How to Understand the Bitcoin Market With Rafael Schultze-Kraft

This week for the Bitcoin Magazine Podcast host Christian Keroles and guest host William Clemente sit down with Rafael Schultze-Kraft the CTO of Glassnode. Glassnode is an onchain analytics company and they thrive by making it accessible and easy for Bitcoin enthusiasts, investors, and analysts alike can get their hands on cutting edge metrics and indicators for Bitcoin and other major cryptocurrencies. 

Onchain analytics is the practice of using Blockchain node data to learn about the economic actors using a cryptocurrency. This interview is a high level overview of Glassnodes business, their target audience, and a deep dive on some of the most interesting onchain metrics that Rafeal uses every single day. We dive intro what makes the 2021 bull market look different that the 2017 bull market and what is making Rafeal extremely bullish on Bitcoin in the short and long term. 

Below we outlined all of the metrics mentioned on the podcast. 

Miner net position: The 30d change of the supply held in miner addresses https://studio.glassnode.com/metrics?a=BTC&category=&m=distribution.BalanceMinersChange&modal=loginForm

Dormancy: the average number of days destroyed per coin transacted, and is defined as the ratio of coin days destroyed and total transfer volume https://studio.glassnode.com/metrics?a=BTC&category=&m=indicators.AverageDormancy&modal=loginForm

Coin Days Destroyed: calculated by taking the number of coins in a transaction and multiplying it by the number of days it has been since those coins were last spenthttps://studio.glassnode.com/metrics?a=BTC&category=&m=indicators.Cdd&modal=loginForm 

Lifespan: he ratio of the sum of Coin Days Destroyed and the sum of all coin days ever created https://studio.glassnode.com/metrics?a=BTC&category=&m=indicators.Liveliness&modal=loginForm

SOPR: computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output https://studio.glassnode.com/metrics?a=BTC&category=&m=indicators.Sopr&modal=loginForm

HODL Waves: Each colored band shows the percentage of Bitcoin in existence that was last moved within the time period denoted in the legend https://studio.glassnode.com/metrics?a=BTC&category=&m=supply.HodlWaves&modal=loginForm

Entity Net Growth: The net growth of unique entities in the networkhttps://studio.glassnode.com/metrics?a=BTC&category=Entities&m=entities.NetGrowthCount&modal=loginForm

NUPL: Net unrealized profit/loss https://studio.glassnode.com/metrics?a=BTC&category=&m=indicators.NetUnrealizedProfitLossAccountBased&modal=loginForm

Follow Rafael Schultze-Kraft @n3ocortex

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