Glassnode @glassnode Channel on Telegram

Glassnode

@glassnode

Pioneering on-chain market analysis.

Advanced charts/data/insights for investors in Bitcoin and digital assets.

https://studio.glassnode.com/

Glassnode (English)

Are you a cryptocurrency investor looking to stay ahead of the game? Look no further than Glassnode, the pioneering on-chain market analysis Telegram channel. As the digital asset market continues to evolve, having access to advanced charts, data, and insights is crucial for making informed investment decisions. Glassnode provides all this and more, giving investors in Bitcoin and other digital assets the tools they need to succeed.

Glassnode's team of experts are constantly monitoring the blockchain to provide real-time analysis and actionable insights. Whether you're a seasoned investor or just starting out, Glassnode has something to offer. From detailed charts tracking market trends to in-depth data on blockchain transactions, this channel has it all.

But Glassnode isn't just about data – it's about making sense of that data and using it to your advantage. With regular updates and analysis from the Glassnode team, you'll always be in the loop on the latest developments in the digital asset market. Plus, with their easy-to-use platform, accessing this valuable information has never been easier.

So, who is Glassnode? They're a trusted source for on-chain market analysis, providing investors with the tools they need to make informed decisions in the fast-paced world of cryptocurrency. What is Glassnode? It's your key to staying ahead of the curve and maximizing your investment potential. Don't miss out on this valuable resource – join Glassnode today and take your investment strategy to the next level. Visit https://studio.glassnode.com/ to learn more and start using their advanced charts, data, and insights today.

Glassnode

14 Jan, 20:29

As of January 13, 2025, stablecoin inflows have nearly stalled, with the market cap stabilizing at $189.1B and the 30-day net change down to +0.56%.

This marks a stark contrast to the November to December 2024 rally, when $27.35B in inflows (+16.9%) drove BTC from $67.8K to $106.1K (+56.5%), reaching a +10.67% 30-day net change at its peak.

By comparison, the January to March 2024 rally added $14.68B (+11.5%) in stablecoin liquidity, as BTC surged +74.5% to $69.5K. The fact that the late-2024 rally required almost 2x the capital inflow for a smaller price gain underscores the speculative demand and liquidity-driven momentum that has since cooled.

In total, $65B entered the space via stablecoins in 2024 - an amount comparable to the annual GDP of Lithuania.

Explore Stablecoins Aggregated Market Cap Percentage Change chart.
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Glassnode

13 Jan, 16:19

Following a period of distribution into the ATH, Bitcoin Shrimps (< 1 BTC) are now accumulating coins at a rate of +17.6k BTC/Month.

The cohort now holds around 1.36M BTC, equivalent to 6.9% of the circulating supply.

Shrimp Net Position Change Chart
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Glassnode

10 Jan, 11:47

The U.S. Department of Justice is cleared to sell 69,000 BTC - worth over $6 billion.

With Glassnode, you can track government-held Bitcoin wallets and estimate the potential market impact if this kind of sell-side pressure occurs.

Putting it in perspective
In July 2024, the German government sold 56,000 BTC, but instead of collapsing, the market rallied from $53k to $68k.

However, past large inflows have had different results:
🔸 March 2021: 70.5k BTC inflows, NUPL at 0.72 (Euphoria/Greed)—short correction, then recovery.
🔹 June 2022: 68.7k BTC inflows, NUPL at 0.21 (Capitulation)—a prolonged bear market followed.

Bottom line: Market reactions depend heavily on where we are in the cycle.

With Glassnode’s US Government Balance metric, you can set alerts to be notified when coins move - helping you stay ahead of potential sell-offs.

🔗 Check it out: https://glassno.de/40ccXL7
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Glassnode

08 Jan, 15:11

Despite Bitcoin’s impressive rally last year, MVRV levels above 3.2 - typically associated with extreme euphoria - haven’t been reached this cycle yet. If BTC were to hit this level, it would correspond to a price tag of ~$132K.

📊 Historically, BTC price has spent only ~5% of trading days above this threshold, reinforcing why it’s viewed as a rare "extreme euphoria" zone.

❓ Will MVRV reach 3.2 this cycle? While momentum remains positive, with MVRV still above the 1-year MA (currently 2.18), one of the key questions is whether this trendline will plateau in the coming weeks - making MVRV momentum an important metric to monitor.

