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
- The Bitcoin spot price has briefly rallied above $69k after successfully clearing several significant technical and on-chain pricing levels.
- From an On-chain perspective, all sub-age-groups within the Short-Term Holder cohort now hold an unrealized profit, likely a tailwind for market sentiment.
- However, speculation in futures markets is increasing, with open interest surging to new ATHs and a non-trivial portion attributed to the cash and carry basis trade.

Read more in The Week On-Chain newsletter.

Last night, David Duong, Head of Research at Coinbase Institutional, and our Lead Analyst, James Check, hosted an insightful webinar, highlighting key takeaways from our Q4 Guide to Crypto Markets.

A big thank you to all the institutional participants who joined us. If you missed it, you can access the recording here: https://glassno.de/3YdZ8Lr

Join us on October 22nd at 4 PM EST for an exclusive webinar featuring Glassnode Analyst James Check and Coinbase Institutional Head of Research David Duong.

In this session, James and David will provide a comprehensive analysis from the latest Guide to Crypto Markets, equipping you with actionable insights to navigate the current market environment. Key topics will include:

1. The growth of Layer 2s and how it impacts ether and the Ethereum ecosystem.
2. The rise in stablecoin volume and what it signals for the broader crypto market.
3. What to watch for ahead of, and after, the US election.

Don’t miss this opportunity to gain a holistic view of the evolving digital asset landscape. Seats are limited—secure your spot today: https://glassno.de/4f6rFJC

Bitcoin has historically exhibited exponential gains during bull cycles, but each cycle has also seen numerous large drawdowns. The current cycle has seen:

- Eight drawdowns between 5%-20%
- Two drawdowns between 20%-30%
- No drawdowns greater than 30%

Discover more insights from our recent Q3 report with Coinbase Institutional → https://glassno.de/4ddXPSn