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.

After a dramatic capitulation event, the ownership structure of #Bitcoin has been reshaped.

As markets sell-off, $BTC migrates from weaker hands, to those stepping in at the lows. Here, we explore how to track this migration of coins using age bands.

Read More in The Week On-chain

#Bitcoin markets experienced a brief wave of relief, with prices trading above the Realized Price.

However, weakness in underlying network activity has manifested as a sell-off this week, as prices fall back below the $21.7k level.

Read our analysis in The Week On-chain

Near-term weakness continues to haunt numerous #Bitcoin fundamentals, with prices faltering below $20k late last week.

In our latest newsletter, we assess this persistent market weakness, which is putting the bulls on the back-foot.

Read our analysis in The Week On-chain

The latest Week On-chain video report is live for week 35.

In this edition, we analyse:
- Weakness in #Bitcoin markets
- $BTC prices falling below $20k
- Lifespan metrics describing investor spending
- Macro scale coinyears destroyed
- Realized Losses

Watch our latest video report.

#Bitcoin Active Entities is a proxy measurement for the size of the network user-base.

This activity metric is currently languishing at the lower end of a multi-year channel, indicating softness in network utilisation.

Read More in The Week On-chain

Amidst a persistent contraction in global liquidity, #Bitcoin Short-Term Holders find themselves under immense pressure.

With almost all STH $BTC is in loss, the market struggles to hold the psychological $20k support level.

Read our latest analysis in The Week On-chain

Our latest #Bitcoin video analysis is live for Week 36.

We assess:
- Prevailing regime of distribution
- Whale-to-exchange inflows increasing
- The macro market detox
- Short-term Holder stress

Watch our latest Week On-chain video report

#Ethereum speculative action continues, with over $6.12B in outstanding Open Interest for Call Options.

Put options account for a much smaller $1.5B, making for a Put/Call Ratio of 0.25.

This chart is now available as a new Workbench Pre-set

We have also recently expanded our suite of Derivatives Workbench Pre-set charts for both #Bitcoin and #Ethereum.

New charts include:
- Annualized Funding rates
- Futures Leverage Ratios
- Total Futures Liquidations
- Put/Call Breakdowns of Volume and OI

See new Workbench Pre-sets here.

The #Ethereum Merge is now on the horizon, expected to happen next week.

In our latest collaboration with @CoinMarketCap, we explore a suite of new Proof-of-Stake metrics to detail PoS network performance.

Read our new report profiling the Ethereum Beacon Chain

#Bitcoin markets hit the second lowest low of the bear cycle, reaching $18.5k, before reclaiming $20k levels.

This event was punctuated by three sets of 5k $BTC coins, acquired in Dec-2013, being spent, realizing $163M in profit

Read our analysis in The Week On-chain

The spread between $BTC and $ETH perpetual futures funding rates is pushing to a new ATH of 77% annualized.

This indicates traders are heavily short $ETH relative to $BTC, likely speculating/hedging for the upcoming Merge.

New Workbench Pre-set chart

Since the #Ethereum Merge, both the Mean and Median block interval have been a remarkably consistent 12-seconds

The transition from the probabilistic variability of PoW mining, to the engineered precision of PoS blocktime can be seen below.

Live Chart

The #Ethereum Merge remains one of the most impressive engineering feats in the blockchain industry.

In this edition, we explore the Merge, as it happened, on-chain, and in derivatives markets, where traders paid over 1,200% funding rates to stay short.

Read more in The Week On-chain

Our latest Video Report is live, covering details about the #Ethereum Merge.

We analyze:
- Suite of new on-chain Proof-of-Stake metrics.
- Movement and stake distribution of validators.
- Post-Merge $ETH supply dynamics.

Watch our latest video report

We have also released two new #Ethereum Proof-of-Stake dashboards, including metric primitives, and custom Workbench charts, to track this new consensus mechanism.

PoS Consensus Dashboard

PoS Supply Dynamics Dashboard

The total volume of #Bitcoin coin-days destroyed in the last 90-days has, effectively, reached an all-time-low.

This indicates that coins which have been HODLed for several months to years are the most dormant they have ever been.

Live Chart

This is further reflected in the #Bitcoin Realized Cap HODL Waves.

Coins aged 3m+ now account for an ATH of 86.3% of all USD wealth held by the $BTC supply.

#Bitcoin HODLers appear to be steadfast and unwavering in their conviction.

Live Chart

#Bitcoin has once again rejected below the psychological $20k region, plunging Short-Term Holders into severe, unrealized loss.

However, #Bitcoin HODLers remain steadfast, with old coin spending approaching a full cycle detox.

Read our latest analysis in The Week On-chain

The Week On-chain video report is now live!

In this edition, we cover:
- #Bitcoin on-chain activity momentum
- HODLer behaviour at all-time-highs
- Risks associated with Short-Term Holder $BTC
- Price/supply regions of interest

Watch our latest video report.