How many Bitcoins are being HODLed? Bitcoin’s nature allows some level of investigation and analysis, and it’s possible to see how many coins are moving. Rafael Schultze-Kraft, CTO of Glassnode joins me on the show to discuss some of the insights he’s been sharing.
Rafael links:
- Twitter: @n3ocortex
- Website: glassnode.com
- Thread
Relevant prior episode:
Sponsors:
- Swan Bitcoin
- Unchained Capital
- New Brighton Capital (use code: LIVERA)
Stephan Livera links:
- Show notes and website
- Follow me on twitter @stephanlivera
- Subscribe to the podcast
- Patreon @stephanlivera
Podcast Transcript:
Stephan Livera:
Hi everyone. Welcome to the Stephan Livera podcast. A show about Bitcoin and Austrian economics today for episode 190, my guest is Rafael Schultze-Kraft. He’s the CTO of Glassnode, and we’re going to be exploring some of these questions around how many Bitcoins are being HODLed, right? Because with Bitcoin, you can actually do some on-chain analysis and try to figure out how those coins are moving around. Alright. And I’m just going to bring in my guest now, Rafael, welcome to the show.
Rafael Schultze-Kraft:
Thank you very much, Stephan. It’s a pleasure.
Stephan Livera:
Excellent. So Rafael, you’re the CTO of Glassnode. Can you tell us a little bit about yourself and a little bit about glassnode?
Rafael Schultze-Kraft:
Yeah, sure. Of course. So yeah, my background is actually in computational neuroscience. This is how I got into, you know, data modeling, machine learning, data analysis, everything that can be sort of like grouped into the umbrella of data science. I’ve been working as a data scientist for the last seven years, I think. And I Co-founded glassnode two years ago with my two partners from Switzerland. The idea behind it was to what was born actually out of our own needs. Right. We wanted to get hands on good data as investors in the space. And we really pretty fast, we settled on and focused on chain data as you know, a truly new kind of exotic data source that didn’t exist before that you can’t find in the finance, in the traditional markets and where we’re actually still very early on that it contains a lot of potential, a lot of information and insights for us to make better decisions. And so yeah, we started to build out glassnode where we now offer. I know I think for right now it’s more than two hundred on chain metrics that we serve through our platform and through our API. We recently started to expand into derivatives as well as, you know, it sort of like goes into the realm of exotic data as well. But still, it’s still focusing strongly on chain metrics.
Stephan Livera:
Fantastic. And I think it’s really interesting world because for someone looking in from the outside, it would be like, imagine money going from bank A to bank B is not accessible on a public ledger, but in the Bitcoin world, it is. So what are some of the things that we can see and ascertain in you know, in the Bitcoin world?
Rafael Schultze-Kraft:
Yeah. So I think one of the you’re completely right. It’s like imagine, you know, like an economy where you can actually see movements of cash from, you know from pocket A to pocket B or from bank account A to B. And I think one of the beautiful things about about Bitcoin and the simplicity of its design, it’s actually it’s UTXO based system, right. What this allows you to do is actually to really nicely look at each Bitcoin that lives on the blockchain by looking at how old this Bitcoin is, right? How old the UTXO is, and this allows you to compare and to value things based on, you know, the lifespan of a particular Bitcoin compare, you know, if it’s being moved today what is today’s prices compared to when it last moved and so on and so forth? So this actually results in many different metrics that you can build upon there’s this idea of the UTXO based system.
Stephan Livera:
Excellent. So look, let’s set up a little bit of the background of the context, just for listeners. Let’s say they don’t really know too much about how Bitcoin works. They might’ve seen, okay. I want to send some Bitcoin and I scan the address and I pay some Bitcoins to that address, and then what’s really going on there with the UTXO and what’s the way that you would then try to understand what’s going on with that?
Rafael Schultze-Kraft:
Sure. So the basic atomic unit on the blockchain is a UTXO right. It’s an unspent transaction output and each UTXO holds a particular amounts of Bitcoin, right? So as a user, as one that controls the keys of an address what you’re actually controlling is the, the accessibility or the spendability of a certain UTXO. Right. and because it is the atomic unit, once when I sent a Bitcoin I’m actually spending the whole UTXO independent of how much value it contains, right. It’s as if, you know, I had a a $10 bill that I’m giving you, even though I just want to give you $5. So, so I spent the whole UTXO that contains those $10 and, and get five back in return.