🔗 Explore the charts:
MVRV Pricing Bands
Historical MVRV Levels
MVRV Momentum
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Glassnode

07 Jan, 18:14

The AI Agent sector is emerging as an important driver in the crypto market, but volatility remains a defining feature. Glassnode's Profitability Map offers insights to help you identify which assets have high profitability and whether profits are being realized—a potential indicator of market shifts.

Key Insights:

🔹VIRTUAL: Profitability at 2.00 with moderate profit-taking (0.58) indicates a heating phase where investors may begin locking in larger gains.
🔹PAAL: Profitability at 1.06 with moderate profit-taking (0.55) suggests cooling sentiment, with holders cautious about securing returns.
🔹PHA: Profitability of 0.90 but with significant profit-taking (1.17), indicating an increased desire to lock in profits.
🔹BOTTO: Heating up at 0.95 profitability and low profit-taking (0.27), showing a trend of investors holding rather than cashing out.

Get a deeper look at the broader market with our Profitability Dashboard: glassno.de/3DKybIx
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Glassnode

06 Jan, 18:17

Perpetual Market Lagging Behind Momentum

Despite Bitcoin's strong rally from $93.5K on Jan 1 to $102.4K today, the Perpetual Funding Rates for the top 5 assets remain below neutral (0.01%):

BTC: 0.009%
ETH: 0.01%
SOL: 0.006%
XRP: 0.01%
DOGE: 0.011%

This suggests perpetual markets are lagging behind the current positive market momentum.

📊https://glassno.de/4gHafnZ
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Glassnode

03 Jan, 16:32

The STH MVRV ratio for Bitcoin currently sits at 1.1, indicating that short-term holders are, on average, 10% in profit. This metric helps gauge the sentiment of recent market entrants, who tend to be more speculatively minded and react quickly to price volatility.

This year, the MVRV ratio for STHs peaked at 1.44 in March, dropped below 0.8 in September marking a local bottom, and reached the high of 1.35 in November.

It often pays off to watch the neutral level of 1 as it tends to act as support during uptrends but can flip to resistance if decisively broken, signaling a shift in sentiment.

In terms of price, the MVRV of 1.0 currently corresponds to a short-term holder cost basis of $87K. According to Cost Basis Distribution (CBD) data, there is an "air pocket" of demand between $87K and $71K. This potentially makes the $87K a make-or-break level for the short-term price action.

🔗 Relevant Charts:

STH MVRV Indicator: https://glassno.de/3Pp4BLn
Cost Basis Distribution (CBD) Data: https://glassno.de/cbd
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Glassnode

02 Jan, 14:41

Ethereum Spot ETFs saw $2.05B in net inflows during December – the highest monthly total since inception. However, this influx of institutional capital wasn’t enough to shield ETH from downside volatility. The ultimately closed the month with a -10% loss.
https://glassno.de/3DI1mfy

Bitcoin Spot ETFs brought in $4.63B in December, well above the 2024 monthly average of $2.77B. Inflows were heavily concentrated in the first half of the month, while the second half saw outflows – with one notable exception on December 26. Despite reaching a new all-time high above $108K, BTC closed the month with a -3% performance.
https://glassno.de/4a00kHE

Key Highlights:
🔸Largest BTC ETF inflows: BlackRock’s $IBIT at $5.51B, followed by Fidelity’s $FBTC at $352.83M.
🔹Biggest BTC ETF outflows: Grayscale at -$997.59M, followed by Ark 21 Shares at -$193.94M.
https://glassno.de/4a00FKy
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Glassnode

31 Dec, 17:11

1/ Cost Basis Distribution (CBD): A Key Insight for Investors

CBD measures the total Bitcoin supply held by addresses with an average cost basis within specific price ranges.

Key Observations:

- A dense cluster of supply exists between $88.1K-$103K.

- Since mid-December, we've been hovering near the lower band ($88.1K).
$98K buyers remain notably resilient despite market fluctuations.

- This region acts as a critical zone of interest for price action.

📊 https://glassno.de/4iWs04a

2/ The Air Gap: $70K-$88.1K

Above the dense cluster lies an "Air Gap" between $70K-$88.1K – an area with significantly lower supply concentration.

