{"id":483945,"date":"2022-02-17T13:49:55","date_gmt":"2022-02-17T13:49:55","guid":{"rendered":"https:\/\/wncen.com\/?p=483945"},"modified":"2024-06-11T14:11:37","modified_gmt":"2024-06-11T14:11:37","slug":"top-5-watershed-moments-in-btc-on-chain-analysis-history-is-your-favorite-in","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/top-5-watershed-moments-in-btc-on-chain-analysis-history-is-your-favorite-in\/","title":{"rendered":"Top 5 Watershed Moments In BTC On-Chain Analysis&#8217; History. Is Your Favorite In?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">These five moments shaped Bitcoin On-Chain analysis. Down below you\u2019ll find a basic 101 article that reviews the basic concepts of the trade. If you have any problem with the list, David Puell is to blame. He\u2019s a full-time on-chain analyst and the creator of MVRV and Puell Multiple. He didn\u2019t include the metrics he created on the list, which says a lot.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/lessons-from-reasons-the-fake-environmentalist-attack-on-bitcoin-mini-doc\/\">Lessons From Reason\u2019s \u201cThe Fake Environmentalist Attack on Bitcoin\u201d Mini-Doc<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">In the following article, there\u2019s also something for on-chain analysis experts. A side game called: Did your favorite moment make it?\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1. ByteCoin invents cointime destroyed in 2011, the very first on-chain metric ever, still used today, and first metric to detect holding behavior in any financial asset.<\/p>\n<p>&mdash; David Puell (@dpuellARK) <a href=\"https:\/\/twitter.com\/dpuellARK\/status\/93907456?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Anyway, let\u2019s get into it.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">On-Chain Analysis Moment #1- ByteCoin Invents Coin Days Destroyed (CDD) AKA Coin Time Destroyed<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Invented In 2011, according to Puell, CDD is \u201cthe very first on-chain metric ever, still used today, and first metric to detect holding behavior in any financial asset.\u201d How does the metric detect holders, though? According to <\/span><a href=\"https:\/\/academy.glassnode.com\/indicators\/coin-days-destroyed\/cdd-coin-days-destroyed\" rel=\"nofollow\"><span style=\"font-weight: 400\">Glassnode Academy<\/span><\/a><span style=\"font-weight: 400\">, \u201cCoin Days Destroyed is a measure of economic activity which gives more weight to coins which haven&#8217;t been spent for a long time.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">So, the first eureka moment was to get the coin\u2019s age into the equation. That way, the all-important holders also entered. Glassnode again:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIt is considered an important alternative to looking at total transaction volumes, which may not accurately represent economic activity if value was not stored for a meaningful time. Conversely, coins held in cold storage as a long term store of value are considered economically important when they are spent as it signals a notable change in long-term holder behaviour.\u201d<\/span><\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-483947 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/BTCUSD_2022-02-17_10-26-04.png?resize=460%2C257\" alt=\"BTCUSD price chart for 02\/17\/2022 - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">BTC price chart for 02\/17\/2022 on Gemini | Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">2. Moment #2 &#8211; Willy Woo and Chris Burniske Invent NVT Ratio\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">This one emerged in 2017, and, according to Puell, it\u2019s \u201cwhere on-chain begins its Golden Age and became clearly an ecosystem of specialists&#8221;. It&#8217;s also &#8220;the first application of traditional economic\/financial concepts to Bitcoin\u201d. But, what\u2019s the NVT Ratio specifically? <\/span><a href=\"https:\/\/academy.glassnode.com\/indicators\/nvt\/nvt-ratio\" rel=\"nofollow\"><span style=\"font-weight: 400\">Glassnode Academy<\/span><\/a><span style=\"font-weight: 400\"> responds:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cNetwork Value to Transactions (NVT) Ratio describes the relationship between market cap and transfer volume. Per Willy Woo, its creator, NVT can be considered analogous to the PE (price to earnings) Ratio used in equity markets.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Another way to look at it is, \u201cNVT is that it is the inverse of monetary velocity, comparing two of Bitcoin&#8217;s primary value propositions\u201d. Those are store of value Vs. settlement\/payments network.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">3. <a href=\"https:\/\/twitter.com\/nic__carter?