📊 **Market Update: Bitcoin in Equilibrium, Volatility Ahead?**

The digital asset market remains subdued, with minimal capital inflows and outflows. HODLing is the dominant trend, as the actively tradable supply declines and more coins mature into Long-Term Holder status. Price action has been stagnant for six months, hinting at potential volatility.

🔍 **Key Insights:**
- **Realized Cap:** Peaked at $622B, indicating transactions near original acquisition prices.
- **Stablecoin Supply:** Near ATH at $160.4B, suggesting increased buying power but limited rotation into risk assets.
- **Volatility:** Tight market range implies potential for heightened volatility soon.

Stay tuned for more updates! 🚀

🚀 **Glassnode Expands ERC-20 Token Support!** 🚀

Glassnode, a leader in on-chain analytics, has announced the addition of over 500 new ERC-20 tokens to its platform. This expansion allows users to apply the same rigorous analysis to Ethereum-based assets as they do to Bitcoin.

🔍 **Enhanced Metrics for In-Depth Analysis:**
- **Asset Fundamentals:** Active Addresses, Market Cap, Price, and more.
- **Capital Flows:** Transfer Volume, Exchange Balances, Netflows.
- **Profit and Loss Data:** SOPR, MVRV, Realized Profit and Loss.

🎉 **30 Days of Free Access:** All ERC-20 metrics are free for the first 30 days. Dive into comprehensive market analysis and explore new strategies today!

Stay tuned for more updates as Glassnode continues to innovate in the blockchain analytics space.

📊 **Bitcoin Miners Show Resilience Amid Market Challenges**

Bitcoin's hash rate is nearing all-time highs, reflecting miners' strong confidence in the network despite declining revenues. Miners continue to invest in new ASIC hardware, pushing the hash rate to 666.4 EH/s, just 1% below the ATH. However, reduced transaction fees and lower market prices have led to a significant drop in miner revenue.

📉 **Investor Activity Declines**

Investor interactions with exchanges are down, with trading volumes contracting across the board. Both Bitcoin and Ethereum ETFs are experiencing outflows, though Bitcoin ETFs still attract more interest compared to Ethereum.

🔍 **Market Sentiment**

Current indicators suggest the market is entering a low-risk zone, with diminished sell volume and choppy price action. This could lead to potential market shifts if external factors come into play.

#Bitcoin #CryptoNews

📊 **Bitcoin Market Analysis: A Mixed Bag of Signals**

Recent on-chain data reveals that BTC investors are holding relatively small unrealized losses compared to previous cycles, indicating a favorable position overall. However, short-term holders are experiencing elevated unrealized losses, making them the primary cohort at risk.

Despite stagnant price action and apathetic investor sentiment over the past six months, the spot price is trading around 22% below its all-time high, a relatively shallow drawdown historically.

Profit and loss-taking activities remain light, with the Sell-Side Risk Ratio suggesting potential for heightened volatility soon. While long-term holders have slowed down profit-taking, the market is showing signs of transitioning towards a bear market.

🔍 For more detailed insights, check out the Week On-chain Dashboard.

**Bitcoin Market Analysis: Cooling Speculation and Equilibrium**

Net capital flows into Bitcoin have slowed, indicating a balance between profit and loss-taking among investors. Short-term holders are transitioning into long-term holders, having held their assets for over 155 days. This shift suggests a stabilization in the market.

Speculative interest in the perpetual swap market has reset, pointing to a cooling off in long-biased leverage. The MVRV Ratio and percentage of supply in profit metrics have returned to their mean values, indicating a reset in investor profitability.

The Sell-Side Risk Ratio shows most coins are being spent near their acquisition price, suggesting market equilibrium. However, this calm period often precedes heightened volatility. 📊

Overall, the market is in a consolidation phase, with decreased speculation and a more spot-dominated regime. 🌐

**Bitcoin Holders Return to HODLing Amid Market Uncertainty**

After months of heavy distribution pressures, Bitcoin holders are shifting back towards HODLing and accumulation. Despite recent sell-side pressure in spot markets, the Long-Term Holder (LTH) cohort now holds a significant percentage of network wealth, indicating high conviction. 📈

On-chain data reveals a trend towards accumulation, with the Accumulation Trend Score (ATS) hitting its highest value of 1.0. Additionally, +374k BTC has migrated into LTH status over the past three months, showcasing a preference for holding over spending.

While market conditions remain choppy, the resilience and patience of Bitcoin holders suggest a positive outlook for future price movements. 💡

**Mt.Gox Creditors Finally Receive Bitcoin Payouts**

After a decade-long legal battle, Mt.Gox creditors are now receiving their Bitcoin from the infamous exchange hack. Out of the recovered 142k BTC, 59k BTC has been distributed via Kraken and Bitstamp. This marks a significant moment for the Bitcoin industry, closing a chapter that began in 2013.

