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

September was an exciting month, with the Glassnode team delivering our brand new suite of #Ethereum Merge and Proof-of-Stake metrics.

Monthly highlights:
- 16x New Metrics
- 19x Workbench Constructions
- 2x New Dashboards
- 8x Research Reports

Read about our latest Product Updates for September

The fallout of the #FTX collapse appears to be a dramatic shift towards self-custody, especially for $BTC and $ETH.

In our latest video report, we explore the net inflow of stablecoins to exchanges, and historical outflows of #Bitcoin and #Ethereum

Watch our latest video report: FTX Fallout and the Rise of Self-Custody

During the chaos of the last few weeks, the #Ethereum market cap briefly fell below the aggregate stablecoin cap, once again.

The Top 4 stablecoins USDT, USDC, BUSD and DAI make up over $138B in total, with the $ETH market cap just 2.8% higher at $142B

Live Chart

Since the #Ethereum Merge, the total net coin issuance has been just +2,317 $ETH.

A total of 131,454 $ETH has been issued to PoS validators, whilst 129,137 $ETH has been burned via EIP1559.

Live Dashboard

NFTs on #Ethereum accounted for 18% to 22% of transactions during H1-2022.

However NFT dominance has since declined to just 8.3%, as interest in the space wanes during the bear market.

Stablecoin dominance has spiked since FTX from 10% to 12.5%.

Live Chart

The final edition of The Week On-chain for 2022 is live!

We cover:
- Volatility, derivatives, and leverage.
- Severity of realized losses.
- #Bitcoin on-chain supply concentrations.
- #Ethereum post-Merge supply dynamics.
- Shifting stablecoin dominance

Read more in The Week On-chain.

Our final video report for the year is now live.

We cover:
- Volatility, Derivatives, and leverage
- #Bitcoin on-chain supply concentrations.
- Stress in #Bitcoin mining.
- #Ethereum post-Merge supply dynamics.
- Shifting trends in Stablecoin markets.

Thanks to all our regular watchers and readers of The Week On-chain series. We hope you enjoyed our analysis this year, as much as we enjoy producing it. Wishing you all a very happy holiday season, and our analysis team will be back for another exciting 2023! 🎄

Watch our last video report for 2022.

#Bitcoin and #Ethereum markets opened the new year...by staying asleep.

Realized volatility for the two major assets fell to extreme lows, which has historically preceded explosive moves in either direction

More in our first Week On-chain edition of 2023.

The total $WBTC Balance wrapped on #Ethereum has declined by over 35% since the collapse of the LUNA/UST project

At the peak, there were 285k #Bitcoin wrapped on #Ethereum, and this has since fallen by 101.55k $WBTC over the course of 2022

📊 Live Chart

There are now over 503k active Proof-of-Stake Validators on the #Ethereum beacon chain.

The total number of new, or exiting validators is capped each day, depending on the validator pool size. The current limit is 1575 validators/day.

📊 Live Proof-of-Stake Dashboard

A set of new dashboards for Mastering the MVRV Ratio are now live for both #Bitcoin and #Ethereum, designed to track market cycles, and extremes.

🟠 Bitcoin dashboard

🔷 Ethereum dashboard

📰 Report on Mastering the MVRV Ratio

Despite an overhang of regulations, the application layer of #Ethereum continues to flourish.

The #NFT market has seen competitor Blur take market share from leader OpenSea, driven by a strategy focused on pro traders.

Read more in The Week On-chain

After an extremely consequential week, the digital asset industry finds itself short three crypto friendly banks in the US.

Investors appear to be seeking safety in the most trustless major assets #Bitcoin and #Ethereum

In this edition, we will focus on some of the key effects playing out on-chain, and within wider in market structure, including:

- De-pegging of several stablecoins from $1, as well as dominance shifting back towards Tether (USDT).
- Net capital outflows from the digital asset market, observable across both stablecoins, and the two majors, BTC and ETH.
- Cyclical lows hit in futures open interest, despite elevated trade volumes, and speculative interest leading to an explosive rally back to $22k for BTC, and $1.6k for ETH.

Read more in The Week On-chain

Our latest market update video report is live for #Bitcoin and #Ethereum

We cover
- Fallout from three banks failing
- Depeg of $USDC and $DAI
- Market preference for spot $BTC and $ETH
- Long and Short Squeezes in Futures

Watch our latest analysis video report📽
https://youtu.be/pOmJ0Njhxn0

Deposit trends by #Ethereum staking providers have exhibited a clear shift over time with Kraken, Binance and Coinbase jousting for deposit allocations across the Beacon Chain's early days.

As the dust settled between the three giants, it was Lido who emerged victorious, continuing to dominate deposit inflows at present.

The highly anticipated Shanghai/Capella hard fork is scheduled to take place on 12-April-2023, enabling the withdrawal of staked #Ethereum.

In this extended edition of the Week On-Chain, we shall evaluate the overall #Ethereum staking landscape, develop a framework to establish staking cohorts, and assess the potential sell-side pressure which may occur due to the unlock event.

Read our analysis in The Week On-Chain

Capital tends to flow into the digital asset market primarily via three assets; #Bitcoin, #Ethereum, and #Stablecoins. With stablecoins proliferating in recent years, and becoming a dominant quote pair, we can use the relative flow of funds between these assets to gauge aggregate market demand.

In our latest video report, we cover the shifting tides of capital flows:
- Review the Recovering from a Bitcoin Bear dashboard.
- Use aggregate capital flow metrics to assess macro demand.
- Assess the relative balance between stablecoins and the majors.
- Shifting dominance that helps establish a view over the risk curve.

Visit our Capital Rotation dashboard for a full set of charts covered in this weeks video report.

In this week's Glassnode Clips, we focus on BTC vs ETH Exchange Flow Dominance:

- This metric gauges the proportion of USD funds flowing in and out of exchanges attributed to Bitcoin and Ethereum. A higher value signals Bitcoin dominance, while a lower value suggests Ethereum dominance.
- Throughout 2023, Bitcoin's dominance has noticeably increased, moving from around 50% to between 65-75%. This rise in BTC exchange flow dominance indicates capital moving down the risk curve, suggesting a weakening of risk appetite.
- Despite the increase in Bitcoin's dominance, net capital outflows persist across the digital asset space, highlighting that caution remains the dominant sentiment.

Discover more in the latest Glassnode Clips below 👇
https://www.youtube.com/watch?v=o_Htt6cKYIY