#Bitcoin is experiencing extremely high demand for blockspace, driven by BRC-20 tokens, utilizing text based inscriptions, and ordinals

This is a revenue boost for Miners, as the average fee paid per block has reached 2.905 $BTC, near past bull peaks.

A few recent blocks have seen tremendous total fees paid of 5.87 $BTC, approaching 94% of the 6.25 $BTC block subsidy.

📊 Live Chart

We previously simulated the potential economic outcomes of ETH withdrawals enabled by the Shapella upgrade.

In this edition, we will examine what actually happened to the 1.55M withdrawn ETH, and how stake has reshuffled between stakers, staking service providers, and sell-side pressure.

Find out more in the latest Week On-Chain.

#Bitcoin has experienced a massive surge in demand for blockspace this week, pushing fees above the block subsidy reward in some blocks.

Our latest video report explores what is going on, and how we can assess the impact on #Bitcoin using on-chain data.

Watch our latest analysis in The Week On-chain video Report

#Bitcoin experienced an unexpected demand for blockspace last week, as speculators rushed to mint BRC-20 tokens.

This resulted in immense fee pressure, miner fee revenue near ATHs, and fees surpassing the $BTC block subsidy for the fifth time ever.

Read our latest analysis in The Week On-chain

We’re excited to announce that we’ll be attending Europe’s biggest institutional digital assets event of the year!

Visit the Glassnode Booth 24 at the #DigiAssets Conference by tradetech taking place in London, 24-25 May to talk on-chain data.

High volatility for #Bitcoin is on the horizon, as liquidity and volumes decline across the board.

With price ranges compressed, and on-chain transfers at cycle lows, $BTC is unlikely to sit still for very long.

Watch more in our latest Week On-chain video report

In the world of #Bitcoin & digital assets, reliable data is the cornerstone of an effective decision-making process.

In our upcoming webinar we show you how Point-in-Time metrics can help in creating better trading strategies and managing risks.

Save your seat: https://glassno.de/42p7sbk

We are delighted to announce the launch of our new monthly newsletter, Finance Bridge!

It provides institutional investors with a unique, data-driven perspective on the dynamics driving the cryptocurrency market.

The highlights from this edition are:

Market Momentum: Our indicators suggest that the market may have moved beyond a bottom formation phase and may be on its way to recovery, in spite of occasional price fluctuations.

Risk Vectors: The upcoming Mt. Gox Bitcoin distributions and the movements of US Government-held Bitcoin could emerge as significant catalysts for market volatility.

On-Chain Basics: Understanding Payload, this metric refers to the actual value of transactions being moved on the Bitcoin network. Tracking this metric allows investors to gauge the true adoption and usage of Bitcoin.

Read the first edition here: https://glassno.de/3NiK6jc

The US regulatory environment continues hostilities this week, with the SEC charging #Binance and #Coinbase for securities violations.

In this edition, we assess the investor response from the lens of exchange inflows, and which investor cohorts panicked, and which stayed calm.

Discover more in the latest Week On-Chain.

Volatility, volumes, and realized values are at multi-year lows, indicating that Bitcoin investor apathy is firmly in play.

However, under the surface, HODLers continue their classic slow and steady accumulation, with the halving now less than 1yr away.

To find out more, please read the latest Week On-Chain.

With a gold rush of applications for a #Bitcoin ETF filed this week, a key question is how many Bitcoin are active and available for sale?

In this report, we try to measure the available supply and assess how demand impacted valuations in past cycles.

Discover more in the latest Week On-Chain.

The latest Week On-Chain video report is now live! In this session we focus on:

- Analyzing the fund flows attributed to top #Bitcoin exchanges in the US and Asia regions

- Identifying periods of demand expansion (or contraction) using the concept of ‘hot supply’,

- Evaluating the shift in psychology across the Short-Term Holder cohort in 2023

Get the latest insights in this video👇🏼

https://www.youtube.com/watch?v=np4-1gizCG0

The latest Glassnode report is now live; Mastering the Realized Cap Part 1. In this session we focus on:

- The fundamentals and construction of the Realized Cap.

- Understanding the power of Realized Profit and Loss metrics.

- Analysing derivative metrics from the Realized Cap.

- Building market cycle tooling using the priciples covered.

Watch more in our latest Week On-chain video report

The latest Week On-Chain is now live! In this report we focus on:

- Bitcoin prices are infamously volatile, however the market is currently experiencing an extreme volatility compression. Fewer than 5% of trading days have a tighter trade range.

