The On-Chain Data You Need to Know: Crypto Market Update January 17th, 2023
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Bitcoin market has seen an impressive rally this week. The price of BTC has gone from around $17,000 to over $21,000, marking a 23.3% increase. This is significant because it broke through several key technical and on-chain pricing levels, which are commonly used as resistance levels during bear markets.
It's important to analyze the market using various pricing models and understand the underlying fundamentals to make informed trading decisions. Factors to consider include key technical and on-chain levels, points of stress for miners, fair value models based on network volume throughput, and recovery of short-term realized profits.
If you're interested in staying up-to-date with economical & crypto news, I would really appreciate it if you could consider subscribing if not happy scrolling :)
I used @glassnode , @coinglass , @defi , @fet
Realized Price currently sits at $19.7k, above the 200D-SMA. This indicates average holders are back in net unrealized profits. This bear market has spent 179 days below the Realized Price, 2nd longest duration in last 4 cycles
The chart below shows three different ways to look at the Realized Price of Bitcoin, based on how long the coins have been held:
Short-term Holder Realized Price ($18.0k), the average price of coins that have been traded in the last 155 days.
Realized Price ($19.7k), the average price of all coins.
Long-term Holder Realized Price ($22.4k), the average price of coins that have been held for at least 155 days.
This chart shows that the market is similar to what it was in April 2019, but it hasn't reached the price of the long-term holders yet. Also, in both 2018-2019 and 2022-2023 bear markets, all three prices became similar, meaning that all holders have similar costs. The short-term holders' price is lower, which means that a lot of coins were sold at a lower price after the FTX collapse.
MINING
Bitcoin mining update: model estimates average cost of BTC production at $18,798. This suggests relief for miners as cost is lower than current market price.
This model splits miners into three groups: efficient, average, and least efficient. According to this model, the average cost of production is $17,062, which is a bit lower than the previous model's estimate of $18,798. This suggests that miners may be having more favorable financial conditions in the near future as the market is providing some relief
🔴 The most efficient miners
🟠 The average miners
🟣 The least efficient miners.
The chart below shows the profitability of the Antminer S19 Pro, a popular mining rig, under different cost assumptions. The colored zones represent different electricity costs ($/kWh). The chart shows that the rig was unprofitable for miners with electricity costs above $0.10/kWh for the last seven months
The On-Chain Data You Need to Know: Crypto Market Update January 17th, 2023
The On-Chain Data You Need to Know: Crypto Market Update January 17th, 2023
The On-Chain Data You Need to Know: Crypto Market Update January 17th, 2023
Bitcoin market has seen an impressive rally this week. The price of BTC has gone from around $17,000 to over $21,000, marking a 23.3% increase. This is significant because it broke through several key technical and on-chain pricing levels, which are commonly used as resistance levels during bear markets.
It's important to analyze the market using various pricing models and understand the underlying fundamentals to make informed trading decisions. Factors to consider include key technical and on-chain levels, points of stress for miners, fair value models based on network volume throughput, and recovery of short-term realized profits.
If you're interested in staying up-to-date with economical & crypto news, I would really appreciate it if you could consider subscribing if not happy scrolling :)
I used @glassnode , @coinglass , @defi , @fet
Realized Price currently sits at $19.7k, above the 200D-SMA. This indicates average holders are back in net unrealized profits. This bear market has spent 179 days below the Realized Price, 2nd longest duration in last 4 cycles
The chart below shows three different ways to look at the Realized Price of Bitcoin, based on how long the coins have been held:
Short-term Holder Realized Price ($18.0k), the average price of coins that have been traded in the last 155 days.
Realized Price ($19.7k), the average price of all coins.
Long-term Holder Realized Price ($22.4k), the average price of coins that have been held for at least 155 days.
This chart shows that the market is similar to what it was in April 2019, but it hasn't reached the price of the long-term holders yet. Also, in both 2018-2019 and 2022-2023 bear markets, all three prices became similar, meaning that all holders have similar costs. The short-term holders' price is lower, which means that a lot of coins were sold at a lower price after the FTX collapse.
MINING
Bitcoin mining update: model estimates average cost of BTC production at $18,798. This suggests relief for miners as cost is lower than current market price.
This model splits miners into three groups: efficient, average, and least efficient. According to this model, the average cost of production is $17,062, which is a bit lower than the previous model's estimate of $18,798. This suggests that miners may be having more favorable financial conditions in the near future as the market is providing some relief
🔴 The most efficient miners
🟠 The average miners
🟣 The least efficient miners.
The chart below shows the profitability of the Antminer S19 Pro, a popular mining rig, under different cost assumptions. The colored zones represent different electricity costs ($/kWh). The chart shows that the rig was unprofitable for miners with electricity costs above $0.10/kWh for the last seven months
We out of the woods?
Stables
DEFI
DEXes - volumes increasing
Revenue by fees
TOTAL VALUE LOCKED ON CHAINS
Unlocks
C98 unlocks for almost 10%.
LIQUIDATIONS
ALMOST 60BILS IN LONGS
RAISES
If you're interested in staying up-to-date with economical & crypto news, I would really appreciate it if you could consider subscribing.
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