With #Bitcoin attacking $60k once again, only 0.98% of the circulating supply was last spent at higher prices.

Owners of this 185,816 $BTC HODLed throughout all the volatility, the ups, and the downs of the last 6 months.

99.02% of all $BTC supply is now in profit.

#Bitcoin transaction value settlement is rising substantially relative to the Market Cap.

This has driven NVT Signal metric lower, indicating that even at $61.8k, $BTC is historically undervalued relative to utilisation as a value settlement layer

Live Chart

The volume of #Bitcoin last moved above a $1 Trillion Market Cap has reached 3.454M $BTC.

This means 18.3% of the supply was transacted above $53k, demonstrating capital inflows

474k $BTC were last spent above the current price, and are thus currently holding an unrealised loss

Live Chart

Over the course of #Bitcoin's life, a staggering $8.89 Trillion in value has been settled on-chain.

We can further breakdown volume by whether it was in profit, or loss:
Volume in Profit = $5.10 Trillion
Volume in Loss = $3.79 Trillion

Live Chart

#Bitcoin supply is moving from a Liquid, to Illiquid state at a rate of 100k $BTC per mth.

Illiquid coins are those sent to an address with little history of spending, generally associated with investor accumulation, and bull market buyers.

Live Chart

#Bitcoin investors have realised large losses during this sell-off, with net daily losses between $600M and $875M/day.

Whilst these are significant sums, they remain small relative to $1B+ losses realised during the May-June capitulation, and the deleveraging of 4-December.

Live Chart

#Bitcoin Lightning Network capacity in public channels continues to push to new highs, despite prevailing bear market headwinds.

Total capacity is now at 4,290 $BTC, which has increased by 34.6% since the November market peak.

Live Chart

After a dramatic capitulation event, the ownership structure of #Bitcoin has been reshaped.

As markets sell-off, $BTC migrates from weaker hands, to those stepping in at the lows. Here, we explore how to track this migration of coins using age bands.

Read More in The Week On-chain

#Bitcoin supply that was moved in the last 6-months is approaching all-time-lows, currently at 18.12% of circulating supply (3.485M $BTC).

Historically, very low volumes of mobile supply typically occur after prolonged bear markets.

Live on our new Dashboard

Our final video report for the year is now live.

We cover:
- Volatility, Derivatives, and leverage
- #Bitcoin on-chain supply concentrations.
- Stress in #Bitcoin mining.
- #Ethereum post-Merge supply dynamics.
- Shifting trends in Stablecoin markets.

Thanks to all our regular watchers and readers of The Week On-chain series. We hope you enjoyed our analysis this year, as much as we enjoy producing it. Wishing you all a very happy holiday season, and our analysis team will be back for another exciting 2023! 🎄

Watch our last video report for 2022.

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