On-Chain Weekly: BTC & ETH Mostly Bearish

Welcome to another edition of On-Chain Weekly, where we review the on-chain metrics for Bitcoin and Ethereum, as well as go over the top stories in crypto.

9 days ago   •   4 min read

By Peter Foy

Welcome to another edition of On-Chain Weekly, where we review the on-chain metrics for both BTC and ETH, 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 Jan. 7th, 2022 are mostly bearish, with 3 bearish signals, 3 neutral, and 1 bullish.

BTC currently trades at $41,754 and we can see two of the more bearish signals include In the Money and Large Transactions, although these signals are significantly less bearish than last week.

As we can see in the top stories this week, the Bitcoin Fear And Greed Index has dipped to lows not seen since July, which could be a buying signal given the run that took place after the July lows.

Mostly Bearish (3 bearish, 3 neutral, 1 bullish)

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.

On-Chain Signals

  • Net Network Growth: 0.30% Bullish
  • In the Money: -0.47% Bearish
  • Concentration: 0.03% Neutral
  • Large Transactions: -0.70% Bearish

Exchange Signals

  • Smart Price: 0.00% Neutral
  • Bid-Ask Volume Imbalance: -0.04% Neutral

Derivatives

  • Futures Market Momentum: -0.5 Bearish

Ethereum On-Chain Analysis: Mostly Bearish

The on-chain metrics of Ethereum are also mostly bearish, although they are looking slightly more bullish than last week in terms of New Network Growth and Large Transactions.

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

On-Chain Signals

  • Net Network Growth: 0.42% Bullish
  • In the Money: -0.42% Bearish
  • Concentration: -0.12% Bearish
  • Large Transactions: -0.27% Bullish

Exchange Signals:

  • Smart Price: -0.16% Bearish
  • Bid-Ask Volume Imbalance: -0.02% Neutral

Derivatives

  • Futures Market Momentum: 0.5 Bearish

On-Chain Weekly: Top Stories in Crypto

Bitcoin Fear And Greed Index Has Dipped To Lows Not Seen Since July
Following the Bitcoin crash to $42k, the fear and greed index has declined to extreme fear values not seen since July of last year. Bitcoin Fear And Greed
‘We are 50% of the way there,’ says Vitalik on Ethereum’s development
In at the latest Bankless podcast episode, Ethereum co-founder Vitalik Buterin discussed the progress of Eth2.
Solana, Terra and Polkadot Are Growing Faster Than Ethereum Did: Report - Decrypt
Ethereum has the largest ecosystem of developers in Web3, according to Electric Capital. But Solana, Terra and others are growing fast.
Cardano’s UTXO smart contract model to be middle ground between Ethereum, Bitcoin
2021 was a monumental year for the Cardano network with the introduction of smart contracts. IOHK founder, Charles Hoskinson believes the new year will be of prime importance in strengthening its decentralized application (dApp) infrastructure. He laid out an ambitious roadmap for Cardano this year…
Bored Ape Yacht Club records over a billion dollars in sales, what’s leading the rally
Non-fungible tokens (NFTs) ruled 2021 with JPEGs being sold for tens of millions of dollars. Even traditional auction houses join in to sell blockchain-based artworks and accept cryptocurrency. As per DappRadar, the NFT space experienced one of the most impressive expansions overall. It amassed over…

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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