How to Understand the Bitcoin Market w/ Rafael Schultze-Kraft - Bitcoin Magazine Podcast

This week for “The Bitcoin Magazine Podcast,” host Christian Keroles and guest host William Clemente sat down with Rafael Schultze-Kraft, the CTO of Glassnode. Glassnode is an on-chain analytics company and it thrives by making it accessible and easy for Bitcoin enthusiasts, investors and analysts alike to get their hands on cutting-edge metrics and indicators for bitcoin and other major cryptocurrencies.

On-chain analytics is the practice of using blockchain node data to learn about the economic actors using a cryptocurrency. This interview was a high-level overview of Glassnode’s business, its target audience and a deep dive on some of the most interesting on-chain metrics that Schultze-Kraft uses every single day. The participants dove into what makes the 2021 bull market look different than the 2017 bull market and what is making Schultze-Kraft extremely bullish on bitcoin in the short- and long term.

The metrics mentioned in this podcast include:

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
Follow Glassnode @glassnode
Follow William Clemente @WClementeIII
Follow Christian Keroles @ck@SNARKS
Follow Bitcoin Magazine @BitcoinMagazine

Timestamps:

0:00-4:41 Introduction
4:41-7:13 Talking about the Bitcoin 2021 conference and speakers
15:49-21:54 Differences with what we're seeing now and on-chain data from the past
24:45-26:42 The role of miners in the Bitcoin ecosystem
29:01-31:39 Are institutions driving the bull cycle? Are the lending and borrowing providers pushing up the bull market?
32:04-34:55 What is Rafael's outlook and is this time different? Supercycle?
38:53-43:01 Rafael's favorite metrics on Glassnode
49:37-52:29 How do you know when the market is reaching the top?

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