Rafael Schultze-Kraft:
And this is sort of like a similar concept when you think about UTXO. The UTXO contains the value that you spend completely and you get some in return and that return creates actually a new UTXO. What this allows you to do each UTXO was created at some point in the past, right. And you know, whether, you know, the UTXO was created, I don’t maybe UTXO that it might be, you know, wanting to spend, whether it was, might have been created an hour ago or a week ago, or two years ago. Right. and so this allows for very interesting analysis in terms of you know, what is going on chain.
Stephan Livera:
Excellent. And so another interesting thing that is perhaps to an outsider, it is not so clear is this concept of addresses versus entities. Now, I guess, technically speaking, you send to an address, but you don’t actually spend from an address. And this is kind of just like a model that block explorers have taught people, but it’s not actually the case. It’s actually you’re spending from a UTXO. Right. And so, can you just tell us a little bit about that idea and then how you try to understand the difference between an entity and then the UTXO piece?
Rafael Schultze-Kraft:
Yeah, sure. Of course. I think that’s a very important concept to understand. So if you think about Bitcoin, if you think about the network Bitcoin one of the fundamental questions that you want to answer is you know, how many users does it actually have, you know, how many participants are actually interacting with a network or, or how many people actually own Bitcoin, right?
Rafael Schultze-Kraft:
How many are actually HODLing? And this is a question that has been very difficult to answer because what the approximation has been until now is simply to look at addresses. The problem with that, we all know is that, you know, you can control more than one address. And there’s also addresses that hold funds of multiple users. So think about an exchange address for instance. Right. And so what we set out to do was to, come up with this concept of an entity where we apply industry standard heuristics, clustering algorithms in order to identify, which are the addresses that are controlled by a single entity. This has very, very crucial implications on how you look on chain, right? So if you think about simple things, like volume, right on-chain volume and you’re actually interested in real economic activity, right?
Rafael Schultze-Kraft:
I’m not really interested whether, you know, an exchange is actually moving funds from one of their wallets to another of their wallets. That’s I mean, yes, they have spent fees to do this, but this doesn’t really account for real economic activity. Right. So what we’re interested in is, you know, how much of, what is being moved on chain does actually change hands, right. And and this is the way that we try to approach it as I think it’s important to note that this is of course, an upper bounds of you know, the amounts of entities, which is a subset of the amounts of addresses. The real number much might be much lower, but we’re now much closer to the actual number. Then the the actual addresses connected can tell us.
Stephan Livera:
Excellent. So what can you tell us in terms of what are the entities that are out there and how, how are you coming to some of these ideas around how many Bitcoins are being HODLed?
Rafael Schultze-Kraft:
Yeah. So I think you, what we try to do is not to look at the network as a whole, right? There’s many metrics that then you know, just take the whole set of UTXO and then, you know, compute some aggregate metrics on top of it. What we really aim to do is with this concept of entities, and these can be, you know, known entities, such as exchanges, such as minors or unknown entities, such as, you know, entities that have at least you know that are controlling at least 1000 Bitcoin, which, you know we then identify as whales. For us looking at Bitcoin from a microscopic perspective and really understanding, you know, how much of all of these are holding how many Bitcoins and what is actually the flow of coins between those different entities, I think can reveal a lot of, very interesting insights that that can have and you know, like but potentially predictive power in terms of what is happening in the markets. And The same holds for, you know, which are the ones that are short term HODLers, right.
Rafael Schultze-Kraft:
Are short, short term investors that are sort of like showing this short term investor behavior versus all of those entities that are more here for the long haul.
Stephan Livera:
Yup. And so how do you then distinguish between somebody who is say self spending, right. So I guess there might be behaviors that a person does within Bitcoin that may confuse this kind of metric as a quick example, it may be that they are maybe upgrading their storage. Maybe they had a single signature Trezor and now they want to put it into a multisignature and they will send all their coins out of their Trezor, into their multisignature set up that might potentially confuse the metric a little bit. How do you try to account for that? Or how does that work in your methodology?
Rafael Schultze-Kraft:
Yeah, absolutely. I think this is one of the core implications of actually looking at not addresses, but it’s entities. Right. I think volume is a very good example. If an exchange is you know, transferring or it’s creating a new hot wallets, right? This might actually add a lot of noise and actually false positives to many of the metrics that we might be looking at if we don’t account for these kinds of things, right. It’s like me, you know, putting my money from my left pocket, into my right pocket. That’s not real economic activity. Right. So what you try to do is really account for these kinds of things. So now that we know that a cluster of addresses is controlled by the same entity, we can actually adjust for that.
