The Week On-Chain 45, 2024
In the wake of the highly anticipated US Presidential Election, Bitcoin has broken to a new ATH of $75.4k. Under the surface, volatility continues to brew across option markets while on-chain capital inflows continue to expand, suggesting a persistent inflow of new demand.
Executive Summary
- Bitcoin has broken to a new ATH of $75.4k, sparked by the high likelihood of President Trump winning the US election.
- Capital inflows into the Bitcoin asset continue to grow, suggesting a persistent inflow of new demand.
- Profit-taking activities have seen a non-trivial increase, while losses realized remain negligible. However, both values are relatively modest compared to volumes seen around market extremes.
- Options markets are pricing in higher volatility expectations as investors hedge their positions in both directions.
Read more in The Week On-Chain newsletter.
In the wake of the highly anticipated US Presidential Election, Bitcoin has broken to a new ATH of $75.4k. Under the surface, volatility continues to brew across option markets while on-chain capital inflows continue to expand, suggesting a persistent inflow of new demand.
Executive Summary
- Bitcoin has broken to a new ATH of $75.4k, sparked by the high likelihood of President Trump winning the US election.
- Capital inflows into the Bitcoin asset continue to grow, suggesting a persistent inflow of new demand.
- Profit-taking activities have seen a non-trivial increase, while losses realized remain negligible. However, both values are relatively modest compared to volumes seen around market extremes.
- Options markets are pricing in higher volatility expectations as investors hedge their positions in both directions.
Read more in The Week On-Chain newsletter.
Glassnode is proud to announce a new collaboration with Fasanara Digital to bring you the Q4 2024 Digital Asset Report. Download the report here: https://glassno.de/4fmMYHq
Partnering with Fasanara Digital, which is known for its data-driven, scientific approach to trading, highlights the real-world utility of Glassnode’s on-chain data and expertise for strategic investment in digital assets. The report examines key trends shaping the bull market, including:
- Bitcoin’s growing position as a core asset in institutional portfolios.
- Unprecedented futures activity reflecting deeper liquidity and reduced volatility.
- Shifts in capital flow that point to asset allocation trends altseason.
For institutional investors, this report offers a strategic foundation for navigating the bull market as it unfolds. Learn more on Glassnode Insights blog: https://glassno.de/3Z55v5r
Partnering with Fasanara Digital, which is known for its data-driven, scientific approach to trading, highlights the real-world utility of Glassnode’s on-chain data and expertise for strategic investment in digital assets. The report examines key trends shaping the bull market, including:
- Bitcoin’s growing position as a core asset in institutional portfolios.
- Unprecedented futures activity reflecting deeper liquidity and reduced volatility.
- Shifts in capital flow that point to asset allocation trends altseason.
For institutional investors, this report offers a strategic foundation for navigating the bull market as it unfolds. Learn more on Glassnode Insights blog: https://glassno.de/3Z55v5r
The Week On-Chain 46, 2024
Bitcoin’s rally to a new ATH is driven by strong spot demand and institutional inflows, with over 95% of supply in profit. This article explores on-chain indicators, highlighting robust spot buying momentum, rising ETF AUM, futures premiums, and the potential for sustained gains in this ATH phase.
Executive Summary
- Bitcoin’s rally to a new ATH highlights strong demand in spot markets over perpetual futures.
- Institutional inflows surged post-U.S. elections, driven by spot ETFs and CME futures as cash-and-carry strategies gain traction.
- The ATH phase sees over 95% of supply in profit, signaling unique market dynamics.
- On-chain cost basis bands reveal strong demand as price nears key levels.
- Realized profits are up, but remain below previous ATH peaks, suggesting potential for further growth.
Read more in The Week On-Chain newsletter.
Bitcoin’s rally to a new ATH is driven by strong spot demand and institutional inflows, with over 95% of supply in profit. This article explores on-chain indicators, highlighting robust spot buying momentum, rising ETF AUM, futures premiums, and the potential for sustained gains in this ATH phase.
Executive Summary
- Bitcoin’s rally to a new ATH highlights strong demand in spot markets over perpetual futures.
- Institutional inflows surged post-U.S. elections, driven by spot ETFs and CME futures as cash-and-carry strategies gain traction.
- The ATH phase sees over 95% of supply in profit, signaling unique market dynamics.
- On-chain cost basis bands reveal strong demand as price nears key levels.
- Realized profits are up, but remain below previous ATH peaks, suggesting potential for further growth.
Read more in The Week On-Chain newsletter.
The Week On-Chain 47, 2024
Bitcoin continues to relentlessly establish new ATHs, supported by robust capital inflows from both ETFs and the Spot Market, with over $62.9B entering the market over the last 30 days. As the market proceeds to heat up, Long-Term Holder spending begins to rise in tandem.
Executive Summary
- Bitcoin’s rally to $93k has been fuelled by robust capital inflows from both ETFs, and spot markets. Over $62.9B has entered the market over the last 30 days, with BTC dominating the demand inflows.
