> ## Content Index > Fetch the complete content index at: https://research.glassnode.com/llms.txt > Use this file to discover other available public pages before exploring further. # The Week On-Chain (8 Apr 2020 - 15 Apr 2020) - URL: https://research.glassnode.com/the-week-on-chain-16-apr-2020/ - Published: 2020-04-16T15:30:33.000Z - Updated: 2020-04-16T15:30:33.000Z - Description: Amidst decreased confidence in traditional financial markets, Bitcoin approaches the "optimism" zone as it tests the $7k mark. - Author: Liesl Eichholz - Tags: The Week On-chain --- ## Bitcoin Market Health After spending most of the week between $6600 and $7000, BTC is finally testing the $7k mark again. Over the past month, bitcoin has experienced a gradual but notably upward-trending incline from below $5k. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/04/Week-16_-Bitcoin-Price-Fundamentals.png) On-chain fundamentals show a marked decrease in on-chain volume this week, following the downward trend seen in the aftermath of the crash as investors' panic subsides. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/04/Week-16_-Bitcoin-On-Chain-Fundamentals.png) Currently, around 16% of on-chain activity represents flows in and out of exchanges, with outflow still outpacing inflow, resulting in even [lower balances of BTC on exchanges](https://research.glassnode.com/btc-exchange-balances/) as investors double down on [hodling](https://twitter.com/glassnode/status/1250106545511292933) before the upcoming halving. --- ## NUPL is Approaching the “Optimism” Zone as BTC Tests $7k Bitcoin’s [Net Unrealized Profit/Loss](https://studio.glassnode.com/metrics?a=BTC&m=indicators.NetUnrealizedProfitLoss) (NUPL) is approaching the “optimism” zone as BTC tests the $7k mark. A breakout into this zone usually signifies increased investor confidence and leads to further price gains. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/04/glassnode-studio_bitcoin-net-unrealized-profit-loss-1.png) NUPL is approaching the "optimism" zone ([Glassnode Studio](https://studio.glassnode.com/metrics?a=BTC&m=indicators.NetUnrealizedProfitLoss)) We saw a similar pattern in April 2019; NUPL saw several small peaks within the “hope” zone as it rose up into the yellow “optimism” zone. If this trend repeats itself, we could see BTC overcoming the $7k mark and increasing further in price, especially if investors continue to seek it out as a [safe haven](https://research.glassnode.com/bitcoin-sees-influx-of-retail-interest/) during the economic crisis. --- ## Community Insight **Content and insights derived from Glassnode data by our community* Using Glassnode's [STH-NUPL](https://studio.glassnode.com/metrics?a=BTC&m=indicators.NuplLess155) metric, [@bitcoinist](https://twitter.com/bitcoinist) is predicting a "full-blown bull run" as short-term investors see profits from the recent price rebound. > Bitcoin Likely On Verge Of A Full-Blown Bull Run: On-Chain Analytics > > As per one of [@glassnode](https://twitter.com/glassnode?ref%5Fsrc=twsrc%5Etfw)'s indicators known for accurately timing [#BTC](https://twitter.com/hashtag/BTC?src=hash&ref%5Fsrc=twsrc%5Etfw) market tops, short-term investors will have made decent profits & a "bullish-trend reversal" is on the cards. > > — Bitcoinist.com (@bitcoinist) [April 16, 2020](https://twitter.com/bitcoinist/status/1250632747820834816?ref%5Fsrc=twsrc%5Etfw) While this is an extremely optimistic view, the overarching trend does show STH-NUPL (Short-Term Holder NUPL) approaching the "hope" zone, which may trigger more bullish sentiment. > Short-Term Holder NUPL has been extremely accurate in timing [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref%5Fsrc=twsrc%5Etfw) market tops (green zone). > > Also, consistently staying above the red zone has indicated [$BTC](https://twitter.com/search?q=%24BTC&src=ctag&ref%5Fsrc=twsrc%5Etfw) bull markets. > > The current upwards trend needs to be confirmed for a bullish trend reversal. [pic.twitter.com/nFN0ZDVzjG](https://t.co/nFN0ZDVzjG) > > — glassnode (@glassnode) [April 15, 2020](https://twitter.com/glassnode/status/1250446158281007104?ref%5Fsrc=twsrc%5Etfw) Stay updated on [STH-NUPL](https://studio.glassnode.com/metrics?a=BTC&m=indicators.NuplLess155) to keep watching this trend, and remember to [send us](https://twitter.com/glassnode) your own content using Glassnode data to be featured in our next weekly update. --- ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/04/image.png) - Follow us and reach out on [Twitter](https://twitter.com/glassnode) - For on–chain metrics and activity graphs, visit [Glassnode Studio](https://studio.glassnode.com/) - For automated alerts on core on–chain metrics and activity on exchanges, visit our [Glassnode Alerts Twitter](https://twitter.com/glassnodealerts) **Disclaimer: This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.*