Rafael Schultze-Kraft:
Right. We can say these in-house transfers as we call them we will just discard them. Right there’s different things that you can do on top of it. We identify so-called relay addresses for instance. So if I’m sending you a Bitcoin, then this might actually not go directly from my address to your address, but there might be an intermediary address that is a one time use address that just receives the funds and spends them immediately, or, you know, within a couple of blocks. And if you don’t account for these kinds of things, then that kind of volume might be counted twice. Right. and so what we have seen is that and we published a report earlier this year that up to 75% of all the volume being moved on chain is not, does not really change hands does not really move hands, though.
Rafael Schultze-Kraft:
That’s all internally within the entities that are sort of, you know, shuffling their funds or where, you know relay addresses are being, are being used or change addresses as well. Right. That’s a big one as well. So, so if get changed back, but the change is actually going into a newly created address because that’s the wallet behavior, which most of those work. And actually nowadays, then we account for all of those. And, and then we can adjust the metrics and not only volume, right. It can be coin days destroyed, SOPR, anything that is based on spent Bitcoins. We can actually just for.
Stephan Livera:
Excellent. And so when it comes to Bitcoin on chain transactions, would it be fair to say that a lot of the actual volume is inter exchange it’s from one exchange to another? And so that’s kind of that there’s like a lot of traders moving coins back and around back and forward. And then I guess the other pattern would be people who are stacking right? They’re holding their accumulating Bitcoins into their wallets. Would you say those are typical behaviors that you can see when you’re looking on chain?
Rafael Schultze-Kraft:
Yeah.There’s a lot of that. There’s definitely a lot of that. We’re actually now working on a metric that actually defines that, you know, what we would call exchange dominance, right. How much of the volume is actually, you know, either in-house exchanges. That is something that happens a lot, right. It’s so one exchange moving their funds internally. The other one is inter exchange, right? So really across different exchanges and then everything that goes in and out that it counts. And I can’t tell you, I’m a potential to this percentage at this stage, but that it calls for a lot of what is actually happening on chain in terms of volume. Absolutely.
Stephan Livera:
Yep. And I suppose the headline number in terms of what we were talking about today, how many Bitcoins are being HODLed, I guess the main metric there is, how long are people holding for and what are some of the ways that you try to assess that? So for example, you might look on the chain and try to understand, Oh, see, this coin has not moved for two years, something like that, right?
Rafael Schultze-Kraft:
Yeah. Yeah. I think those are the, you know, the very straightforward ways to assess the amount of HODLed Bitcoins. Right. If you look at the age of all the UTXOs that have not been moved you know over a year or two years, over three years that those are metrics that are essentially based on, the HODL waves. And those give you a very straightforward assessment of you know, how much has actually been HODLed. And if you look at the current numbers and then you’ll see that, right. All the ones that haven’t been moved in over a year is currently at an all time high, I think a 61% or so, which is quite a lot.
Rafael Schultze-Kraft:
Right and those that haven’t been moved in in two years is a 45%. So almost half of the circulating Bitcoin supplier, right. So 9 million or so haven’t been moved in in the last two years, which, which really shows you a really good indication of of how much is actually HODLed. And of course those are not the only one, not the only ways in order to assess that amount, but that’s sort of like, you know it gives you a very straightforward and quick assessment of how large those numbers are.
Stephan Livera:
Yep. And so that 61% figure and that 45% figure, how did they compare historically? And is that starting to reach a point in the cycle where you could arguably say, this is a high percentage, historically?
Rafael Schultze-Kraft:
It is a high percentage. So the plus one year supply not spent is actually at all time high right. So roughly at this point is when the previous bull market started, started to go up. Right. Which doesn’t mean that, you know, the same will happen now, but I think that’s it gives you a very good indication of how much confidence there is of, you know a movement up from now on, right. Whether this next month or in couple of months ahead. I think there’s a lot of investor confidence there. Same thing with the two years thread, which is currently a 45%, I believe. I think the all time high is a bit below 50%. So in, currently it is increasing, so there’s definitely increase HODLing behavior that we’re currently seeing on chain.
Stephan Livera:
Excellent. And let’s chat a little bit about the behavior of whales, right. So I saw you had a great post about this. Recently you have defined whales as over 1000 Bitcoins. And so can you tell us a little bit about what are the whales doing and how do you figure them out versus whale versus exchange?
Rafael Schultze-Kraft:
Yeah, yeah. So I think the exchanges for the exchanges, you know, we have a database where we over time, we’re capable of labelling addresses that are controlled by exchanges, right? In part that is public information, but a lot is actually based on, you know, your first sticks and clusterings algorithms that we apply internally. And so setting those sites, we look at all other entities that actually hold or they’re controlling 1000 Bitcoin or above, right. And those are the ones that we actually define as, you know, whales that are there that are controlling their own Bitcoins. And so what we have seen recently is that this number traditionally, you know, has been going down. The number of whales over the last couple of years, since 2016 or so has been, you know, slightly going down.