📉 Implication:

If the market enters a prolonged price contraction phase, this zone could act as a bottom discovery region, attracting new buyers eager to accumulate Bitcoin at a relative discount.

Keep a close eye on these levels—they hold the key to market resilience or deeper corrections.

📊 https://glassno.de/4iWs04a
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Glassnode

30 Dec, 14:46

Despite the decline in Bitcoin price, the average Short-Term Holder continues to hold an unrealized profit (paper gain) of +7.9%.

Currently, their aggregate cost-basis resides at a value of $86.8k, marking this as a key region of interest for local price momentum.

For further information regarding the capital flows of the Short-Term Holder cohort, visit our Dashboard below👇
glassno.de/4gWoyVC
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Glassnode

27 Dec, 14:39

Capital Momentum: BTC vs ETH vs SOL

The chart below shows the monthly percent change in Realized Cap for Bitcoin (BTC),Ethereum (ETH), and Solana (SOL).

This metric acts as an indicator of the rate and direction of capital inflows or outflows for these assets.

Diminishing Momentum on Solana 📉

During the recent market downtrend, the monthly rate of change in Realized Cap for SOL has plunged below both BTC and ETH.

This indicates a faster decline in momentum for Solana compared to the other two assets.

Current monthly Realized Cap Change (%/30D):

• BTC: +10.87%
• ETH: +5.43%
• SOL: +2.19%

📊 https://glassno.de/49WGptl
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Glassnode

24 Dec, 19:16

We observe that Solana has consistently maintained a positive net capital inflow since early September 2023, with only minor outflows during this period.

This sustained influx of liquidity has assisted in stimulating growth and price appreciation, achieving a remarkable peak inflow of $776M of new capital per day.

Discover more in our latest Solana research report👇
glassno.de/3Dqm9E9
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Glassnode

23 Dec, 17:13

The last two years have been remarkable for Solana: a staggering price appreciation of +2,143%, outperforming Bitcoin and Ethereum on 344 out of 727 trading days since the FTX fall.

In our latest analysis, we utilize Glassnode’s new breakdown metrics for Solana to inspect and understand the underlying capital flows behind the dramatic ascent. Find out more: https://glassno.de/3Dqm9E9

We've enhanced our latest release of Solana to provide even better analytics: advanced metrics are live! Explore over 80 SOL metrics in Studio: https://glassno.de/SOL
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Glassnode

20 Dec, 15:16

Get an x-ray view of profitability and profit-taking across key assets with the Profitability Map. Track assets with increasing 🔴 or declining 🟢 profitability to anticipate market sentiment shifts before price moves.

📈 DEXE remains highly profitable (1.49), with slowing profit-taking momentum (0.51) and a heating trend. A realized profit spike between Dec 2-9 was followed by modest activity, suggesting holders see potential value.

📉 YFII is strongly cooling, with both profitability and realized profits declining, reflecting reduced cash-out opportunities amid slowing momentum.

Typically a Professional plan dashboard, it's now available to Advanced plan users until March 31, 2025. Explore: https://glassno.de/map
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Glassnode

19 Dec, 19:20

The proportion of Bitcoin wealth held within recently moved supply has started to increase meaningfully in recent months.

This occurs as coins held by Long-Term Holders are distributed to new investors, which in turn highlights a surge in new demand-side activity.

Discover more in the latest Week On-Chain below 👇
glassno.de/41GJwn8
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Glassnode

18 Dec, 14:50

The Week On-Chain 51, 2024
Bitcoin continues trading above the psychologically important $100k price level, supported by a consistent inflow of capital. Long-Term Holders are capitalizing on this liquidity, taking the opportunity to distribute supply at scale, setting a new ATH in profit realized of $2.1B.

Executive Summary
- Bitcoin’s price trajectory shows striking similarities across cycles despite vastly different market scales and dynamics.

- With price trading above $100k for weeks, Long-Term Holders are distributing supply, setting a new ATH in realized profit of $2.1B.

- Most profit-taking comes from coins aged 6m-12m, while older coins remain relatively dormant.

- New investors now hold a larger share of network wealth, reflecting robust demand and a shift away from longer-term HODLers.

