Glassnode

2021-04-21 18:30:09 #Ethereum on-chain USD transaction fees hit the second highest level in history yesterday.

#Ethereum on-chain fees hit $47.3M per day, coming close to the ATH of $49.8M set on 23-Feb.

Total fee revenue has exceeded $10M/day since 1-Feb.

Live Chart | @glassnode Open / Comment

2021-04-20 18:30:02 #Bitcoin STH-SOPR has reset to the lowest value since the $29k dip back in Jan.

This metric will trend higher (>1.0) when profits are realised and lower when coins are dormant or losses are realised (<1.0)

This means some short term holders spent coins and took losses during this dip. However, it also means coins that are currently in profit were not shaken out.

Historically, SOPR resets below 1.0 in bull markets have been constructive for price in the weeks that follow.

Our Analysis in The Week On-chain Open / Comment

2021-04-19 19:00:01 #Bitcoin has experienced a volatile week, hitting a $64k new ATH before selling off back down to $52k in a liquidation cascade.

This week we analyse:
- Hash-rate Drop and Recovery
- Derivative Leverage Flush Out
- On-chain Sentiment for New and Old Hands
- New Market Entrants

Read More in The Week On-chain Open / Comment

2021-04-16 18:30:08 #Bitcoin change-adjusted transaction volume has hit a new ATH of $49.45 Billion.

The previous record $46.68B was set at 2017 peak during a 67-day stretch of high volume > $15B.

This bull has sustained a much longer 121-days with high volume > $15B

Live Chart | @glassnode Open / Comment

2021-04-14 15:40:58 #Bitcoin has made a new ATH and the market has started constructing new on-chain support.

Over 245k $BTC have already moved on-chain at prices above $62.7k.

This follows the significant 1.909M $BTC moved in the previous $1 Trillion consolidation zone.

Live Chart | @glassnode Open / Comment

2021-04-13 19:02:12 #Bitcoin Coin Years Destroyed (CYD) is the cumulative sum of all coin days destroyed in the last 365-days. CYD is trading at levels similar to 2013, but is still far below the 2017 top.

This suggests old hands have not distributed coins to the same extent as last cycle, and instead prefer to hold onto their coins. This is especially true given #Bitcoin is older and thus more coin days are in the system.

Read More in The Week On-chain

Live Chart | @glassnode Open / Comment

2021-04-13 15:14:26 #Bitcoin Futures Open Interest across major exchanges reaches record highs of more than $27B as $BTC hits new ATHs.

Live Chart | @glassnode Open / Comment

2021-04-13 11:00:41 #Bitcoin has held strong this week as on-chain data suggests old hands are maintaining their composure.

We analyse:

- Rick Astley HODLers as old hands have spend less and hodled more than previous cycles.
- Stablecoin supply expansion, with USDT alone expanding by $3.36B over the last two weeks
- Cyclical metrics to watch closely, including key levels to track via Glassnode Alerts

Read more in The Week On-chain Open / Comment

2021-04-09 00:41:32 #Ethereum on-chain fees tell a story of protocol evolution, as DEXs overtake CEXs.

Phase 1: Exchange based trading, alongside retail led ICO mania dominates gas fees.

Phase 2: Trading activity slows in the bear whilst smart contract experimentation continues.

Phase 3: DeFi + DEXs + mass CEX withdrawals dominate gas fees with Exchange related gas fees falling to only ~5% dominance.

Live Chart | @glassnode Open / Comment

2021-04-06 07:08:04 #Bitcoin has solidified its position as a $1 Trillion asset with on-chain volume equivalent to 10% of supply transferred above the $53.5k threshold

We analyse
- On-chain volumes
- Miners accumulating
- Futures market dynamics

Read more in The Week On-chain.

#GlassnodeInsights Open / Comment