{"id":61925,"date":"2022-05-24T13:19:23","date_gmt":"2022-05-24T10:19:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61925"},"modified":"2025-09-05T15:00:49","modified_gmt":"2025-09-05T12:00:49","slug":"glassnode-uncertainty-in-the-crypto-market-will-persist","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-uncertainty-in-the-crypto-market-will-persist\/","title":{"rendered":"Glassnode: Uncertainty in the crypto market will persist"},"content":{"rendered":"<p>Weak on-chain metrics and broad investor concerns in the derivatives market hinder Bitcoin&#8217;s recovery after a price slide since the end of March. Analysts at Glassnode conclude as much.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The severity of the bear market put a dent in macro price performance metrics of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a><\/p>\n<p>This week, we analyse the diminishing return profile of both <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> + <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>, and what market structure, and on-chain usage tells us about the road ahead.<a href=\"https:\/\/t.co\/5KK6xBLVUg\">https:\/\/t.co\/5KK6xBLVUg<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1528733737722073089?ref_src=twsrc%5Etfw\">May 23, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The collapse of LUNA and the broad market weakness affected derivatives market participants&#8217; expectations. In Bitcoin, the ratio of open put and call options has risen from 50% to 70%, signaling a growing investor inclination to hedge positions against further negative momentum.<\/p>\n<p>In July-dated call contracts, the largest open interest (OI) concentrates around the $40,000 level.<\/p>\n<p>Participants show the greatest preference for puts that would profit if the price falls to $25,000, $20,000 and $15,000. In other words, through mid-year the market is oriented toward hedging risk and\/or speculation on further price declines.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"618\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-664-1024x618.png\" alt=\"Glassnode: \u043d\u0435\u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0440\u044b\u043d\u043a\u0435 \u0441\u043e\u0445\u0440\u0430\u043d\u0438\u0442\u0441\u044f\" class=\"wp-image-173957\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-664-1024x618.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-664-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-664-768x464.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-664-1536x927.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/1-664.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Over the longer horizon, optimists prevail. In year-end expiry contracts, the bulk of open positions sits in the $70,000 to $100,000 range. In put options, open interest is concentrated between $25,000 and $30,000, close to current levels.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"618\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-544-1024x618.png\" alt=\"Glassnode: \u043d\u0435\u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0440\u044b\u043d\u043a\u0435 \u0441\u043e\u0445\u0440\u0430\u043d\u0438\u0442\u0441\u044f\" class=\"wp-image-173958\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-544-1024x618.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-544-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-544-768x464.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-544-1536x927.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-544.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>On-chain indicators for Bitcoin and Ethereum point to waning demand for block space to multi-year lows.<\/p>\n<p>In Bitcoin&#8217;s network, total daily transaction fees have returned to the range of minimal values observed since July 2021, around 10-12 BTC.<\/p>\n<p>In Ethereum, the median gas price dropped to 26.2 Gwei after brief spikes driven by the distribution of NFT metaverse Otherside and Terra collapse. The last time such levels were seen was in May\u2013July 2021 and after March 2020.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-329-1024x589.png\" alt=\"Glassnode: \u043d\u0435\u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0440\u044b\u043d\u043a\u0435 \u0441\u043e\u0445\u0440\u0430\u043d\u0438\u0442\u0441\u044f\" class=\"wp-image-173959\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-329-1024x589.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-329-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-329-768x442.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-329-1536x884.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/3-329.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The rate of ETH burning via EIP-1559 hit a record low. Last week, 2,370 ETH were burned, down 50% from the pace at the start of May. The share of coins not subjected to this procedure reached a record 81.6%, which also exerted downward pressure on the price.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-210-1024x589.png\" alt=\"Glassnode: \u043d\u0435\u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u043e\u0441\u0442\u044c \u043d\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0440\u044b\u043d\u043a\u0435 \u0441\u043e\u0445\u0440\u0430\u043d\u0438\u0442\u0441\u044f\" class=\"wp-image-173960\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-210-1024x589.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/4-210-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-210-768x442.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/4-210-1536x884.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/4-210.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Analysts pointed to declines in active addresses and in the volume of value transferred when interacting with popular DeFi protocols such as Aave, Compound, and Uniswap.<\/p>\n<p>Goldman Sachs warned of risks arising from increasing interconnectedness of DeFi projects.<\/p>\n<p> Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weak on-chain metrics and broad investor concerns in the derivatives market hinder Bitcoin&#8217;s recovery after a price slide since the end of March.<\/p>\n","protected":false},"author":1,"featured_media":61926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1273],"class_list":["post-61925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-glassnode"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=61925"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61925\/revisions"}],"predecessor-version":[{"id":61927,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61925\/revisions\/61927"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/61926"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=61925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=61925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=61925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}