Interestingly, long-term holders (LTH) currently possess 45% of the network's wealth, indicating strong HODLing behavior. This trend suggests a resilient market, with LTHs waiting for higher prices before selling. 📈

Stay informed with on-chain metrics and market trends! 🌐

📈 Exciting News! The third edition of the 'Guide to Crypto Markets,' in collaboration with Coinbase Institutional, is now available. This comprehensive report dives into key developments in the crypto markets, including price performance, on-chain analytics, industry events, and derivatives data.

🔍 Key Insights:
- **Market Cycles:** Despite a Q2 pullback, data suggests we are in the middle of a bull cycle that started in late 2022.
- **ETFs Impact:** Spot Bitcoin ETFs have amassed nearly $50 billion in AUM, enhancing market liquidity and attracting new investors.
- **On-Chain Activity:** Metrics like TVL and active addresses show a significant uptick, driven by lending, staking, and trading use cases.

📊 Q3 Trends:
- **MVRV Momentum:** Indicates robust uptrends and improving investor profitability.
- **BTC Cycle Performance:** Current bull market shows a 400% increase, with a robust market structure.
- **BTC Spot ETF Balances:** Over $50 billion in AUM, outpacing new Bitcoin issuance.
- **BTC Futures Volume:** Increased participation and liquidity in futures markets.

For detailed insights, download the full report here.

**Crypto Market Update: Perpetual Futures Insights**

Binance, Bybit, and OKX dominate the perpetual swap markets, holding 84% of the total open interest. These markets are crucial for digital asset trading, often surpassing spot markets in volume.

A new model tracks leverage sensitivity and open interest in futures markets relative to Bitcoin's spot price. Recent data shows open interest rising to 260k-280k BTC, indicating increased speculation since June.

Bitcoin's price surge has brought relief to Short-Term Holders, with over 75% of their supply now in profit. This positive trend boosts overall investor sentiment. 📈

Stay informed with Glassnode's on-chain metrics and dashboards. 💡

CME Group and Glassnode have released a comprehensive report titled "Digital Assets: Insights and Market Trends H1 2024." The report provides a detailed analysis of key developments in the digital asset markets, including price performance, on-chain analytics, industry events, and derivatives data.

Key highlights include:
- An extensive overview of the digital asset market, focusing on major asset classes and the dominance of Bitcoin and Ethereum.
- Analysis of capital flows and market cycles across Bitcoin, Ethereum, and stablecoins.
- Detailed review of the growing futures and options markets for digital assets, with CME Group emerging as a dominant player.

The report also notes that the current bull market has exhibited relatively shallow drawdowns compared to previous cycles, indicating a maturing market with reduced volatility. Despite a bullish market since late 2022, Ethereum has underperformed relative to Bitcoin due to competitive pressures and regulatory advancements.

Furthermore, Bitcoin's daily on-chain transaction volumes have reached levels comparable to traditional financial giants like Visa and Mastercard, highlighting Bitcoin's increasing role in the global financial system. 📈🌐

Despite Bitcoin's sideways trading, the market remains largely profitable, with Short-Term Holders (STHs) bearing most losses. Aggregate investor profitability is robust, with the average coin holding a 2x profit multiple. The average coin in profit holds an unrealized gain of +$41.3k, while the average coin in loss holds an unrealized loss of -$5.3k.

Bitcoin prices have been consolidating within a $60k to $70k range since the March All-Time High (ATH), leading to widespread market indecision. The market is currently in the 'Enthusiastic' bull regime, with brief excursions into the 'Euphoric' zone.

Key pricing levels for the market to remain above for the macro bull market to continue are identified as $58k to $60k. Significant unrealized profit signals a potentially overheated market at $92k, while significant unrealized loss signals a potentially oversold market at $50k.

Volatility continues to compress across multiple time-frames, suggesting the current trading range is in the later stages of developing towards the next range expansion. The Sell-Side Risk Ratio and 60-day price range have fallen towards historic lows, indicating heightened volatility expectations in the near future.

Cryptocurrency market trends indicate a sideways movement since the $73k all-time-high in March. Analysis of short-term investors' cost-basis reveals a negative demand momentum since early May. Long-term holders' unrealized profit is far from historical peaks, suggesting a cautious market sentiment. Despite long-term holders accounting for only 4%-8% of total volume, their realized profits typically represent 30%-40% of cumulative profits in bull markets. This highlights the significant role of long-term investors in the cryptocurrency market. The market's current state suggests a potential risk of deeper correction and longer recovery time if the current structure persists. 📉📊

Despite a turbulent market, the average cryptocurrency investor continues to hold an unrealized profit of around 120%. Bitcoin prices are consolidating within a well-established trade range, with over 87% of the circulating supply held in profit. However, the demand side has been unable to promote further upward growth, suggesting a lack of momentum. The cash-and-carry trade continues, particularly among institutional traders, indicating an expectation of range-bound trading. Despite this, investor profitability remains robust, with the MVRV Ratio suggesting the macro uptrend is still intact. 📈💰

