Research: US leads weak Bitcoin and Ethereum accumulation into festive period Samuel Wan · 30 mins ago · 2 min read The appetite for crypto accumulation slows significantly going into the new year.2 min read Updated: December 22, 2022 at 5:30 pm Cover art/illustration via CryptoSlate Bitcoin accumulation has softened significantly but as 2022 draws to a close, the U.S.is buying more BTC than any other region, according to CrytoSlate’s analysis of Glassnode data.A similar pattern of accumulation and distribution was noted with Ethereum.Bitcoin accumulation and distribution by region The chart below depicts Bitcoin accumulation and distribution by the U.S., EU and Asia regions.It shows strong bullish sentiment from the U.S.
and EU in the first half of the year, leading to high accumulation levels for those regions.At this time, Asia was selling.
Maximum pain post-Terra collapse, as Bitcoin was rejected at $25,000 in mid-August, saw Asia flip from distribution to accumulation.Meanwhile, at this point, the U.S.and EU went the other way, flipping from accumulation to distribution.Asia continued buying into September and November.But since mid-November, no regions were accumulating.Leading into Christmas, the U.S.
is accumulating again, albeit at weak levels.Ethereum accumulation and distribution by region Analysis of Ethereum accumulation and distribution by regions shows a similar pattern, such as the U.S.and EU flipping to heavy accumulation post-Terra collapse, while Asia went the other way.Much like the Bitcoin chart above, a noticeable drop off in activity occurs as the year draws in.So much so, ETH accumulation is now at its weakest point for 2022.With macroeconomic uncertainty continuing to linger, the appetite for crypto has slowed significantly going into the new year.Research: Russia’s Ukraine invasion led to Bitcoin’s highest sell-off in the past 2 years Oluwapelumi Adejumo · 9 hours ago · 2 min read Using Glassnode’s Revived Supply data, CryptoSlate discovered that Russia’s Ukraine invasion led to the highest Bitcoin sell-off among long-term holders.
2 min read Updated: December 20, 2022 at 5:21 pm Cover art/illustration via CryptoSlate The last two years have been very eventful for the crypto space.The industry witnessed astronomic crypto adoption, and Bitcoin (BTC) traded at an all-time high of over $69,000.However, despite this remarkable growth, the industry has witnessed some adverse events that have shaken investors’ confidence.
Using Glassnode’s Revived Supply data, CryptoSlate can measure the events that have led to significant sell-offs for the flagship digital asset among long-term holders.Revived Supply is the total amount of coins that returned into circulation after being untouched for at least one year.In other words, it is the total transfer volume of coins that were previously dormant for over a year.Long-term holders are classified as Bitcoin holders that have held onto the coin for at least six months.The major sell-off events Looking at events of the past two years, long-term holders sold significantly over a seven days period on four different occasions.The four events are: – China’s Bitcoin mining ban in 2021 – The start of the 2021 bull run – Russia’s Ukraine invasion in 2022 – FTX collapse in 2022 According to the above chart, the highest sell-off occurred after Russia invaded Ukraine.
During this period, long-term holders sold off 410,000 BTC.Other massive sell-off events happened during the 2021 bull run when long-term holders sold 375,000 BTC and during China’s ban on bitcoin mining when they sold 367,000 BTC.The fourth-highest sell-off event since the COVID pandemic was after the FTX collapse in November.According to the chart, BTC’s revived supply during that week was 280,000 coins–Chainalysis reported that realized losses touched $9 billion, the fourth highest of 2022.Fear made holders sell Besides the sell-off at the start of the 2021 bull run when investors took profits, BTC’s revived supply generally peaked at a moment of fear for investors.
This was when real-life events caused panic among holding, forcing them to offload Bitcoin.Peak fear happens when Bitcoin, which has been dormant for five years or more, gets sold.These coins are considered ancient coins, and holders must be seriously spooked to lose their conviction and sell.Russia’s invasion of Ukraine appears to have had this effect on investors.Other events triggered sell-offs, such as the first bull run, the second bull run on November 21, and Luna’s collapse in May 2022.In conclusion, long-term holders who sold in 2021 did for profit, while those who sold in 2022 did because of fear.Read Our Latest Market Report Ethereum token issuance continues inflationary, deflationary swing Samuel Wan · 7 seconds ago · 3 min read Three months since the Merge, net token supply issuance has been majority inflationary due to low network usage being a factor to the rate of burn.
3 min read Updated: December 20, 2022 at 12:31 am Cover art/illustration via CryptoSlate After years in the making, the Merge was finalized on Sept.15, switching Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS).The roll-out enacted several benefits, including cutting the chain’s energy consumption by a reported 99% and setting the groundwork for sharding to improve scaling in a future hard fork.The Merge also picked up with EIP 1559, which rolled out with the London hard fork in August 2021.This introduced a simplification of Ethereum’s fee market mechanism, including breaking fees into base fees and tips, then burning the base fee.Under a PoS mechanism post-Merge, burning base fees were sold as a deflationary mechanism that would cut token issuance by as much as 88%.CryptoSlate analyzed Glassnode data to assess whether the claims hold up.
