As #Bitcoin breaks above $59k, Long-Term Holders have returned to impressive unrealised profits.

The LTH cohort currently holds 70% of the market cap in unrealised gains.

If this metric rallies above 75%, it would start to resemble the 2013 double rally scenario.

With #Bitcoin attacking $60k once again, only 0.98% of the circulating supply was last spent at higher prices.

Owners of this 185,816 $BTC HODLed throughout all the volatility, the ups, and the downs of the last 6 months.

99.02% of all $BTC supply is now in profit.

#Bitcoin has broken above $60k and is consolidating just below the all-time-high.

We analyse whether Long-Term Holders are spending or HODLing through the rally, and whether risk is growing in options and futures markets.

Read more in The Week On-chain

The Week On-chain #42 Video Report is live!

We analyse the cyclical trend of Long-Term Holders starting to spend $BTC, and rising derivative leverage.

As #Bitcoin approaches all-time-highs, we assess the likelihood of any price headwinds playing out.

99.705% of the #Bitcoin supply is currently in profit.

Congratulations to all $BTC HODLers on the highest daily market close in history.

Live Chart

As the #Bitcoin market consolidates below all-time-highs, Long-Term Holders are able to realise larger profit multiples.

The current spending pattern in the LTH-SOPR metric indicates they are realising 300% profits on aggregate.

This compares to 800% last time $BTC was at $64k.

Live Chart

#Bitcoin open interest in CME futures contracts has increased by $3.95B over the course of October

This is in part driven by the introduction of the $BITO ETF product

This represents a 265% growth in open interest since the end of September.

Live Chart

#Bitcoin hit a new ATH last week as the first futures ETF launched.

Open interest and volume in the underlying CME contracts increased 265%.

LTHs have taken strategic profits, but most are still waiting for higher prices.

Read More in The Week Onchain
https://glassno.de/3m84dmD

The Week Onchain Video Report 43 is live

This week we assess the Bitcoin ATH, and how the ETF has affected market structure

We also deep dive into:
- Long-term Holder spending patterns
- SOPR metric interpretation
- #Bitcoin Pricing and cycle top models

#Bitcoin is consolidating just below the ATH as derivatives and onchain spending cool off.

The total range of the October monthly candle was $23,205, larger in USD value than all trading history from genesis to Dec 2020.

Read More in the Week Onchain

#Bitcoin transaction value settlement is rising substantially relative to the Market Cap.

This has driven NVT Signal metric lower, indicating that even at $61.8k, $BTC is historically undervalued relative to utilisation as a value settlement layer

Live Chart

#Bitcoin miners see $BTC income halve every four years. In the current epoch, miners avg between 900 and 1,000 $BTC per day.

Despite this reduction in $BTC denominated income, miner revenue in USD is up 550% since the 2020 halving, and approaching an ATH of $62M+ per day.

#Bitcoin hovers just below ATH, as investor sentiment onchain remains extremely strong

Long-Term Holders take modest profits, onchain activity suggests an early stage bull market in play, and hashrate recovers by 95%

Read our analysis in The Week Onchain

As #Bitcoin hits new All-Time-Highs, exchange balances continue to be depleted.

Exchange reserves we track account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices.

Read in The Week On-chain Newsletter

Watch our Video Report #45

The Week Onchain Video Report #45 is live!

#Bitcoin investor sentiment remains exceptionally high, with young coin supply at all-time-lows

We analyse the on-chain spending patterns, and deep dive into the mining industry and #Bitcoin security assurances.

A #Bitcoin Situation Room has been established in Glassnode Forum.

We are discussing the current sell-off from $69k, and the impacts of derivatives leverage, and on-chain spending behaviour on price moving forwards.

Members can join the discussion here

The volume of #Bitcoin last moved above a $1 Trillion Market Cap has reached 3.454M $BTC.

This means 18.3% of the supply was transacted above $53k, demonstrating capital inflows

474k $BTC were last spent above the current price, and are thus currently holding an unrealised loss

Live Chart

The #Bitcoin Top Cap, was originally proposed by @woonomic, and is calculated by applying a factor of 35x to the all-time Average Cap.

Top Cap today puts #Bitcoin at a $4Trillion valuation, and Top Price is hovering around $214k.

Live Workbench Chart

#Bitcoin pushed to new ATHs last week, as investor spending transitions into Phase 2 of the bull, and Taproot activates on-chain.

This week, we deep dive into #Bitcoin market cycle top metrics, to help you navigate the bull with the right tools at hand.

Read more in The Week Onchain

The Week Onchain Video Report #46 is live!

This week we deep dive into tools available to help navigate #Bitcoin market cycle tops.

We explore numerous metrics including:
- Top Price Model
- Mayer Multiple
- MVRV Z-Score
- RHODL Ratio
- Reserve Risk

Watch our Video Report here.

Introducing the Value of Coin-days Destroyed Multiple.

This new metric is by TXMC, and uses investor spending patterns to identify overheated and undervalued markets.

This tool is now available as a pre-set on Workbench

Read our report here