Glassnode Financial News

Bitcoin’s price is soon due for some major price action following an extended period of unusually low volatility, onchain analysis suggests.

Bitcoin (BTC) is re-entering a bull market “euphoria” zone highly reminiscent of the asset’s strongest historical price runs, according to a report by on-chain analysts at Glassnode published Tuesday.

Want to take exposure to a sector which grows much faster than GDP

A new Glassnode report says that Bitcoin (BTC) Ordinals are not displacing monetary transfers despite concerns of network clogging.

Investment firm Ark Invest and blockchain security firm Glassnode have revealed a conceptual framework for understanding the Bitcoin (BTC) economy amid the ongoing bear market. 

The staunchest Bitcoiners, known in industry terms as long-term holders, now control more Bitcoin (BTC) than ever before, new data from blockchain analytics firm Glassnode has revealed.

Bitcoin climbed almost 8% in the final three days of the work week, while Ether surged 20%. Neither of the two dominant tokens has set a new low point in this bear market for almost a month. Bitcoin has been hugging the closely watched $20,000 round number, while Ether is hovering near $1,000. The relative stabilization in the charts is fueling hopes that contagion may have run its course following the spectacular collapse of tokens on the Terra blockchain, a wipeout that also sent hedge fund Three Arrows Capital and brokerage Voyager Digital into bankruptcy court. While much of the crypto world’s leverage is not recorded on blockchains, and therefore hidden from scrutiny, what is visible is encouraging, according to James Check, lead analyst at Glassnode.

The shrimps of the crypto world have joined the whales in a glorious last stand to banish the bleak bitcoin winter. These two contrasting groups are both HODLers — investors in bitcoin as a long-term proposition who refuse to sell their holdings and they are determined to drive back the bears, despite their portfolios being deep in the red.

Bitcoin’s activity is firmly in bear market territory after recording one of the worst monthly price performances in its history.

Bitcoin miners have been forced to tap into their cryptocurrency stashes as a plunge in prices, rising energy costs and increased competition bite into profitability. The number of coins miners are sending to crypto exchanges has been steadily climbing since June 7, researchers at MacroHive noted, in a sign that «miners have been increasingly liquidating their coins on exchanges.» Several publicly listed bitcoin miners collectively sold more than 100% of their entire output in May as the value of bitcoin tumbled 45%, an analysis by Arcane Research https://tmsnrt.rs/3nhYdHA found.

crypto traders are finding their Bitcoin investments underwater and may be ready to throw in the towel. The number of anonymous Bitcoin addresses in the money, meaning those that acquired their holdings at prices below today's, has reached lows not seen since March of 2020, according to Bequant, a digital-asset firm. The level, currently hovering around 51%, «points to capitulation,» though bear markets in 2015 and 2018 saw even lower lows, wrote Martha Reyes and Emiliano Bruno in a note. Crypto prices have been in a slump this year as the Federal Reserve withdraws stimulus and hikes rates to combat inflation. The environment has been toxic for all manner of riskier assets, including richly valued tech companies. But cryptocurrencies have been hit particularly hard, with Bitcoin losing more than a third of its value this year, and others, including Ether, shedding 50%. Even Bitcoin miners have started to offload tokens they had hoarded as many are seeing few signs prices could recover soon.