> ## 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 (Week 22, 2020) - URL: https://research.glassnode.com/the-week-on-chain-week-22-2020/ - Published: 2020-06-02T16:42:00.000Z - Updated: 2020-06-08T12:26:10.000Z - Description: Despite an increasing amount of BTC's supply being in profit, on-chain fundamentals are still in decline. - Author: Liesl Eichholz - Tags: The Week On-chain --- ## Bitcoin Market Health Week 22 saw bitcoin increase from below $8800 to almost $9600, tracing back up to the $10k point once again. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/06/image-1.png) Bitcoin on-chain fundamentals have declined slightly during Week 22\. [GNI](http://glassno.de/thegni) lost another 4 points, taking it down to a value of 56\. This was mostly driven by a decline in Network Health, which saw a 10 point decrease as a result of decreased growth. ****Read more about how these values are broken down [here](http://glassno.de/thegni).** ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/06/Week-22_-Bitcoin-GNI-Values.png) **Network Health* dropped down to 68 points last week, following a 20% decrease in network growth. While growth picked up towards the end of the week, overall levels for Week 22 were low, and overall network activity also dropped slightly from the previous week's levels. **Liquidity* experienced a small decrease last week, driven by a drop in trading liquidity. Its current value of 41 points brings it to a new low for 2020 as BTC continues to [flow out of exchanges](https://research.glassnode.com/bitcoin-investors-exodus-from-major-exchanges-continues/). **Sentiment* grew over the past week, both in terms of overall investor sentiment indicators and saving behaviour. After slowing in accumulation for over a month, hodlers began to [increase their positions](https://studio.glassnode.com/metrics?a=BTC&m=indicators.HodlerNetPositionChange) at greater rates once again, with increased confidence likely stemming from bullish price movements. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/06/Week-22_-Bitcoin-GNI-Breakdown--1-.png) --- ## Glassnode Compass The Glassnode Compass outlines the general regime in which Bitcoin is currently located, based on its on-chain fundamentals (as determined by the [GNI](http://glassno.de/thegni)) and its recent price behavior. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/06/Week-22_-Glassnode-Compass--1-.png) Despite declining on-chain fundamentals, Bitcoin's price increase over the past week has pushed it upwards into the bullish Regime 1 for the first time in 3 months, marking a return to pre-crash levels. A decrease in GNI means that the compass is in danger of slipping into the transitional Regime 2, so we should be looking for an increase in on-chain fundamentals over the coming weeks to solidify its current position by pushing it further into Regime 1. --- ## Almost 90% of Bitcoin's Supply is in Profit Bitcoin's [Percent Supply in Profit](https://studio.glassnode.com/metrics?a=BTC&m=supply.ProfitRelative) indicates the relative proportion of BTC which are in a state of profit (i.e. the price has increased since they were last moved). Currently, over 89% of BTC are in a state of profit, signalling a potential return to a more bullish market. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/06/Group-76--1-.png) Percent Supply in Profit is at its highest point since the bull run of June 2019, having been steeply increasing since its low of 45% after Black Thursday. Historically, levels of [90% and higher](https://twitter.com/glassnode/status/1267509082082213892) have clearly marked pronounced bull markets. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/06/Group-78--2-.png) With a very slight further price increase, this metric may soon reach the 90% level. However, whether this leads to sustained bullish price movement or a downward retrace remains to be seen. --- ## Product Updates ### Metrics and Assets - [Realized Cap HODL Waves](https://studio.glassnode.com/metrics?a=BTC&m=supply.RcapHodlWaves) (BTC) - RCHW weights HODL Waves by Realized Price. - Futures (BTC) - [Latest 24h Futures Volume](https://studio.glassnode.com/metrics?a=BTC&m=derivatives.FuturesVolumeDailyLatest), [Latest Futures Open Interest](https://studio.glassnode.com/metrics?a=BTC&m=derivatives.FuturesOpenInterestLatest). ### Features - Updated [BTC futures dashboard](https://studio.glassnode.com/dashboards/btc-futures). ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2020/06/futures.png) --- ![](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) - Join our [Telegram](https://t.me/glassnode) channel - 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.*