In the latest episode of Cheeky Crypto Analysis, host JB delves into the on-chain data for Bitcoin and Ethereum, providing valuable insights into the current state of these two leading cryptocurrencies.
Bitcoin On-Chain Data
Bitcoin’s on-chain data remains relatively stable, indicating continued strength and resilience. Key metrics include:
- All-time high: $69,000
- Active addresses: 99,318 in the last 24 hours
- Bitcoin transactions: 439,000 in the last 24 hours
- Inflation rate: 0.41% for the day, 1.48% for the year
- Bitcoin issued: 7,937 in the last 24 hours
The distribution of Bitcoin holdings also shows stability, with four wallets holding over 100,000 Bitcoin and 110 wallets holding over 10,000 Bitcoin.
Ethereum On-Chain Data
While Bitcoin’s on-chain data is encouraging, Ethereum’s metrics raise some concerns. Notably:
- All-time high: $4,887 (currently 61.2% below the all-time high)
- Transaction fees: $7.2 million for 1.1 million transactions in the last 24 hours
- Wallets holding over 10,000 Ethereum: Declining
The decline in wallet counts and the high transaction fees suggest potential issues with Ethereum’s network usage and scalability.
Ethereum Inflows and Outflows
Ethereum’s inflows and outflows are relatively balanced, with a slight difference of 345,000 Ethereum between the two. However, this difference is not significant compared to Bitcoin’s inflows and outflows.
Ethereum Liquidations
Ethereum liquidations reached $1.6 million in the last 24 hours, with 75% being long positions and 23% being short positions. OKX accounted for the highest amount of liquidations, followed by Bit and Hobi.
Ethereum Total Value Locked (TVL)
Ethereum’s TVL has dropped significantly from 19.1 million Ethereum a year ago to 12 million today, a 32% decrease. This decline raises concerns about the future of Ethereum’s decentralized finance (DeFi) ecosystem.
Network Data and Analysis
Cheeky Crypto Analysis also provides network data and analysis for various other cryptocurrencies, including Cardano, Chainlink, Dogecoin, Litecoin, and XRP.
Key Takeaways
- Bitcoin’s on-chain data remains strong, indicating continued stability.
- Ethereum’s declining wallet counts and high transaction fees raise concerns about network usage and scalability.
- Ethereum’s TVL has dropped significantly, raising concerns about the DeFi ecosystem.
- Trade safely with tight stop losses and make informed decisions based on comprehensive market analysis.
Conclusion
Cheeky Crypto Analysis offers valuable insights into the current state of Bitcoin and Ethereum, highlighting both strengths and concerns. By staying informed about on-chain data and network metrics, traders can make more informed investment decisions.