Read more in The Week On-Chain newsletter.
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Glassnode

17 Dec, 16:03

Solana vs Ethereum: Probing into the Demand Side

We can gauge demand-side momentum by tracking capital rotation via new investor activity, also known as Hot Realized Cap. The Hot Realized Cap measures the capital held by accounts active in the last 7 days.

1/ Solana Hot Realized Cap

For Solana, the positive market momentum coincided with a surge in its Hot Realized Cap starting in early October 2023.

📊: https://glassno.de/3BwmMvk

2/ Ethereum Hot Realized Cap

Unlike Solana, Ethereum's Hot Realized Cap did not see a significant spike off the 2022-2023 bear market floor. This demonstrates how demand for Solana outpaced Ethereum for most of 2024.

📊: https://glassno.de/3VHfhbE

3/ Demand Shift: SOL vs ETH

However, the recent period of ETH outperforming SOL has coincided with a surge in ETH's Hot Realized Cap starting in early November 2024.
New demand is clearly returning to ETH.

📊: https://glassno.de/49Lm8qy
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Glassnode

16 Dec, 20:20

Looking at price performance, SOL outpaced both ETH and BTC for most of Q4 2024. However, since early December, ETH has taken the lead, outperforming the other two assets.

30-day performance:
ETH: +26.96%
BTC: +17.49%
SOL: +1.61%

A clear shift in momentum. 📊 https://glassno.de/4ggZUiw

Analyzing the weekly Realized Cap—a proxy for capital flow—SOL expanded faster than BTC and ETH until early December (over +5%).

Since then, BTC has taken the lead, with ETH outpacing SOL:
BTC: +1.89%
SOL: +1.11%
ETH: +1.03%

Capital flows and price trends have shifted. The tides have turned.
📊: https://glassno.de/4fkLyMz
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Glassnode

13 Dec, 15:19

Bitcoin Spending Power Law: A New Predictable Framework
Glassnode's new research reveals how Bitcoin holder behavior follows a power-law decay, offering a groundbreaking perspective on coin age and spending probabilities.

Executive Summary
- Spending probability drops by a factor of 10 for every tenfold increase in coin age, creating a measurable and predictable pattern.

- Coins held for over 3-4 years rarely move, signaling either strong conviction or potential loss.

- A simple heuristic predicts with 98% accuracy that coins younger than 7 days will move, providing actionable short-term insights.

This framework enables investors to segment holders into behavior-driven cohorts and track market sentiment with greater precision.

Read more in the full research report here.
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Glassnode

12 Dec, 16:10

The Week On-Chain 50, 2024
Bitcoin’s journey from the Genesis Block to $100k per BTC is a historic moment and a new high watermark in adoption. With 19.8M BTC mined, $131T in transfer volume processed, and 1.12B transactions, the $100k price milestone is yet another sign of Bitcoin's resilience.

Executive Summary
- The Bitcoin price crossed the $100k mark for the first time on 5 December, after 5,256 trading days, and hitting a market cap briefly exceeding $2 Trillion.

- Miners have earned a cumulative $71.49 Billion since inception, reflecting the network's robust security and economic incentives.

- The network has processed a total of 1.12 Billion transactions and settled $131.25 Trillion in transfer volume, with entity-adjusted figures providing an even clearer view of genuine economic activity.

- A breakdown of supply held by various cohorts highlights a broad distribution of Bitcoin ownership, ranging from retail investors to institutional-scale holders.

Read more in The Week On-Chain newsletter.
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Glassnode

11 Dec, 10:24

📊 Bitcoin Market Cycle Update

Current ROI:
Here's how #Bitcoin’s ROI since cycle low compares to the last two cycles so far:

🔸 2015-2018: 5.90x
🔸 2018-2022: 10.47x
🔸 2022+ (current): 5.98x

The current cycle is 26.94% below the average ROI of the last two cycles (8.18x), highlighting the challenges of sustaining exponential growth as liquidity needs increase.

Bull Market Volatility:
Here’s how this bull market’s corrections compare to the previous cycles:

Average Drawdowns:
🔹 2022+: -7.68%
🔹 Overall: -16.24%

Max Drawdowns:
🔹 2022+: -26.25%
🔹 Overall: -71.15% (2011-2013)

This cycle stands out as the least volatile, with the mildest corrections compared to its predecessors.

