Bitcoin & Ethereum, On-Chain Outlook Edition #15 (19/11/2021)
Read the latest update from Qluster Data Labs with detailed analysis of On-Chain metrics 👇
Supply metrics intact despite market facing severe price correction
Markets have been in turmoil as the crypto market retraces, with Bitcoin dropping ~17% over the last 5 days.
There is one sector of the markets pushing through this turmoil, with Metaverse & gaming projects resistant to the market correction.
The majority of Layer 1 blockchains are also trading at a discount with Solana, Polkadot, Luna & Cosmos taking an even bigger hit than Bitcoin. Avalanche (AVAX) seems to be the outlier here pushing through the $100 barrier and holding its own.
Let’s take a look at BTC and ETH on-chain metrics together to assess if there is any reason for concern…
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Supply on exchanges
Despite the correction, supply metrics look healthy with both Bitcoin & Ethereum supply on exchanges trending lower & hitting new lows for the year.