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.
- Net Network Growth: 0.30% Bullish
- In the Money: -0.47% Bearish
- Concentration: 0.03% Neutral
- Large Transactions: -0.70% Bearish
- Smart Price: 0.00% Neutral
- Bid-Ask Volume Imbalance: -0.04% Neutral
- 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)
- Net Network Growth: 0.42% Bullish
- In the Money: -0.42% Bearish
- Concentration: -0.12% Bearish
- Large Transactions: -0.27% Bullish
- Smart Price: -0.16% Bearish
- Bid-Ask Volume Imbalance: -0.02% Neutral
- Futures Market Momentum: 0.5 Bearish
On-Chain Weekly: Top Stories in Crypto
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.