Bitcoin’s evolution continues, balancing reduced volatility with steady growth as the market matures and becomes more institutionalized. 📈
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Glassnode

10 Dec, 15:22

Bitcoin’s market cycles are marked by a gradual transition of wealth from long-term holders to short-term holders. This dynamic is playing out similarly in the current cycle but with additional nuances due to the influence of spot ETFs:

As long-term holders are typically defined as those holding Bitcoin for at least 155 days, many early ETF-driven buyers now fall into this category.

🔹 Spot ETF buyers, who began accumulating heavily early in the year, swelled the 6-12 month cohort to 25% by August. Since October, this group has reduced to 16%, possibly due profit-taking by these newer market participants.

🔹 A more concerning trend is the decline in the 1-2 year and 2-3 year cohorts, which represent seasoned holders who accumulated during the June-November 2022 market bottoming phase. Their distribution suggests we are transitioning toward the later stages of the cycle.

🔹 Holders from the 3-5 year cohort remain relatively stable at ~13.9%, indicating that these holders don’t yet seem incentivized to sell.
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Glassnode

04 Dec, 15:03

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
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Glassnode

04 Dec, 11:51

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
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Glassnode

03 Dec, 20:13

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
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Glassnode

27 Nov, 09:03

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.
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Glassnode

26 Nov, 19:06

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
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Glassnode

22 Nov, 11:00

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
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Glassnode

20 Nov, 20:32

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.
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Glassnode

13 Nov, 14:04

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.
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Glassnode

12 Nov, 16:05

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
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Glassnode

06 Nov, 16:30

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.
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Glassnode

04 Nov, 17:51

Solana recently saw a massive spike in on-chain transfer volume, reaching approximately $224 billion in a single day - almost three times the market cap of SOL at $76B! This surge was apparently driven by a single wallet controlling multiple accounts, likely operated by a bot. The increase in fees that many noticed recently can likely be traced back to this activity.

Now, with the first stage of Solana support live on Glassnode, you can dive into similar insights. Access essential metrics like address activity and transfer volume to explore Solana’s network dynamics. More metrics will be coming soon as part of our multi-chain expansion.

Explore the full list of new Solana metrics: https://glassno.de/48Dhri0
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Glassnode

24 Oct, 14:13

The Week On-Chain 43, 2024
The Bitcoin spot price has continued to march higher, trading up to $69k, only 6.8% below the ATH. The price uptick has broken through several critical levels using technical and on-chain inputs. This is one of the first signs of positive price momentum since late June.

Executive Summary
- The Bitcoin spot price has briefly rallied above $69k after successfully clearing several significant technical and on-chain pricing levels.
- From an On-chain perspective, all sub-age-groups within the Short-Term Holder cohort now hold an unrealized profit, likely a tailwind for market sentiment.
- However, speculation in futures markets is increasing, with open interest surging to new ATHs and a non-trivial portion attributed to the cash and carry basis trade.

Read more in The Week On-Chain newsletter.
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Glassnode

23 Oct, 13:49

Last night, David Duong, Head of Research at Coinbase Institutional, and our Lead Analyst, James Check, hosted an insightful webinar, highlighting key takeaways from our Q4 Guide to Crypto Markets.

A big thank you to all the institutional participants who joined us. If you missed it, you can access the recording here: https://glassno.de/3YdZ8Lr
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Glassnode

18 Oct, 13:33

Join us on October 22nd at 4 PM EST for an exclusive webinar featuring Glassnode Analyst James Check and Coinbase Institutional Head of Research David Duong.

In this session, James and David will provide a comprehensive analysis from the latest Guide to Crypto Markets, equipping you with actionable insights to navigate the current market environment. Key topics will include:

1. The growth of Layer 2s and how it impacts ether and the Ethereum ecosystem.
2. The rise in stablecoin volume and what it signals for the broader crypto market.
3. What to watch for ahead of, and after, the US election.

Don’t miss this opportunity to gain a holistic view of the evolving digital asset landscape. Seats are limited—secure your spot today: https://glassno.de/4f6rFJC
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Glassnode

16 Oct, 14:00

The Q4 2024 Guide to Crypto Markets by Glassnode and Coinbase Institutional is here! Despite range-bound prices, significant trends have been unfolding beneath the surface.