- Elevated unrealized profits among long-term holders have triggered significant spending activity, with 128k BTC sold between 8-October and 13-November.
- U.S. Spot ETFs played a pivotal role, absorbing around 90% of the selling pressure from long-term holders over the analyzed period. This highlights the growing importance of the ETFs in maintaining liquidity, and stabilizing the market.
Read more in The Week On-Chain newsletter.
Bitcoin continues to relentlessly establish new ATHs, supported by robust capital inflows from both ETFs and the Spot Market, with over $62.9B entering the market over the last 30 days. As the market proceeds to heat up, Long-Term Holder spending begins to rise in tandem.
Executive Summary
- Bitcoin’s rally to $93k has been fuelled by robust capital inflows from both ETFs, and spot markets. Over $62.9B has entered the market over the last 30 days, with BTC dominating the demand inflows.
- Elevated unrealized profits among long-term holders have triggered significant spending activity, with 128k BTC sold between 8-October and 13-November.
- U.S. Spot ETFs played a pivotal role, absorbing around 90% of the selling pressure from long-term holders over the analyzed period. This highlights the growing importance of the ETFs in maintaining liquidity, and stabilizing the market.
Read more in The Week On-Chain newsletter.
We're excited to launch our Black Friday offer! Until Cyber Monday, you can enjoy 30% off the Glassnode Advanced Annual Subscription. Gain deeper insights into Bitcoin, Ethereum, Solana, TRON, and hundreds of ERC-20 tokens, including DOGE and PEPE. Offer ends 3rd December. Claim your discount here: https://glassno.de/3AX9bgb
During the recent rally to $99.4K, Long-Term Holders’ Net Position Change dropped to -366K BTC/month, marking the highest selling pressure since April 2024. This signals significant profit-taking by LTHs, but it's important to examine which sub-groups within LTHs contributed to this.
Looking closer, 6m-12m holders led the activity, spending 25.6K BTC/day (7D-MA). Their cost basis, estimated at $57.9K (71% below market price), explains the incentive to capitalize on the rally. This aligns with natural behavior for intra-cycle holders like ETF-related buyers from earlier this year.
Key takeaway: Most selling pressure came from buyers in the $50K–$60K range, indicating intra-cycle LTHs drove profit-taking. There was minimal sell-off by OG long-term holders, whose behavior typically signals deeper shifts in market sentiment.
BTC Long-Term Holder Net Position Change chart: https://t.co/hr64gBGUCd
BTC Spent Volume in Profit by Age chart: glassno.de/3CF66lA
BTC SOPR by Age chart: glassno.de/3ATrqmP
Looking closer, 6m-12m holders led the activity, spending 25.6K BTC/day (7D-MA). Their cost basis, estimated at $57.9K (71% below market price), explains the incentive to capitalize on the rally. This aligns with natural behavior for intra-cycle holders like ETF-related buyers from earlier this year.
Key takeaway: Most selling pressure came from buyers in the $50K–$60K range, indicating intra-cycle LTHs drove profit-taking. There was minimal sell-off by OG long-term holders, whose behavior typically signals deeper shifts in market sentiment.
BTC Long-Term Holder Net Position Change chart: https://t.co/hr64gBGUCd
BTC Spent Volume in Profit by Age chart: glassno.de/3CF66lA
BTC SOPR by Age chart: glassno.de/3ATrqmP
The Week On-Chain 48, 2024
Following a flurry of consistent new ATHs, Bitcoin is just a stone's throw away from reaching a price of $100k per coin. Explosive price action tends to result in a significant increase in the unrealized profit of holders, and Long-Term Holders are ramping up their distribution in response.
Executive Summary
- As the Bitcoin price rallied towards $100k, Long-Term Holders commenced distributing over 507k BTC, which remains less than the 934k BTC sell-side during the March rally but is significant nonetheless.
- Long-term holders are locking in sizeable profit volumes, setting a new ATH of $2.02B in daily realized profit.
- When assessing the composition of which entities are spending, the majority of this sell-side pressure appears to originate from coins aged between 6 months and 1 year.
Read more in The Week On-Chain newsletter.
Following a flurry of consistent new ATHs, Bitcoin is just a stone's throw away from reaching a price of $100k per coin. Explosive price action tends to result in a significant increase in the unrealized profit of holders, and Long-Term Holders are ramping up their distribution in response.
Executive Summary
- As the Bitcoin price rallied towards $100k, Long-Term Holders commenced distributing over 507k BTC, which remains less than the 934k BTC sell-side during the March rally but is significant nonetheless.
- Long-term holders are locking in sizeable profit volumes, setting a new ATH of $2.02B in daily realized profit.
- When assessing the composition of which entities are spending, the majority of this sell-side pressure appears to originate from coins aged between 6 months and 1 year.
Read more in The Week On-Chain newsletter.
After hitting an all-time high at $99.4K, Bitcoin has fluctuated between $92K and $98K this past week.
Daily realized profits to exchanges have cooled off significantly, now at $277M/day. This represents a 42% drop from the peak of $481M/day on Nov 16.