- Futures markets are notably flat, with trade volumes for BTC and ETH both probing all-time-lows, and cash-and-carry yields of 5.3% just slightly above the risk free rate.

- Implied volatility in options markets is undergoing a significant volatility crush, with volatility premiums trading at less than half the 2021-22 baseline.

- Both the put/call ratio, and the 25-delta skew metrics are at all-time-lows, suggesting options markets favour calls, and put options have priced in very light volatility ahead.

Find out more in the latest Week On-Chain👇🏼
https://glassno.de/3OmRCsF

The Bitcoin market has reached a stage of extreme apathy and exhaustion, with volatility measures and several key on-chain indicators reaching all-time-low readings. With the market being somewhat top-heavy, we assess how investors are responding to the boredom.


In the latest Week On-chain edition, we assess:
- The digital asset market which continues trading within a historically low volatility regime, with several metrics indicating extreme apathy and exhaustion has been reached in the $29k to $30k range.
- There are some indicators that the market is slightly ‘top-heavy’ as indicated by the concentration of Short-Term Holder supply and cost basis around the current spot price.
- We explore several new iterations of SOPR by age band as a tool to monitor profit taking behavior by various cross sections of the market.

In our video WoC report, we also deep dive into how we can use the concept of Hot Supply and Single Cycle HODLers to track profit taking behavior during uptrends and rallies.

Introducing Glassnode Clips: Digestible, bite-sized answers to your burning crypto questions. This week? A deep dive into Bitcoin's Realized Cap Breakdown:

- Bitcoin's realized cap serves as an essential tool in assessing capital flows; upward trends signal net inflows into the asset, while downtrends point to net outflows.
- Analyzing the 2023 data reveals a clear inverse relationship between short-term and long-term holders, especially evident during the notable February dip at 19.8k.
- Observing the market behavior, after witnessing short-term holders anchoring during lows, it's evident they are now operating speculatively, while long-term holders stand as the market's stable pillars.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=ufFTwh6COPA

#Bitcoin bulls were caught off guard last week with the largest sell-off in 2023 sending $BTC below $25k. A deleveraging in futures markets is the likely catalyst, however a bigger concern may be the 88.3% of Short-Term Holder supply now held in an unrealized loss.

In this edition, we analyse the #Bitcoin sell-off across four key areas of interest:

- Key pricing models lost as support
- Options markets repricing volatility
- Futures market deleveraging
- Spot markets being top-heavy

To close, we introduce a new on-chain #Bitcoin indicator designed to monitor inflection points in investor sentiment, positioning and trends. This tool is experimental, however is very responsive when the market is top-heavy and price sensitive.

Read more in the latest edition of The Week On-chain

The latest edition of The Week On-chain video report is live.

In this edition, we cover:
- Range and expansion and how higher volatility has finally arrived.
- A deleveraging in futures markets appears to be the main catalyst.
- On-chain indicators suggest there is a risk of being ‘top-heavy’.
- Deep dive into Realized Profit/Loss Ratio Momentum.

Full details in our latest video analysis report.

We are proud to Introduce Cointime Economics, a new framework to analyse the #Bitcoin economy, developed in collaboration with ARKInvest. This novel framework establishes a new suite of analysis tools, 30+ new metrics, and improved valuation and pricing models.

We build upon the pioneering work by Tamás Blummer, who discovered the Liveliness and HODLed and Lost coins metrics in 2018. We progress these concepts, exploring how units of coin-time can provide an elegant and detailed perspective into the dynamics of the #Bitcoin economy.

Cointime Economics opens the door on several groundbreaking innovations:
- Efficient tools to discount lost and long-dormant supply.
- Improved economic calculations which isolate active investors.
- Superior estimates of the market cost basis and mean reversion models.
- Cointime derived valuation and pricing models applicable to all digital assets.

Cointime Economics comes in two parts and a live charting suite:
- Part I by ARK-Invest which is an overview whitepaper for investors
- Part II by Glassnode which is a deep breakdown of the framework from first principles for analysts
- Live chart suite available within Glassnode Studio

We have also prepared a video overview and blog post, both covering the key innovations as a primer.

In this week's Glassnode Clips, we take a closer look at the Bitcoin options market, providing insights into last week's flash crash:

- Implied volatility was historically low before the crash, leaving the market unprepared for sudden price movements.
- Despite the chaos, options open interest remained stable, showing no mass panic and minimal forced deleveraging. This contrasts sharply with the $2.5B mass deleveraging observed in the futures market.
- The options market wasn't the primary catalyst for the sell-off, but it did adjust quickly, with volatility and delta skew rising significantly.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=9gqEuv96H2k