Download the full report here: https://glassno.de/3Y0y1De

- Liquidity is surging as markets deepen and institutions take a stronger position.
- On-chain activity rise shows the growing utility of blockchain in real-world applications.
- The continued engagement with spot ETFs shows institutional investors remain committed to these assets.

Get the full analysis in the report.
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Glassnode

15 Oct, 15:31

The Week On-Chain 42, 2024
A notable divergence between supply and demand is emerging, with the market being range-bound for over seven months. With low volumes across on-chain and futures markets and a HODLer-dominated environment, the scene is set for heightened volatility in the near future.

Executive Summary
- The demand side of the market has declined notably since the March ATH, with investor attention thinning as the market chops sideways within this price range.
- On the supply side, available coins are also constricting, with several measures of ‘active supply’ compressing to relatively low levels.
- Historically, tightness in the Bitcoin supply side has been a precursor for a regime of heightened volatility.
- It often describes an equilibrium being reached between the wealth held by new demand and existing HODLers, which tends not to last for very long.

Read more in The Week On-Chain newsletter.
11,829
Glassnode

09 Oct, 14:01

TRON metrics are now live on Glassnode! Track TRON’s network fundamentals, fund flows, and investor sentiment with your favourite Glassnode metrics, including:

- Total & New Addresses
- Realized Price & Realized Cap
- MVRV & HODL Waves
- TRX Supply Distribution by Wallet Size

Explore these and other metrics today and use the data to gain a better understanding of TRON on-chain activity and performance.

Start with this Dashboard to get an overview: https://glassno.de/3ZZdRMD
14,073
Glassnode

09 Oct, 08:28

The Week On-Chain 41, 2024
Following a 10% price correction, the Bitcoin market has rebounded back to the $63k level, in an attempt to reclaim the critical Short-Term Holder cost-basis.

Executive Summary
- Bull Market Drawdowns remain relatively shallow but in line with historical bull market uptrends. This highlights both the similarities and the relative resiliency of the current cycle.
- Both Short-Term Holder positioning and their spending behaviour have largely improved as the spot price attempts to reclaim the Short-Term Holder cost-basis at $62.5k.
- A significant amount of Futures Open Interest remains in place, which may expose the market to deleveraging and liquidation cascades if significant volatility breaks out.

Read more in The Week On-Chain newsletter.
13,108
Glassnode

08 Oct, 14:18

We are excited to share that Glassnode’s Chief Commercial Officer, Daniel Blackmore, will be speaking at The Digital Asset Conference, hosted by Fasanara Digital in London, between the 7th - 8th of November.

This event will bring together traditional financial institutions and companies at the forefront of innovation in the digital asset industry.

Daniel will be moderating the panel discussion, “Breaking Boundaries: How Asset Tokenization is Reshaping Global Markets,” at 13:40 on 8th November. Joining him on the panel are Max Boonen, Founder and CEO at PV01, and Ricardo Correia, Partner at Bain & Company.

For those attending, feel free to contact us at [email protected].

We look forward to connecting with you!
11,928
Glassnode

02 Oct, 15:50

The Week On-Chain 40, 2024
For the first time since the ATH, Bitcoin has established a new technical higher high, as price bounced into the $66k region. Alongside this, there is a multitude of critical on-chain metrics that have also set higher highs, making this an interesting moment in time.

Executive Summary
- Bitcoin’s cyclical price performance shows a striking similarity across the last three cycles, with the index at nearly the same position.
- Long-term Holders holding BTC in loss have risen, as coins bought near the $73k ATH pass the 155-day mark.
- However, the unrealized loss for these investors is minimal, indicating little financial pressure on portfolios.
- Short-Term Holder profitability has improved in the recent rally, bringing relief to recent buyers.
- US ETF investors’ conviction remains strong, with only minor sell-side pressure despite being below their average inflow cost.

Read more in The Week On-Chain newsletter.
14,396
Glassnode

26 Sep, 14:36

The Week On-Chain 39, 2024
In the wake of the Federal Reserve's 0.5% interest rate cut, Bitcoin has reclaimed the Short-Term Holder cost basis of ~$61.9k. This rally could achieve technical significance if the price also holds above the 200-day moving average at $63.9k.