Blockchain analytics firm Glassnode has launched 28 new metrics aimed at providing a more detailed view of the digital asset market. These metrics offer traders insights into potential buy and sell signals by identifying seller exhaustion among different age cohorts of short-term holders. The new Breakdown metrics allow traders to pinpoint moments of severe unrealized loss and capitulation, often signaling local market bottoms and potential entry points during a bull market. The granular breakdown of short-term holders into age bands also helps traders to apply this framework across various trading strategies. These metrics are currently available with the Glassnode Enterprise plan. 📊💡

Blockchain analysts have developed a new framework to identify points of seller exhaustion during market downturns. The framework uses on-chain metrics to assess both unrealized and realized losses of short-term holders (STH) and long-term holders (LTH). The analysis revealed that losses from LTHs occur mainly during macro cycle downturns, while STHs lock in losses throughout all market phases. The goal is to identify inflection points during corrections and consolidations within a dominant bull trend. The framework uses three profit/loss metrics: MVRV Ratio, SOPR, and Realized Loss. The analysis provides insights into the behavior of different investor groups and helps identify points of micro-capitulation, which tend to accompany local market lows. 📊🔍

On-chain metrics are being used to identify seller exhaustion points during market corrections and consolidations in the Bitcoin bull market. The framework focuses on the Short-Term Holder (STH) cohort, which is often the main source of losses in a bull market. The metrics used include the MVRV Ratio, SOPR, and Realized Loss, which assess unrealized and realized losses of investors. The framework also differentiates between daily traders and weekly-monthly swing traders. The goal is to identify points of oversold conditions and establish local bottoms in the market. 📈🔍

📉 April saw Bitcoin's consolidation pressures despite high trading volumes and ETF inflows, with prices between $60k and $66.7k due to short-term holder sell-offs. Ethereum faced debates over staking policy changes, raising concerns about its future scalability and monetary asset role. 📊 Glassnode's composite momentum index indicates a market cool-down as key metrics enter downtrend phases, suggesting reduced demand and slowing positive momentum.

The anticipation for Bitcoin's fourth halving and the disappointment from the lacklustre price action that followed it shaped investor behaviour. Similar events in 2016 and 2020 also saw immediate market corrections despite the long-term bullish implications of reduced Bitcoin supply. Ethereum experienced notable fluctuations with its price dropping by -17.80%, partly due to uncertainty around U.S. spot ETH ETF approvals and internal community debates over proposed staking policy changes.

Bitcoin's price consolidated between $64k and $73k in early April, supported by an upsurge in spot trading and on-chain exchange volumes. Despite diminishing growth rates in network statistics due to the expanding ecosystem, Bitcoin's capability to maintain its position as a premier settlement network remains undeterred.

Ethereum's ecosystem found itself at the centre of a heated debate surrounding changes to the network's staking policy. Proposals to cap annual issuance to slow the staking pool's expansion have been met with significant resistance from the community. The future of Ethereum’s staking landscape remains uncertain, as the community navigates this delicate balancing act to protect both network scalability and its function as a store of value.

Bitcoin is experiencing a phase of consolidation and potential correction, with key metrics indicating a slowdown in positive momentum and an increase in selling pressure. Traders should be cautious as the demand for Bitcoin at higher price levels may be waning.

Bitcoin's market has transitioned into widespread net distribution since its March all-time high (ATH) of $73k, according to a new report. The Net Unrealized Profit & Loss (NUPL) metric indicates the Bitcoin cycle remains in the Euphoria phase, but has cooled off since the correction started. The report also identifies Short-Term Holders as the cohort contributing the most to sell-side activity during corrections. The cost basis of 1w-1m holders is currently $66.7k, and their realized loss has surpassed the 90-day +1 standard deviation level multiple times since mid-March, suggesting potential seller exhaustion. The report concludes that the market may be forming a local bottom.

Glassnode, a leading on-chain analytics platform, has launched a suite of 28 new on-chain metrics for Bitcoin and Ethereum. These metrics offer an in-depth look at critical factors such as SOPR, MVRV, Realized Profit, and Realized Cap. The new metrics, segmented by age and wallet size, provide a detailed understanding of capital flows, asset fundamentals, and market sentiment. The data can help users explore complex market dynamics and make informed investment decisions. This new suite of metrics is a significant step towards providing the community with comprehensive tools to navigate the diverse digital asset landscape. 📊💡

The fourth Bitcoin Halving has taken place, reducing Bitcoin's annualized inflation rate by 50% and surpassing Gold in issuance scarcity. Despite a 50% reduction in revenue for miners, investor profitability has been boosted by a rising spot price and a decisive all-time high break. The Bitcoin supply curve remains deterministic due to the Difficulty Adjustment protocol, ensuring the average block interval stays at around 600 seconds. With the fourth Halving, 93.75% of the terminal supply of 21M BTC has been mined, leaving only 1,312,500 BTC to be issued over the next 126 years. Bitcoin's new annualized inflation rate is 0.85%, down from 1.7% in the prior epoch, making it scarcer than Gold. Despite the halving's impact, the volume of newly minted coins remains small compared to the global trade volume within the Bitcoin ecosystem. The impact of Bitcoin halvings on the available traded supply is diminishing across cycles due to the reduction in mined coins and the growth of the asset and ecosystem.