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@nic__carter<\/a> and <a href=\"https:\/\/twitter.com\/khannib?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@khannib<\/a> invent realized cap in 2018, the single most important and robust metric in the field, and first verifiable discovery of the cost basis of any asset.<\/p>\n<p>&mdash; David Puell (@dpuellARK) <a href=\"https:\/\/twitter.com\/dpuellARK\/status\/93255685?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400\">On-Chain Analysis Moment #3 &#8211; Nic Carter And Antoine Le Calvez Invent Realized Capitalization<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Created In 2018, Puell thinks Realized Capitalization is \u201c the single most important and robust metric in the field, and first verifiable discovery of the cost basis of any asset\u201d. But, what is it exactly? According to <\/span><a href=\"https:\/\/academy.glassnode.com\/market\/realized-capitalization\" rel=\"nofollow\"><span style=\"font-weight: 400\">Glassnode Academy<\/span><\/a><span style=\"font-weight: 400\">, Realized Capitalization also makes on-chain analysis look into the age of the coins.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cRealized capitalization (realized cap) is a variation of market capitalization that values each UTXO based on the price when it was last moved, as opposed to its current value. As such, it represents the <\/span><i><span style=\"font-weight: 400\">realized<\/span><\/i><span style=\"font-weight: 400\"> value of all the coins in the network, as opposed to their <\/span><i><span style=\"font-weight: 400\">market<\/span><\/i><span style=\"font-weight: 400\"> value.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Ok, \u201crealized cap reduces the impact of lost and long dormant coins, and weights coins according to their actual presence in the economy of a given chain\u201d. How does it do it, though? Glassnode again:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cWhen a coin that was last moved at significantly cheaper prices is spent, it will re-value the coins to the current price, and thus increase realized cap by a corresponding amount. Similarly, if a coin is spent at a price lower than when it was last moved, it will re-value to a cheaper price and have a corresponding decrease on realized cap.\u201d<\/span><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400\">Moment #4 &#8211; Dhruv Bansal Invents HODL Waves\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Created in 2018, HODL Waves is the \u201clast major primer in on-chain analysis, first metric to segregate supply into different conceptual frameworks&#8221;. According to Purell, it&#8217;s also the &#8220;most comprehensive economic time analysis on Bitcoin to date\u201d. Surprising no one, HODL Waves also looks at the age of the coins. According to <\/span><a href=\"https:\/\/academy.glassnode.com\/supply\/hodl\/hodl-waves\" rel=\"nofollow\"><span style=\"font-weight: 400\">Glassnode Academy<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cHODL Waves provide a macro view of the age of coins as a proportion of total coin supply. This provides a gauge on the balance between short term and long term holdings. It can also indicate where changes in this age distribution occur as the thickness of HODL wave bands change in response to dormant coins maturing, or when old coins are spent, resetting their age into the youngest category.\u201d<\/span><\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">5. <a href=\"https:\/\/twitter.com\/ErgoBTC?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@ErgoBTC<\/a> releases the forensics of PlusToken in 2019, the grey swan that defined the market structure of Bitcoin for that year and first relevant nation-state attack on the asset.<\/p>\n<p>&mdash; David Puell (@dpuellARK) <a href=\"https:\/\/twitter.com\/dpuellARK\/status\/22029573?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400\">On-Chain Analysis Moment #5 &#8211; Ergo Releases The Forensics Of PlusToken<\/span><\/h2>\n<p><span style=\"font-weight: 400\">This famous case happened in 2019. According to Purell, it\u2019s \u201cthe grey swan that defined the market structure of Bitcoin for that year and first relevant nation-state attack on the asset.&#8221; For a report on the situation, we had to consult <\/span><a href=\"https:\/\/cryptobriefing.com\/bitcoin-analysis-reveals-plustoken-scam\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Crypto Briefing<\/span><\/a><span style=\"font-weight: 400\">, who spoke to:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cErgo, the lead researcher of the report, told Crypto Briefing in an email that the most striking feature of this scam was its size. \u201cBillion-dollar scams are very rare,\u201d they said. \u201cWe did not expect the previously reported 200K BTC volumes to be accurate, but they were.