Executive Summary
- Bitcoin has reclaimed the Short-Term Holder cost basis ($61.9k) and 200DMA ($63.9k) following a 0.50% interest rate cut by the Federal Reserve.
- Short-term holders are under marginally less pressure as prices rise above their cost basis, after a period of net capital outflows.
- New investors show a degree of resilience, seen in realized losses being of a relatively small magnitude, suggesting confidence in the overall uptrend.
- The perpetual futures market displays a cautious recovery in sentiment, with gradually increasing demand but still below levels seen during strong bull markets.

Read more in The Week On-Chain newsletter.
16,894
Glassnode

25 Sep, 17:12

We’re excited to announce that Glassnode will be speaking at Digital Asset Week in London next week, between the 2nd and 3rd of October. Our Chief Commercial Officer, Daniel Blackmore, will be participating in a fireside chat on the transformative power of on-chain analytics at 14:15 on the 3rd of October.

He will be interviewed by Alon Goren, co-founder at Draper Goren Blockchain. The event focuses on the institutional adoption of digital assets, bridging the gap between Traditional Finance and Digital Assets.

Please contact us at [email protected] if you would like to meet Dan. We look forward to seeing you there!
13,912
Glassnode

23 Sep, 18:16

Ethereum’s recent price surge, driven largely by speculative tokens, can seem chaotic. Glassnode’s new ERC-20 metrics - recently expanded by over 500 new assets - can help you make sense of this volatile market. Understand recent trends in this market with metrics giving you insights into profit and loss realization, speculator and long-term investor cost basis, or wealth distribution.

For three more weeks, get free access to all these metrics and assets, no matter your subscription plan. Use this time to get a clearer view of the market and hedge your bets more effectively. Start your analysis here: https://glassno.de/3BhgOOs
13,649
Glassnode

18 Sep, 13:09

The Week On-Chain 38, 2024
The Bitcoin market is currently experiencing a period of stagnation, with both demand and supply sides showing signs of inactivity. The market is characterized by minimal capital inflows and outflows, as the stagnant Realized Cap indicates.

Executive Summary
- Market demand-side remains lacklustre for digital assets, with the magnitude of both capital inflows and outflows remaining small in scale.
- HODLing remains the primary investor dynamic, with all measures of actively tradable supply declining and large volumes of coins maturing into Long-Term Holder status.
- Price action has been remarkably stagnant over the past six months, driving all variants of the Sell-Side Risk Ratio to low levels, suggesting an expectation for higher volatility ahead.

Read more in The Week On-Chain newsletter.
16,127
Glassnode

17 Sep, 14:04

We're thrilled to announce the expansion of our analytics platform, which now supports over 500 new ERC-20 tokens! With this update, you can apply the same in-depth metrics from your Bitcoin analysis to a wide range of assets within the Ethereum ecosystem, helping you to formulate a comprehensive view of the market.

Our platform now features expanded coverage of key sectors in the ERC-20 landscape, including DeFi, AI-driven tokens, gaming, and staking. Seamlessly track asset fundamentals, capital flows, and sentiment across these sectors, all in one unified place.

Dive deeper into our ERC-20 token coverage in our latest article: https://glassno.de/4d9t28M
12,856
Glassnode

10 Sep, 15:25

The Week On-Chain 37, 2024
The competitiveness of the Mining landscape and their conviction in the Bitcoin Network continues to rise, with the Hash Rate blasting towards new ATHs. However, investors remain unconvinced in the short term, with exchange-related on-chain volumes beginning to languish.

Executive Summary
- Hash Rate remains just shy of ATHs, as continued investment by Miners demonstrates immense conviction in the Bitcoin Network despite depressed revenues.
- Investor interactions with exchanges are in decline, with contracting volumes across the board, suggesting there is a diminished appetite for investors and trade.
- Both the Bitcoin and Ethereum ETFs are exhibiting outflows, however, investor interest in the Bitcoin ETFs remain significantly larger in scale and magnitude.

Read more in The Week On-Chain Newsletter
14,722
Glassnode

04 Sep, 15:27

The Week On-Chain 36, 2024
The Bitcoin market continues to experience downwards pressure over recent months, despite the average Bitcoin investor remaining profitable overall. However, the Short-Term Holder cohort remains heavily underwater on their holdings, making them a source of risk for the time-being.

