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The Week On-chain: Shorts Squeeze off Spot Demand - Week 5, 2023 (Bitcoin Onchain Analysis)
🐻 Recovering From a Bitcoin Bear Dashboard: https://glassno.de/recoveringbear
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💵 Pricing Models Dashboard: https://glassno.de/3J9hVkW
Bitcoin markets have seen the strongest monthly price performance since Oct-2021, fuelled by both historic spot demand, and a sequence of short squeezes. In this edition, we explore the dynamics taking place in both derivatives markets, and the spot exchanges.
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Topics for Discussion:
- The recent futures short squeeze and positive futures basis.
- Deleveraging occurring across derivatives markets.
- Dynamics related to exchange spot inflows and withdrawals.
- Key pricing levels related to exchange withdrawal cohorts.
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⛓️ On-chain Activity: https://glassno.de/3xXM13Q
⛏️ Mining Fundamentals: https://glassno.de/3nnfL5m
🪙 Supply Dynamics: https://glassno.de/3NyhPlK
🕰️ Introduction to Lifespan: https://glassno.de/3ehCmzn
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Timestamps
0:00 Introduction
2:55 Price Action Overview
3:45 Short Liquidations
5:30 Long Liquidation Dominance
6:45 Futures Leverage Ratio
9:02 Spot Exchange Balance
10:05 Exchange Inflow and Outflow Volume
12:25 Exchange Net Position Change
14:30 Exchange Transaction Dominance
16:40 Yearly Withdrawal Average Price
19:20 Exchange Withdrawal Average Price
21:40 Whale Withdrawal Price
24:05 Summary and Conclusions
About:
The Glassnode video report provides a weekly analysis update of the trends, performance, and onchain metrics for Bitcoin and the crypto market.
Disclaimer:
This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.
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