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Glassnode The Week On-Chain Week 23 PDF

Bitcoin's price fluctuated between $9500-9800 over the past week, with a brief spike above $10,100. On-chain metrics like network health and liquidity increased, suggesting fundamentals are recovering. The Glassnode Compass indicator shows Bitcoin in the bullish green zone based on improving fundamentals and quarterly price gains. Miners continue holding more Bitcoin after the halving, with outflows to exchanges down 65% despite reduced block rewards.

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439 views5 pages

Glassnode The Week On-Chain Week 23 PDF

Bitcoin's price fluctuated between $9500-9800 over the past week, with a brief spike above $10,100. On-chain metrics like network health and liquidity increased, suggesting fundamentals are recovering. The Glassnode Compass indicator shows Bitcoin in the bullish green zone based on improving fundamentals and quarterly price gains. Miners continue holding more Bitcoin after the halving, with outflows to exchanges down 65% despite reduced block rewards.

Uploaded by

Ruslan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Bitcoin Market Health

Bitcoin's price increased slightly over Week 23. Prices mostly fluctuated between $9500 and
$9800, but BTC experienced a classic "Bart Simpson" pattern on Tuesday, spiking up to above
$10,100 for around 15 hours before returning to the mid-9000s.

Meanwhile, Bitcoin on-chain fundamentals began to recover during Week 23. After several
weeks of trending downward, GNI increased by 6 points, placing it back in the strong zone at
62 points. This was driven by an overall improvement in fundamentals, which saw all GNI sub-
indices and their sub-categories experiencing an uptick last week.
Read more about how these values are broken down
Network Health increased by 5 points over the past week after improvements in network growth
(i.e. adoption) and network activity. This increase follows a previous downtrend throughout the
month of May, which saw the number of active and new entities decrease by over 10%.
Liquidity saw a 7 point increase last week, bringing it back into the neutral zone after having
dropped down into the weak zone the previous week. Currently at 48 points, this increase was
mainly driven by an 18% increase in transaction liquidity as on-chain transactions increased and
fees continued to decrease after experiencing a post-halving spike.
Sentiment also increased last week, rising by 6 points as investors refrained from selling despite
prices being in the high-9000s and even spiking above $10k for a day. This apparent hodling
behavior suggests that investors may have an optimistic outlook on price in the near future.
Glassnode Compass
The Glassnode Compass outlines the general regime in which Bitcoin is currently located, based
on its on-chain fundamentals (as determined by the GNI) and its recent price behavior.

After rising into the bullish Regime 1 during Week 22, the compass is now squarely in the green
zone after experiencing increases in both GNI and quarterly price performance during Week 23.

With on-chain fundamentals seemingly on the rise and BTC seeing sustained values over $9k,
the outlook for bitcoin seems to be stabilizing in the optimistic zone. However, market observers
should watch for another week or two of continued growth in on-chain activity and adoption to
determine whether this is an upwards trend or an isolated period of growth.

Bitcoin Miners Continue Hodling BTC


The flow of BTC from miners to exchanges dropped significantly following the halving, and
has yet to recover almost a month later.
Miners are holding off on realizing their BTC profits (Glassnode Studio)
Logic dictates that the flow of BTC from miners to exchanges should drop by around 50% after
a halving event, as BTC-denominated revenue drops by almost this amount (slightly less, due
to fees staying consistent or even increasing). However, the number of BTC being sold by
miners dropped by more like 65%, suggesting that miners are withholding their profits until the
price increases.

Read our full article on this trend to understand the possible effects of miners selling their
withheld BTC when the price rises in the future.
Product Updates
Metrics and Assets
• Miners Flow to Exchanges (BTC) - This metric shows the total amount of coins transferred
from miners to exchange wallets. Available both as total flow to exchanges, and broken down
by major miners.
• Miner Outflow Multiple (BTC) - This metric shows the amount of BTC flowing out of miner
addresses relative to the historical average, highlighting periods of miner hodling and
capitulation.
Features
• Glassnode Reports - A hub for all monthly and special edition reports, accessible from directly
within your Glassnode account.

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