More from @coinmetrics

CoinMetrics.io

@coinmetrics

9 Oct

1/9 Bitcoin has performed remarkably these past few weeks despite:
-Most of DeFi falling 50-80%
-CFTC charging BitMEX
-POTUS contracting Covid
-Delayed stimulus talks
-FCA announcing a derivative ban for retail

Why? Let’s see what we can find on-chain

2/9 Bitcoin’s Realized Cap has been steadily increasing just as it did before the 2017 bull market took off. If it continues as it did in 2017, 2021 should be an interesting year.

network-charts.coinmetrics.io/#399

3/9 Bitcoin MVRV, whilst more volatile this market cycle, is also is holding the same trajectory it did during the 2016/17 bull market

network-charts.coinmetrics.io/#400

Read 9 tweets

CoinMetrics.io

@coinmetrics

13 Jul

Chainlink has continued to perform extremely well since early 2019, briefly surpassing $8.00 per $LINK this morning.

Below we take a look at on-chain metrics to see how they stack up in recent times

Both Active Addresses and Transaction Count are up in lockstep, indicating that not only is usage up, but the number of users of the network is growing too

The Adjusted Transfer Value (7dma) has started to spike, surpassing 2020 previous highs, but still a way off mid-2019 all-time highs

Read 5 tweets

CoinMetrics.io

@coinmetrics

21 May

@Gemini

On May 10, Coin Metrics’ internal systems fired off an alert that an abnormally large deposit took place on @Gemini. An hour later, markets fell almost 16%

Below we investigate the insights that holistic data strategy could provide during such an event
medium.com/@coinmetrics/m…

@Gemini

2/ An hour after 2,500BTC was deposit onto @Gemini, CM noticed more abnormal activity on Gemini, this time in the form of an unusually large 50 $BTC trade. This potentially triggers a few significant market sells on Bitfinex and @coinbase Coinbase in the following seconds.

3/ In the following 5 minutes, there is a significant increase in trade volume across all exchanges, resulting in #Bitcoin's price dropping $800 over the period

Read 6 tweets

CoinMetrics.io

@coinmetrics

13 Mar

For only the fourth time in history, BTC MVRV has dropped below 1. In hindsight, the past periods where MVRV dropped below 1 have been the best times to accumulate BTC at a relatively discounted price.

The large drop in MVRV is because the BTC market cap dropped 46% over the last 7 days, while the realized cap has only dropped 3%

The relatively small drop in realized cap signals that for the most part, longer-term holders are staying strong, and that the recent price action is likely driven by newer buyers.

Read 4 tweets

CoinMetrics.io

@coinmetrics

16 May 19

As part of our normal due diligence when adding new assets to CM Network Data Pro, CM found several discrepancies between what has been publicly reported by Ripple and what was visible on the XRP ledger.

Read more about them here (summary below):

coinmetrics.io/an-on-chain-an…

1. Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices)

2. The “escrow queue” is implemented differently than announced, leading to a faster future release of escrowed funds compared to the announced schedule

Read 4 tweets