Fresh onchain fundamentals research is live, today we're focusing on the MVRV ratio for Bitcoin. This is one of the oldest and most popular metrics, but is massively underutilised relative to its potential. Strong recommend to learn how to read the MVRV, and assign probabilities to particular values.

Glassnode Insights - On-Chain Market Intelligence

Mastering the MVRV Ratio

The MVRV Ratio is one of the most popular and widely used on-chain metrics, however, much of the power of MVRV is rarely put to use. In this paper,...

Total Bitcoin supply that has remained unspent for at least 1yr is at an ATH of 12. 913M BTC. For Coins at least 6months old, it id approaching a new ATH around 15M BTC. Much of this will include coins held in large entities such as GBTC, Microstrategy, and Mt Gox. The 2. 087M BTC aged between 6m and 12m however are mostly investor held coins, accumulated on the way down in H1 2022.

The Bitcoin total number of UTXOs on the set hit an all time high time week, with over 137M UTXOs. This was the fastest rate (117k/month) of UTXO set growth since DEC 2021 after the market ATH was put in.

Our latest report on Bitcoin Ordinal Theory and Inscriptions is live. TL:DR - Jpgs dominate 90% of inscriptions - Chain data growth is unconcerning - Inscriptions are fee sensitive - Monetary tx remain primarily mined tx - Inscriptions buy unused blockspace

Glassnode Insights - On-Chain Market Intelligence

Ordinal Theory and the Rise of Bitcoin Inscriptions

Recent weeks have seen an very unexpected trend emerge on the Bitcoin network, being the permanent and immutable inscription of data, directly into...

#Bitcoin    Inscriptions push two end zone results into the foreground: 1. Blocks are full from a data perspective --> this was always the expected result. 2. Fee pressure builds making on-chain more expensive --> also the long term expected result. So what is the problem? Constraints breed innovation. When Ethereum fees rose, they built Layer 2s to solve it. If blocks are full of data you don't like, make high demand monetary applications to crowd out the jpegs. We're entering a golden era of #Bitcoin    innovation. Embrace it.

Thanks for the 21 sats anon! First 👊

Bitcoiners still like to take profit. The MVRV ratio is much more than a macro oscillator. It is a representation of the average profit multiple held by unspent coins. In bullish rallies, a value above 1. 2 indicates an average of 20% profit amongst short term holders and usually is enough incentive to sell a little. We just found resistance at this level as a few bottom stackers took money off the table. A retrace to around $20k would be a retest of their cost basis and historically, a good indicator for a dip to stack. Pro tip: you can simulate STH MVRV by dividing price by a 135day EMA.

Old mate Checkmate is planning on sharing regular Bitcoin onchain analysis from my personal analysis on Nostr only. None of the hocus pocus bullshit, the real deal Bitcoin behavioral analysis. Stay tuned, stay humble, stack sats.

The aliens are here for our Bitcoin.

Really feels like safety in sats is the sane position right now. Fiat instruments rugging via mathematically assured debasement on one side. Regulators rugging questionable tokens via a combination of overreach and hard reality on the other. #Bitcoin DGAF