After an extremely consequential week, the digital asset industry finds itself short three crypto friendly banks in the US.

Investors appear to be seeking safety in the most trustless major assets #Bitcoin and #Ethereum

In this edition, we will focus on some of the key effects playing out on-chain, and within wider in market structure, including:

- De-pegging of several stablecoins from $1, as well as dominance shifting back towards Tether (USDT).
- Net capital outflows from the digital asset market, observable across both stablecoins, and the two majors, BTC and ETH.
- Cyclical lows hit in futures open interest, despite elevated trade volumes, and speculative interest leading to an explosive rally back to $22k for BTC, and $1.6k for ETH.

Read more in The Week On-chain

Our latest market update video report is live for #Bitcoin and #Ethereum

We cover
- Fallout from three banks failing
- Depeg of $USDC and $DAI
- Market preference for spot $BTC and $ETH
- Long and Short Squeezes in Futures

Watch our latest analysis video report📽
https://youtu.be/pOmJ0Njhxn0

The topic of #Bitcoin supply concentration is a favourite for critics of the asset.

In our latest research piece, we explore how the smallest HODLers of $BTC, the Shrimp (< 1 $BTC) 🦐 and Crab (< 10 $BTC)🦀 are in fact last cycles largest accumulators.

We assess
- Relative population growth and balance change by wallet cohort.
- Introduce a new metric called Yearly Absorption Rate showing balance change relative to mined supply
- Demonstrate the dispersion of BTC from miners, through exchanges and out to investor cohorts.

Our analysis demonstrates that #Bitcoin supply continues to disperse in time, settling in to smaller entity wallets. Over the 2021-23 cycle, Shrimp and Crab entities absorbed more than 2x the total coins mined, and are growing supply share at the greatest rate in history.

Read our latest piece Shrimp Supply Sink: Revising the Distribution of Bitcoin Supply

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#Bitcoin has now confidently broken above the Adjusted Realized Price located at $24.6k.

This average cost basis variant excludes the tremendous profit held by lost coins.

The market also recently found support on the classic Realized Price at $19.8k.

📊Live Chart

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The price performance of #Bitcoin has been historically strong, returning 35.8% over the last 7-days.

Similar weekly $BTC performance since 2015 have all been related to bull market conditions, however only Nov 2015 occurred early in the up-trend.

Live Chart

#Bitcoin has out-performed this week, rallying 35.8% against a backdrop of challenging conditions for the traditional financial system.

This week, we explore how #Bitcoin appears to be shifting up a gear, and rallying out of deep bear market territory.

Read our analysis in The Week On-chain.

Latest onchain analysis video report is live!

We explore the #Bitcoin rally above $28k, and seek to determine:
- If underlying fundamentals support the strength
- Where we are in the #Bitcoin cycle
- Are profits being taken, and by which entities

Watch our latest video report for The Week On-chain

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Our latest #Bitcoin onchain analysis report is live, this week focusing on The Price of Time.

We demonstrate how to use exchange flows, realized profits, and coinday destruction to assess profit taking by the market.

Watch more in our latest video report.

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Our latest video report is live. This week we are investigating investor response to the increasing regulatory pressures on the industry:

- Coin flows in and out of Binance
- Whether sentiment of #Bitcoin holders is shaken

Watch more in The Week On-chain video Report

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For the first time, the amount of Open Interest in #Bitcoin Options contracts ($10.3B) has surpassed that held in Futures contracts ($10.0B).

Futures OI has been relatively flat in 2023.

This results from significant call option buys, as investors start to speculate on higher $BTC prices.

Live Chart

Deposit trends by #Ethereum staking providers have exhibited a clear shift over time with Kraken, Binance and Coinbase jousting for deposit allocations across the Beacon Chain's early days.

As the dust settled between the three giants, it was Lido who emerged victorious, continuing to dominate deposit inflows at present.

We have just released a suite of #Bitcoin Price Performance metrics that compare across:

- Cycles by Halving, ATH, and Cycle Low
- Show Quarterly, Monthly and Weekly performance
- Compare to long-term average and ±1σ moves

Available live in a dashboard

The highly anticipated Shanghai/Capella hard fork is scheduled to take place on 12-April-2023, enabling the withdrawal of staked #Ethereum.

In this extended edition of the Week On-Chain, we shall evaluate the overall #Ethereum staking landscape, develop a framework to establish staking cohorts, and assess the potential sell-side pressure which may occur due to the unlock event.

Read our analysis in The Week On-Chain

With #Bitcoin trading above $30k this week, we analyse the degree to which the rally is driven by derivatives leverage, compared to spot demand.

Watch more in our latest video report 📽
https://youtu.be/7BIQ0rUzpqo

Be sure to check out the latest podcast discussion between NLW and our lead analyst Checkmate, where they dive into the world of #Bitcoin on-chain data.

We cover how we can use on-chain data to describe the behaviour of HODLers, traders, and speculators, and how it plays out over cycles. The discussion covers:

- How $BTC changed hands in a post-FTX environment
- The movement of coins from whales to smaller holders
- Why the $30k move was largely spot driven, and less so leverage driven

Listen to the podcast at Bitcoin Builders

Is the #Bitcoin bear market over?

With a rally 100% off the lows, $BTC is trading above a very large cluster of supply, that formed the 2022 floor.

This week, we investigate indicators showing if the market making a robust bear market recovery...or not.

Read more in The Week On-chain