This sharp decline signals reduced profit-taking activity, suggesting the market has entered a consolidation phase.
See the chart: https://glassno.de/49jwGg8
Daily realized profits to exchanges have cooled off significantly, now at $277M/day. This represents a 42% drop from the peak of $481M/day on Nov 16.
This sharp decline signals reduced profit-taking activity, suggesting the market has entered a consolidation phase.
See the chart: https://glassno.de/49jwGg8
With the number of active addresses currently at around 751K, BNB Chain's active address momentum is ramping up.
Active address momentum is defined as a crossover between short- and long-term averages of the metric. Typically, it indicates an expansion in onchain activity, improving fundamentals and growing network utilization.
However, BNB's active addresses are still well below the 2021 peak of ~1.5M, suggesting potential for further growth: https://glassno.de/49k9YEM
Curious about what’s happening on other major blockchains? Assess asset fundamentals for SOL, TON, TRON, and more with Glassnode Studio. Analyze active accounts, transaction volumes, and fees across leading ecosystems: https://glassno.de/4ijXbWL
Active address momentum is defined as a crossover between short- and long-term averages of the metric. Typically, it indicates an expansion in onchain activity, improving fundamentals and growing network utilization.
However, BNB's active addresses are still well below the 2021 peak of ~1.5M, suggesting potential for further growth: https://glassno.de/49k9YEM
Curious about what’s happening on other major blockchains? Assess asset fundamentals for SOL, TON, TRON, and more with Glassnode Studio. Analyze active accounts, transaction volumes, and fees across leading ecosystems: https://glassno.de/4ijXbWL
While #Bitcoin consolidates with temporary dips to the lower end of the $90K range, SOPR Momentum - a key measure of how the market responds to profit and loss pressures - continues to accelerate, indicating positive sentiment.
See the live chart here: https://glassno.de/3ZnUpqW
#BTC's SOPR Momentum assesses the average profit and loss magnitude of daily transactions, excluding internal transfers and self-spends. Using a fast/slow momentum crossover strategy, it identifies periods of heightened profit-taking relative to a longer-term baseline.
SOPR Momentum is a key component of #Bitcoin’s On-Chain Momentum Signal - Glassnode's proprietary framework to form data-driven views on market trends as they unfold. You can view its current status here: https://glassno.de/3ZmRW04
➡️Discover the other metrics in this signal and how they can guide market decisions: https://glassno.de/41cENJv
See the live chart here: https://glassno.de/3ZnUpqW
#BTC's SOPR Momentum assesses the average profit and loss magnitude of daily transactions, excluding internal transfers and self-spends. Using a fast/slow momentum crossover strategy, it identifies periods of heightened profit-taking relative to a longer-term baseline.
SOPR Momentum is a key component of #Bitcoin’s On-Chain Momentum Signal - Glassnode's proprietary framework to form data-driven views on market trends as they unfold. You can view its current status here: https://glassno.de/3ZmRW04
➡️Discover the other metrics in this signal and how they can guide market decisions: https://glassno.de/41cENJv
#Bitcoin's rally to the $99.4K ATH moved investor holdings to extreme profit levels, resulting in a sharp redistribution of supply.
With several risk metrics elevated, are we approaching a turning point? Our latest Week On-Chain explores the data: https://glassno.de/3VmOm4O
With several risk metrics elevated, are we approaching a turning point? Our latest Week On-Chain explores the data: https://glassno.de/3VmOm4O
Bitcoin briefly advanced above $100K - a historic milestone - but the move was short-lived. Where could the retracement stop? Glassnode’s new Cost Basis Distribution (CBD) metric offers on-chain insights into accumulation and distribution patterns, helping to spot critical price levels.
What is CBD? CBD is a heatmap that shows the total Bitcoin supply grouped by the average cost basis of investors at specific price levels. By visualizing where cost bases are concentrated, CBD helps identify key zones of support and resistance based on investor behavior.
Example Insight
The $96K–$98K range saw over 101K BTC accumulated, solidifying it as a strong support zone. Above $98K, ~81K BTC was acquired, forming short-term resistance. Below $96K, limited activity suggests weak support if prices retrace.
With CBD, you can move beyond price and volume data to analyze investor behavior and identify critical zones of interest with more precision. Learn more about CBD and how to use it here: https://glassno.de/4ijpUex
What is CBD? CBD is a heatmap that shows the total Bitcoin supply grouped by the average cost basis of investors at specific price levels. By visualizing where cost bases are concentrated, CBD helps identify key zones of support and resistance based on investor behavior.
Example Insight
The $96K–$98K range saw over 101K BTC accumulated, solidifying it as a strong support zone. Above $98K, ~81K BTC was acquired, forming short-term resistance. Below $96K, limited activity suggests weak support if prices retrace.
With CBD, you can move beyond price and volume data to analyze investor behavior and identify critical zones of interest with more precision. Learn more about CBD and how to use it here: https://glassno.de/4ijpUex