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Bitcoin and Ethereum bullish on chain metrics, from Glassnode.

[“The Week on Chain – 19” from Glassnode.](https://insights.glassnode.com/the-week-on-chain-week-19-2021/)

I’ve been pushing for more DD to be done to try and understand this bull market, and potential for it ending or continuing on. I’m very bullish in this regard, and I wanted to share some data points I’ve found that are most alarming. The full write-up by Glassnode is in the link at the top of this post.

1) Miners are accumulating! This is one of the most bullish signs you can look for, considering miners are some of the most heavily invested in the space. On top of that, it is a hindsight indicator, as I call it, meaning it uses 14 day moving averages, and only really shows a trend over 3 or 4 difficulty epochs.

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[Miner’s Accumulating – Credit to Glassnode](https://preview.redd.it/fb4qtp5w1az61.png?width=2400&format=png&auto=webp&s=754b44b519f211f86461f625b2a5c50e45a37e21)

2) Supply on OTC desks is continuing to dwindle, pointing to two possibilities, or a combination of both. Miners liquidate much of their holdings via OTC desks, so a supply shortage there confirms our previous data point, however it could point to an increase in institutional FOMO. One thing I found most interesting is that OTC desks hit a local low of only 6,000 Bitcoin! That is dangerously close to forcing institutional money onto exchange markets, which would be a pretty intense supply squeeze.

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[OTC desk supply over 4 years – Credit to Glassnode](https://preview.redd.it/lu0fllin2az61.png?width=2400&format=png&auto=webp&s=d6fc4320eca7fdde5efbd7990c18d65326e0c28e)

3) Coinbase and Binance balances are flipping, showing two trends, potentially. One being massive institutional demand/HODLing from US based customers, as Coinbase balances slide over the past 6 months. The other being a rapidly developing market in the global space for Cryptocurrency, as balances on Binance actually hold steady, and show an increasing trend, over the same time period.

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[Exchange Balances Over Time, Credit to Glassnode.](https://preview.redd.it/s5rdz7am3az61.png?width=2400&format=png&auto=webp&s=0c367ebe23e2bff81e0d2f885e335c06be85690b)

I do implore anyone even remotely interested in the Bitcoin and Ethereum market to tune in further to Glassnode’s insights. Of course the company has a bullish bias, considering they are a company built around the space, however I find that the writing is professional and they maintain skepticism and point out common flaws in logical reasoning, like correlation =/= causation.

And don’t forget to HODL. Cheers!



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31 Comments

  1. This is the kind of content we want on this sub. An actual fundamental analysis, not just isolated technical analysis where someone makes the graph fit their own bullish hypothesis.

  2. Data is beautiful.

    Thanks for sharing this, man. I read a bit more on ETH and DOGE receiving the benefits of capital rotation and all; but I thought the way they tracked the Spent Output Age Bands was interesting.

  3. Great post, it’s fascinating how miners appear coordinated, essentially holding the market by its balls to create a supply shock.

    How do you think is this happening? Bigger miners showing the trend for smaller ones? Or they’re sharing HODL memes non stop on a private telegram channel?

    Seeing they’re heavily invested in the business, it would make sense for miners to be in tune with the market and what the competition is doing, but I can’t help wonder who’s pulling the strings behind the curtain…

  4. I don’t understand how the fact that miners have been accumulating for the last couple of months is a bullish sign? Prior to every sell off there is an accumulation, doesn’t it mean that we can expect a big dump soonish?

  5. Quality post with information regarding crypto. It has been awhile since I last seen one of these. I was expecting a little shit post mixed in there somewhere! Good job!

  6. “Of course the company has a bullish bias, considering they are a company built around the space,”

    this is what i find the most difficult aspect of researching articles…this industry has so much bullish bias, and the hype train can influence people so easily..

  7. Miners getting funding from investors helps in hodling the assets. We’ve seen more and more traditional investors putting money into miners. This enables miners to keep as much crypto as possible for their burn rate.

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