The Week On-chain - Falling Dominoes as Miners and HODLers Capitulate (Bitcoin Onchain Analysis)

The Bitcoin market reeled from a massive deleveraging event, falling below the 2017 $20k ATH. Both on-chain DeFi markets, and off-chain entities deleveraged, as exchanges, lenders, and hedge funds were rendered insolvent, or liquidated.

Topics for Discussion:
- All-time-high in investors realizing losses on-chain.
- Prices plunge below 2017 $20k ATH creating market stress.
- Miners enter an observable phase of financial stress.
- Long-Term Holders distribute over 178k BTC at a loss.

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DeFi Deleveraging: https://glassno.de/3n1FsIe
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0:00 Introduction
2:20 Price Action and Drawdown
3:12 Realized Losses
4:45 MVRV Cohort Analysis
7:30 Market Profitability Assessment
9:53 Mining Difficulty Regression and Hash Ribbons
12:30 Mining Capitulation: Puell Multiple
14:40 Miner Net Position Change
15:25 Long-Term Holder Supply and MVRV
16:25 Long-Term Holder Spending Behaviour
20:25 Summary and Conclusions

The Glassnode video report provides a weekly analysis update of the trends, performance, and onchain metrics for Bitcoin and the crypto market.

This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.
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