss was 538k $BTC.

This was followed by 480k $BTC as the market traded below the 2017 ATH.

Live Chart

#Bitcoin is testing the underside of the Realized Price, which has historically been associated with bear market bottoms.

With two deep, and historically large capitulation events in May-June, could a genuine bottom now be forming?

The Week On-chain Newsletter is also now available in a live dashboard format.

We include ideas for🔔Alerts to set, with the goal of helping you identify the changing tides of this #Bitcoin bear market.

Read our analysis in The Week Onchain and Live Dashboard

#Bitcoin is currently in the process of breaking above three long-term pricing models:

- Realized Price (average cost basis)
- Long-Term Holder RP (Cost basis of LTHs)
- 200-week Moving Average

Read more on #Bitcoin bottom formation in The Week On-chain Newsletter

Our latest video analysis is now live, exploring the market structure, and bottom formation characteristics for #Bitcoin.

We assess the deep capitulation by forced sellers, recovering profitability, and pricing models that describe bear market lows.

Watch The Week On-chain Video Report

#Bitcoin Lightning Network capacity in public channels continues to push to new highs, despite prevailing bear market headwinds.

Total capacity is now at 4,290 $BTC, which has increased by 34.6% since the November market peak.

Live Chart

#Bitcoin has attempted to escape the gravity of the $20k zone in a long awaited relief rally.

Momentum in the short term is favorable, however longer-term indicators suggest additional time may be required to form a firm foundation.

Read our analysis in The Week On-chain

The latest Week Onchain video report is now live.

We analyse the market considering
- Recent large statistical deviations from the 'mean'
- Evidence of capitulation
- Short-to-Long Term momentum indicators

Watch our latest video analysis report

We are extremely pleased to release a new State of the Market report in collaboration with CoinMarketCap.

In this first edition, we explore the 2022 bear so far, and how on-chain market structure has evolved for #Bitcoin, #Ethereum, and Stablecoins. We analyse
- Evolving market fundamentals and structural changes during the 2022 bear cycle.
- Risk-off sentiment, the deleveraging of DeFi, and shifting dominance of stablecoins.
- Network profitability of Bitcoin and Ethereum.
- Realized price, realized losses and how it compares to previous bear markets.
- Stress developing in the Bitcoin and Ethereum mining industries.

Read the Report and view the Live Dashboard

We have just released a video analysis to support our State of the Market report with @CoinMarketCap.

We explore:
- Evolving structure of the bear
- Risk-off sentiment in onchain metrics
- $BTC and $ETH Realized prices
- Stress in the mining industry

Watch our video analysis.

#Bitcoin and #Ethereum have rallied strongly off the bottom, reaching above the Realized Price.

Attention now turns to whether this is a bear market rally, or whether the fundamentals are following through in support.

Read more in The Week On-chain

The Week On-chain video report is live for Week 31.

In this edition, we assess if this is likely to be a bear market rally for #Bitcoin and #Ethereum, or whether there is follow through in on-chain fundamentals.

Watch our latest video report.

#Bitcoin investors continue to realized a larger magnitude of losses vs profits on spent coins.

🟥Realized Losses = $319M/day
🟩Realized Profit = $226M/day

This is typical of bear markets, and a reversal is often associated with a pick up in demand.

Live Chart

We also explore the concept of Realized Profit and Loss for #Bitcoin in this On-chain 101 Guide video.

Here we explore how to use investor profit and losses to track #Bitcoin cycles, sentiment, and inflection points between bull and bear market structure.

Watch our video guide on Realized Profits and Loss

With the #Bitcoin market now back above the Long-Term Holder Realized Price, the question turns to whether they are taking exit liquidity.

In out latest Market Pulse, we explore the current behaviour of LTHs, who have distributed 222k $BTC since May.

Read more in The Market Pulse

As #Bitcoin and #Ethereum derivatives markets mature, increasingly sophisticated trade positions can be established.

This week, we investigate aggregate market positioning around the #Ethereum Merge, and whether the market expects a 'sell-the-news' event

Read out latest analysis in The Week On-chain

With the #Ethereum Merge scheduled for mid September, derivatives traders have bet big on a market rally using Call options

However, futures markets and October Put demand demand suggests an expectation to sell the news.

Watch more in our latest video analysis.