Net supply issuance has not been consistently deflationary in the three months since the Merge.Ethereum deflation fluctuates According to Ethereum, under the previous PoW system, miners were issued around 13,000 ETH per day in block mining rewards.Now, post-Merge, stakers receive around 1,700 ETH in daily rewards – this equates to an 87% reduction in issuance.However, with the advent of base fee burns, the scope for a daily net reduction in supply is enabled.Base fee burns depend on network usage.
The busier the network on a given day, the more base fees are burnt.
The minimum activity figure for burned base fees to exceed 1,700 ETH, therefore leading to a net decrease in supply, is around 16 Gwei a day.
The chart below shows that net supply issuance was inflationary immediately after the Merge until Nov.9, hitting a high of 15,000 tokens in early October.Following an approximate two-week deflationary stint from Nov.10, net supply issuance flipped to inflationary once more before returning to a net negative supply issuance from Dec.12 onwards, sinking to a new low of -11,000 tokens on Dec.
19.To date, periods of supply inflation exceed supply deflation.Net Inflation Rate The chart below shows the issuance rate and burn rate dropping post-Merge, with the former metric decreasing significantly after Sept.15.
Previously, the issuance rate was relatively steady, holding at around 4.1% since October 2021.At the same time, over this period, the burn rate was much more volatile in comparison, peaking at about -5% before declining from August onwards to a rate of 0.35%.The current issuance rate of 0.5% and burn rate of -0.9% give a net supply change rate of -0.4%.Multiplying the burned base fee by the spot price at the time of burn results in the Value of Supply Burned metric.
Since June 2022, the daily value burned has sunk significantly to approximately $4 million daily.The cumulative sum of all burns to date comes in at just under $9 billion.
Staking metrics Around 13% of the Ethereum supply is staked.This is significantly less than BNB Chain at 90.2%, Cardano at 71.6%, and Solana at 68.6%.
Currently, staked ETH cannot be unlocked, likely a factor in the relatively low percentage of supply staked versus other large caps.However, once enabled, it is unclear whether this will trigger a mass unstaking of tokens, therefore cutting the issuance of daily ETH staking rewards, or if more tokens will be staked based on being able to move in and out of staking with fewer restrictions.Since late 2020, the ETH supply on exchanges has fallen from 30% to 16.5%.
In contrast, the supply in smart contracts has gone the other way, rising from 15% to 26%—the two cross around mid-2021.The total number of ETH staked is approaching 12 million.
However, the distribution of this is highly concentrated among a few validators as follows: – Lido – 4.6 million – Coinbase -2 million – Kraken – 1.2 million – Binance – 1 million Read Our Latest Market Report Research: How Ethereum is gradually becoming a store of value Oluwapelumi Adejumo · 4 hours ago · 2 min read With fewer losses despite the ETH’s steep drop in 2022, most investors are bullish on the asset and expect its value to rise significantly with time.2 min read Updated: December 18, 2022 at 1:27 am Cover art/illustration via CryptoSlate Ethereum (ETH) might be gradually turning into a store of value based on the volume of the digital asset being held by long-term investors, CryptoSlate’s analysis of Glassnode data revealed.With Ethereum down by more than 70% from its all-time high during the current market cycle, one would think that investors would massively dump the coin to recoup their funds.
However, Glassnode HODL waves data showed that long-term investors currently hold 80% of ETH supply, i.e., those holding the token for more than six months, which is very similar to the 2018 bear market level.HODL wave is a metric used to measure the number of investors holding a particular digital asset.The fact that many long-term holders were yet to sell their assets suggests their conviction in ETH’s long-term value.This is a sign common to Bitcoin, where long-term holders usually hold through the rough patches because they believe the asset is valuable in the long term.In fact, during the height of the Terra collapse contagion in July, a new cohort of long-term holders who have held Ethereum for 7 to 10 years began to emerge.According to the above chart, this group of investors holds about 3% of the whole ETH supply.Investors in the 1-2 years band are underwater Meanwhile, ETH investors holding for 1-2 years are most likely underwater given the likely bought during the 2021 bull run and early 2022.The high unrealized losses might have prevented this cohort from selling.
The total supply for this group saw a significant jump in July 2022, when the asset mostly traded above $1000.These investors now hold 40 million ETH, similar to the amount held by BTC investors who have held for at least a year.Glassnode data also showed that ETH’s total supply in loss is currently at 44 million ETH –a slight drop from the cycle peak of 50 million in June.This pales significantly to the number recorded during the Covid -19 pandemic and the 2019 bear market when losses in supply crossed 72 million tokens.
With fewer losses despite the ETH’s steep drop in 2022, most investors are bullish on the asset and expect its value to rise significantly with time.The bullishness is tied to the fact that ETH supply has been deflationary a few times since the Merge event.Analysts have predicted that increased network activity would result in a sustained deflationary supply.
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