5808 days since Satoshi Nakamoto mined Block 1, the price for a single Bitcoin has reached $100K. What a journey it has been!
The Week On-Chain 50, 2024
Bitcoin’s journey from the Genesis Block to $100k per BTC is a historic moment and a new high watermark in adoption. With 19.8M BTC mined, $131T in transfer volume processed, and 1.12B transactions, the $100k price milestone is yet another sign of Bitcoin's resilience.
Executive Summary
The Bitcoin price crossed the $100k mark for the first time on 5 December, after 5,256 trading days, and hitting a market cap briefly exceeding $2 Trillion.
Miners have earned a cumulative $71.49 Billion since inception, reflecting the network's robust security and economic incentives.
The network has processed a total of 1.12 Billion transactions and settled $131.25 Trillion in transfer volume, with entity-adjusted figures providing an even clearer view of genuine economic activity.
A breakdown of supply held by various cohorts highlights a broad distribution of Bitcoin ownership, ranging from retail investors to institutional-scale holders.
Read more in The Week On-Chain newsletter.
Bitcoin Spending Power Law: A New Predictable Framework
Glassnode's new research reveals how Bitcoin holder behavior follows a power-law decay, offering a groundbreaking perspective on coin age and spending probabilities.
Executive Summary
Spending probability drops by a factor of 10 for every tenfold increase in coin age, creating a measurable and predictable pattern.
Coins held for over 3-4 years rarely move, signaling either strong conviction or potential loss.
A simple heuristic predicts with 98% accuracy that coins younger than 7 days will move, providing actionable short-term insights.
This framework enables investors to segment holders into behavior-driven cohorts and track market sentiment with greater precision.
Read more in the full research report here.
insights.glassnode.com/time-is-money-how-coin-age-shapes-bitcoins-spending-patterns/
SEC crackdown continues with Immutable latest to receive Wells Notice
cryptoslate.com/sec-crackdown-continues-with-immutable-latest-to-receive-wells-notice/
cryptoslate.com/sec-crackdown-continues-with-immutable-latest-to-receive-wells-notice/
FTX eyes $21 million asset recovery through settlements with bank and charity organization
Major Crypto Events This Week 🚀
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🔹 October 28:
🔹 October 29:
🔹 October 30:
🔹 October 31:
🔹 November 1:
🔹 November 2:
🔹 November 3:
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The Week On-Chain 43, 2024
The Bitcoin spot price has continued to march higher, trading up to $69k, only 6.8% below the ATH. The price uptick has broken through several critical levels using technical and on-chain inputs. This is one of the first signs of positive price momentum since late June.
Executive Summary
Read more in The Week On-Chain newsletter.
🌟 Today's Recommendation: Nikkei 225
Nikkei 225 index.
📈 Uptrend:
From a technical perspective, the Nikkei 225 index has been in a long-term upward channel in recent years, especially against the backdrop of global economic recovery, the index has repeatedly broken through key resistance levels and formed a relatively stable upward trend. If technical analysis shows that the index is above a strong support line, and indicators such as the relative strength index (RSI) and moving average (MA) send buy signals, it indicates that market sentiment is optimistic and technical support for further gains. 📊📈
⚖️ Support and resistance levels:
If the current price is close to an important support level and the support below is strong, this can be used as a reason for a technical buy. In addition, if there is a pullback after breaking through a key resistance level, but the price remains above the resistance level, it means that the market may be in a consolidation phase, which is a good time to look for buying opportunities. 💡📊
Australia moves to license crypto firms to bolster market security
cryptoslate.com/australia-moves-to-license-crypto-firms-to-bolster-market-security/
cryptoslate.com/australia-moves-to-license-crypto-firms-to-bolster-market-security/
Ethereum’s recent price surge, driven largely by speculative tokens, can seem chaotic. Glassnode’s new ERC-20 metrics - recently expanded by over 500 new assets - can help you make sense of this volatile market. Understand recent trends in this market with metrics giving you insights into profit and loss realization, speculator and long-term investor cost basis, or wealth distribution.