\u201d<\/span><\/p><\/blockquote>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-on-chain-demands-suggests-that-the-market-has-reached-its-bottom\/\">Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">The Ergo team also explained why the laundry of the funds didn\u2019t work that well. It was because they practiced \u201cself-shuffling.\u201d What\u2019s that, you ask? Crypto Briefing again:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIt refers to the \u201crepeated UTXO splitting and merging in hundreds of transactions,\u201d according to the report. This method was both easy to track and the most common way in which PlusToken funds were handled.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">This case wouldn\u2019t be complete without a big institution\u2019s involvement. This time, the suspect is Huobi:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cHuobi played a major role in off-loading these funds too, with nearly 250,000 addresses associated with the PlusToken funds. These addresses were reduced to two clusters which were identified following the incompetent privacy standards.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Of course, those are just suppositions. When it comes to the giant Huobi, nothing\u2019s been proven. <\/span><\/p>\n<pre style=\"text-align: center\">Feature Image by <a href=\"https:\/\/pixabay.com\/users\/analogicus-8164369\/\" rel=\"nofollow\">analogicus<\/a> on Pixabay | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>These five moments shaped Bitcoin On-Chain analysis. Down below you\u2019ll find a basic 101 article that reviews the basic concepts of the trade. If you have any problem with the list, David Puell is to blame. He\u2019s a full-time on-chain analyst and the creator of MVRV and Puell Multiple. He didn\u2019t include the metrics he created on the list, which says a lot. Related Reading | Lessons From Reason\u2019s \u201cThe Fake Environmentalist Attack on Bitcoin\u201d Mini-Doc In the following article, there\u2019s also something for on-chain analysis experts. A side game called: Did your favorite moment make it?\u00a0 1. ByteCoin invents cointime destroyed in 2011, the very first on-chain metric ever, still used today, and first metric to detect holding behavior in any financial asset. &mdash; David Puell (@dpuellARK) February 17, 2022 Anyway, let\u2019s get into it. On-Chain Analysis Moment #1- ByteCoin Invents Coin Days Destroyed (CDD) AKA Coin Time Destroyed Invented In 2011, according to Puell, CDD is \u201cthe very first on-chain metric ever, still used today, and first metric to detect holding behavior in any financial asset.\u201d How does the metric detect holders, though? According to Glassnode Academy, \u201cCoin Days Destroyed is a measure of economic activity which gives more weight to coins which haven&#8217;t been spent for a long time.\u201d So, the first eureka moment was to get the coin\u2019s age into the equation. That way, the all-important holders also entered. Glassnode again: \u201cIt is considered an important alternative to looking at total transaction volumes, which may not accurately represent economic activity if value was not stored for a meaningful time. Conversely, coins held in cold storage as a long term store of value are considered economically important when they are spent as it signals a notable change in long-term holder behaviour.\u201d BTC price chart for 02\/17\/2022 on Gemini | Source: BTC\/USD on TradingView.com 2. Moment #2 &#8211; Willy Woo and Chris Burniske Invent NVT Ratio\u00a0 This one emerged in 2017, and, according to Puell, it\u2019s \u201cwhere on-chain begins its Golden Age and became clearly an ecosystem of specialists&#8221;. It&#8217;s also &#8220;the first application of traditional economic\/financial concepts to Bitcoin\u201d. But, what\u2019s the NVT Ratio specifically? Glassnode Academy responds: \u201cNetwork Value to Transactions (NVT) Ratio describes the relationship between market cap and transfer volume. Per Willy Woo, its creator, NVT can be considered analogous to the PE (price to earnings) Ratio used in equity markets.\u201d Another way to look at it is, \u201cNVT is that it is the inverse of monetary velocity, comparing two of Bitcoin&#8217;s primary value propositions\u201d. Those are store of value Vs. settlement\/payments network. 