Executive Summary
- On average, BTC investors are holding relatively small unrealized losses compared to prior cycles, suggesting a relatively favourable position overall.
- However, Short-Term Holder unrealized losses remain quite elevated, indicating they are the primary cohort at risk.
- Profit and Loss taking activities remain remarkably light, with critical metrics such as the Sell-Side Risk Ratio alluding to a potential for heightened volatility in the near future.

Read more in The Week On-Chain Newsletter
14,895
Glassnode

27 Aug, 15:13

The Week On-Chain 35, 2024
Market speculation remains relatively subdued for Bitcoin, with investors locking in only marginal profit and losses, and a reset across perpetual swap markets. Historically, periods of quiet and calm market structure are short-lived, and often precede an expectation for heightened volatility.

Executive Summary
- Net capital flows into the Bitcoin assets have markedly cooled, with only marginal profit and loss-taking events by investors.
- Loss-taking events are almost exclusively associated with the Short-Term Holder cohort.
- However, a significant proportion of supply held by this cohort is transitioning into Long-Term Holder status, having been held for at least 155 days.
- Speculation in the perpetual swap market has experienced a full reset, suggesting a cooling off of speculative interest and long-biased leverage.

Read more in The Week On-Chain newsletter.
16,548
Glassnode

23 Aug, 09:34

Amidst tumultuous market conditions as of late, Long-Term Holders have been locking in a reasonably consistent $138M in profit per day. With each transaction, a buyer and a seller are matched, with supply and demand imbalances resolved via price changes.

Therefore, we can infer that this ~$138M/day in LTH sell-side pressure is a read for the daily capital inflows required to absorb supply and keep prices steady. While market conditions have been choppy, prices are generally flat over the last few months, suggesting a form of equilibrium is being reached.

Discover more in the latest Week On-Chain below👇
https://glassno.de/4dPrVvN
14,889
Glassnode

21 Aug, 15:11

Bitcoin Dominance has surged from 38% in Nov 2022 to a notable 56% today. Meanwhile, Ethereum, the second-largest asset, saw its dominance decline by 1.5%, remaining relatively stable over the past two years.

In contrast, Stablecoins and the broader Altcoin sector experienced more significant declines of 9.9% and 5.9%, respectively.

🟠Bitcoin Dominance: 38.7% (Nov 2022) —> 56.2% (Current)
🔵Ethereum Dominance 16.8% —> 15.2%
🟢Stablecoin Dominance 17.3% —> 7.4%
🟣Altcoin Dominance 27.2% —> 21.3%

Discover more in the latest Week On-Chain below👇
https://glassno.de/4dPrVvN
13,913
Glassnode

20 Aug, 15:02

The Week On-Chain 34, 2024
Bitcoin, as the leading digital asset, continues to see its dominance expand, now commanding a staggering 56% of the total market capitalization. Supporting this, Bitcoin Long-Term Holders remain steadfast in their conviction, with significant accumulation pressure below the surface.

Executive Summary
- Since the cycle low established in Nov 2022, Bitcoin Dominance has continued to climb, now commanding 56% of the total crypto market capitalization.
- Despite tumultuous and choppy price action, the conviction of Long-Term Holders remains steadfast and unfazed, with a clear preference to accumulate and HODL coins.
- Short-Term Holders have carried the brunt of the losses during the recent downturn, however, the degree of locked in losses suggests a possible overreaction towards the event.

Read more in The Week On-Chain newsletter.
13,596
Glassnode

19 Aug, 14:06

The LTH Sell-Side Risk ratio remains lower than during previous ATH breaks, indicating that the LTH cohort is taking smaller profits compared to past cycles. This suggests they may be waiting for higher prices before increasing their selling pressure.

Discover more in the latest Week On-Chain below👇
https://glassno.de/4fGn2Hk
11,088
Glassnode

16 Aug, 13:00

The Accumulation Trend Score (ATS) indicates a market shift back to accumulation, with the ATS reaching its maximum value of 1.0, signaling significant accumulation over the past month.

Discover more in the latest Week On-Chain below 👇
https://glassno.de/4fGn2Hk
13,552

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