On-Chain Weekly: BTC & ETH Mostly Bearish

Welcome to our first edition of Crypto On-Chain Weekly. In this newsletter, we're going to review the on-chain metrics for both Bitcoin and Ethereum, as well as go over the top stories in crypto.

6 months ago   •   4 min read

By Peter Foy

Welcome to our first edition of Crypto On-Chain Weekly. In this newsletter, we're going to review the on-chain metrics for both Bitcoin and Ethereum, as well as go over the top stories in crypto.

The following on-chain metrics and top stories can all be found in the MLQ app, which provides crypto news from 50+ sources, on-chain analysis for 1000+ crypto assets, blockchain data, and more.

Bitcoin On-Chain Analysis: Mostly Bearish

Overall we can see the on-chain metrics for Bitcoin this week ending Dec. 31st, 2021 are most bearish, with 3 bearish signals, 2 neutral, and 2 bullish. BTC currently trades at $46,297 and we can see two of the more bearish signals include In the Money and Large Transactions, the latter of which is presumably due to some end-of-year tax-loss harvesting from shorter-term traders.

If you want to learn more about what each of these on-chain metrics means, you can find definitions for each in our guide on crypto on-chain analysis.

Mostly Bearish (3 bearish, 2 neutral, 2 bullish)

Source: MLQ App

On-Chain Signals

  • Net Network Growth: 0.31% Bearish
  • In the Money: -1.67% Bearish
  • Concentration: 0.19% Bullish
  • Large Transactions: -1.14% Bearish

Exchange Signals

  • Smart Price: 0.00% Neutral
  • Bid-Ask Volume Imbalance: 0.00% Bullish

Derivatives

  • Futures Market Momentum: 0 Neutral

Ethereum On-Chain Analysis: Mostly Bearish

As expected, the on-chain metrics for Ether are also mostly bearish, again with a relatively high percentage of Large Transactions taking place, likely due to more tax-loss harvesting from shorter-term traders.

Mostly Bearish (4 bullish, 2 neutral, 1 bullish)

On-Chain Signals

  • Net Network Growth: 0.41% Bearish
  • In the Money: -1.03% Bearish
  • Concentration: -0.77% Neutral
  • Large Transactions: -2.97% Bearish

Exchange Signals:

  • Smart Price: -0.40% Bearish
  • Bid-Ask Volume Imbalance: 38.11% Bullish

Derivatives

  • Futures Market Momentum: 0 Neutral

On-Chain Weekly: Top Stories in Crypto

Polygon Dodges a Bullet: Patches a Bug That Put $24 Billion Worth of MATIC at Risk
Polygon, the PoS sidechain on Ethereum, opened up about a recent upgrade after discovering a vulnerability that put almost all MATIC tokens at risk.
Ethereum Flipping Bitcoin Will Happen ‘For Sure,’ According to Macro Guru Raoul Pal - The Daily Hodl
Real Vision chief executive Raoul Pal says Ethereum (ETH) will “for sure” surpass the leading crypto asset in terms of market cap.
Robinhood Crypto Wallet Beta to Launch in January
Robinhood, a popular crypto and stock trading app, is getting closer to introducing its cryptocurrency wallet.
NFTs find true utility with the advent of the Metaverse in 2021
Scaling Ethereum — is the future rollup-centric or multi-chain? - OKEx Academy
An in-depth analysis of Ethereum’s scaling roadmap, questioning whether it’ll serve as a central settlement hub for L-2 scaling solutions or whether alternate L-1s will continue to attract users.
MicroStrategy Gobbles Up Another $94,200,000 Worth of Bitcoin As Crypto Markets Move Sideways - The Daily Hodl
MicroStrategy is placing yet another bet on Bitcoin (BTC) even as the leading cryptocurrency continues an apparent market downtrend.

That's all for this edition of On-Chain Weekly. If you want to see more top stories and on-chain analysis of crypto assets, you can sign up for a free account to the MLQ app here.

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