3. @nic__carter and @khannib invent realized cap in 2018, the single most important and robust metric in the field, and first verifiable discovery of the cost basis of any asset. &mdash; David Puell (@dpuellARK) February 17, 2022 On-Chain Analysis Moment #3 &#8211; Nic Carter And Antoine Le Calvez Invent Realized Capitalization Created In 2018, Puell thinks Realized Capitalization is \u201c the single most important and robust metric in the field, and first verifiable discovery of the cost basis of any asset\u201d. But, what is it exactly? According to Glassnode Academy, Realized Capitalization also makes on-chain analysis look into the age of the coins. \u201cRealized capitalization (realized cap) is a variation of market capitalization that values each UTXO based on the price when it was last moved, as opposed to its current value. As such, it represents the realized value of all the coins in the network, as opposed to their market value.\u201d Ok, \u201crealized cap reduces the impact of lost and long dormant coins, and weights coins according to their actual presence in the economy of a given chain\u201d. How does it do it, though? Glassnode again: \u201cWhen a coin that was last moved at significantly cheaper prices is spent, it will re-value the coins to the current price, and thus increase realized cap by a corresponding amount. Similarly, if a coin is spent at a price lower than when it was last moved, it will re-value to a cheaper price and have a corresponding decrease on realized cap.\u201d Moment #4 &#8211; Dhruv Bansal Invents HODL Waves\u00a0 Created in 2018, HODL Waves is the \u201clast major primer in on-chain analysis, first metric to segregate supply into different conceptual frameworks&#8221;. According to Purell, it&#8217;s also the &#8220;most comprehensive economic time analysis on Bitcoin to date\u201d. Surprising no one, HODL Waves also looks at the age of the coins. According to Glassnode Academy: \u201cHODL Waves provide a macro view of the age of coins as a proportion of total coin supply. This provides a gauge on the balance between short term and long term holdings. It can also indicate where changes in this age distribution occur as the thickness of HODL wave bands change in response to dormant coins maturing, or when old coins are spent, resetting their age into the youngest category.\u201d 5. @ErgoBTC releases the forensics of PlusToken in 2019, the grey swan that defined the market structure of Bitcoin for that year and first relevant nation-state attack on the asset. &mdash; David Puell (@dpuellARK) February 17, 2022 On-Chain Analysis Moment #5 &#8211; Ergo Releases The Forensics Of PlusToken This famous case happened in 2019. According to Purell, it\u2019s \u201cthe grey swan that defined the market structure of Bitcoin for that year and first relevant nation-state attack on the asset.&#8221; For a report on the situation, we had to consult Crypto Briefing, who spoke to: \u201cErgo, the lead researcher of the report, told Crypto Briefing in an email that the most striking feature of this scam was its size. \u201cBillion-dollar scams are very rare,\u201d they said. \u201cWe did not expect the previously reported 200K BTC volumes to be accurate, but they were.\u201d Related Reading | Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom The Ergo team also explained why the laundry of the funds didn\u2019t work that well. It was because they practiced \u201cself-shuffling.\u201d What\u2019s that, you ask? Crypto Briefing again:\u00a0 \u201cIt refers to the \u201crepeated UTXO splitting and merging in hundreds of transactions,\u201d according to the report. This method was both easy to track and the most common way in which PlusToken funds were handled.\u201d This case wouldn\u2019t be complete without a big institution\u2019s involvement. This time, the suspect is Huobi: \u201cHuobi played a major role in off-loading these funds too, with nearly 250,000 addresses associated with the PlusToken funds. These addresses were reduced to two clusters which were identified following the incompetent privacy standards.\u201d Of course, those are just suppositions. When it comes to the giant Huobi, nothing\u2019s been proven. Feature Image by analogicus on Pixabay | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":483946,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[52378,85474,428,83956,1185,85471,52178,85473,85472,85470,85476,85477,63219,41635,50046,78072,38143,51643,55919,85475,85478,85479,14602],"class_list":["post-483945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adjusted-binary-bitcoin-days-destroyed","tag-antoine-le-calvez","tag-bitcoin","tag-bitcoin-on-chain-analysis","tag-bytecoin","tag-cdd","tag-chris-burniske","tag-coin-days-destroyed","tag-coin-time-destroyed","tag-david-puell","tag-dhruv-bansal","tag-ergo","tag-mvrv","tag-nic-carter","tag-nvt-ratio","tag-on-chain","tag-on-chain-analysis","tag-plustoken","tag-puell-multiple","tag-realized-capitalization","tag-the-forensics-of-plustoken","tag-top-5-watershed-moments-in-btc-on-chain-analysis","tag-willy-woo"],"acf":[],"yoast_head":"\n<title>Top 5 Watershed Moments In BTC On-Chain Analysis&#039; History. 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