The Week On-chain: Shifting Market Tides - Week 6, 2023 (Bitcoin On-chain Analysis)

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Following an explosive month of volatility, Bitcoin is consolidating above the on-chain cost-basis of several cohorts. This puts the average BTC holder into a regime of unrealized profit, and demonstrates a potential turning of the macro market tides is underway.

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Topics for Discussion:
- Market Structure as it relates to Realized Profit and Loss.
- Comparing realized PnL to market size baselines.
- Macro scale oscillators returning to equilibrium positions.
- Gradual transition of wealth from old hands, to new hands.

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Timestamps
0:00 Introduction
3:26 Realized Profit
6:34 Realized Loss
7:55 Realized P/L Ratio
11:07 Combined Realized Profit/Loss
13:25 Sell-side Risk Ratio
15:32 Realized RVT Ratio
17:52 Unrealized Profit Momentum
21:48 Adjusted Reserve Risk
23:54 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.