Rafael Schultze-Kraft:
And what we have started to see since this year is a shift in the strengths of, you know, more whales actually actually appearing right. But I think the more interesting part of all of this is that this is essentially what we’ve seen is that this is essentially inversely related to the amount of Bitcoins that is being withdrawn from exchanges. And it’s not just, you know, that those are inversely related, but that we actually see that those Bitcoins are going into entities that, hold that are essentially classified as whales. Right and that number is right, is it’s not increasing significantly, but it’s a clear change in the trends. And so this is something that we’re closely observing.
Stephan Livera:
So Rafael, if I understand you correctly, there, could it be then that some in the past whales were leaving their coins on exchanges, and now they’re learning to self custody. Is that one way to interpret that? Or how would you?
Rafael Schultze-Kraft:
It can be, I think you know that there is, it’s probably too easy to just, you know, to just reduce it to that. But I think you know what we believe, that at least to some extent that that withdrawal of funds from exchanges is potentially now a setup of really confidence that you know they will be holding their coins for a large amount of time, you know, in anticipation potentially of you know, of a bull market. Right. I think potentially there is also a lot of you know education going on of people understanding actually that’s that the keys that they don’t control that, you know, that essentially means that it’s not their Bitcoin. You know to what extent this is actually the case with whales in this case I can tell that there’s potentially a percentage of that plays in there as well.
Stephan Livera:
Sure, sure. And also from your article, I noticed you were essentially spelling out that it looks like there are more whales, but their number, sorry, rather the amount of coins they hold is coming down over time.
Rafael Schultze-Kraft:
Yeah. Yeah. So it’s more like the there’s more whales exactly. But those whales are smaller as compared to previous periods. Right. so this is that there’s sort of like a slight shift. It’s not a very significant significant one. But again, it’s one that we’re closely looking at in order to see, you know, where this trend actually evolves within the next couple of weeks and months.
Stephan Livera:
Right. And I guess this stuff is quite interesting because there’s the technical kind of quantitative aspects of it, but then you might have a qualitative thesis around that as also. So for example, we probably, we should expect over time just naturally that, you know, when Bitcoin started, it was just Satoshi and Hal right. So obviously it was very centralized in those days. And then over time you would expect it’s decentralizing out. And so I guess this kind of aligns a little bit with that idea that we’ve got more whales, but each of them have less of a share of the overall pie of Bitcoin, right?
Rafael Schultze-Kraft:
Yeah. Yeah. I think there might be implications towards that. Right. And you would hope that this whole, you know, for the network as a whole but then on the other hand, right, there’s this very extreme HODLing behavior that we’re seeing really shows that there is simply a lot of confidence, a lot of investor confidence in you know, in future price appreciation. Right. And then of course well it leads to, you know, to investors not wanting to spend their Bitcoins, if there’s they don’t want to spend it, then, you know, there’s probably less chances for others to get into at least, you know, within the same sense, the amounts of Bitcoin. And what we see with whales as well is that you know, to sort of, you know, sort of like show the other hands of all of this is that right?
Rafael Schultze-Kraft:
So we identified roughly 1,800 whales, and those are holding over 5 million Bitcoin. Right. So there is, there is quite some centralization within, you know, those big players, right. Which, you know, you can argue, well, yeah, that does show the decentralization that we would want to see going forward. But that at the same time really shows this confidence in you know, there’s this big players to actually hold on to these large stashes of Bitcoin that they’re controlling.
Stephan Livera:
Great. Let’s chat a little bit about Coin Days Destroyed. So what is that? And what does it mean if it’s going lower?
Rafael Schultze-Kraft:
So Coin Days Destroyed, is essentially defined as the amount of the volume of Bitcoin that is moving on inaudible multiplied by the days since since those bitcoins that are moved are now being moved last time. Right. So as a simple example, if I have two Bitcoins a day that I’m spending and those two Bitcoins were moved last time, 10 days ago, then Bitcoin destroyed is 20, right? So Coin Days Destroyed is really a nice metric that shows you the essentially when large stashes of old Bitcoin are being moved on chain. Right. And so the current metric is essentially showing that this is very low, right. Which goes hand in hand with you know, this narrative of people are HODLing because most of what is being moved on chain is very recent Bitcoin.
Stephan Livera:
Right. I see. So for instance, that would mean if Coin Days Destroyed is very low in that instance, then it means it’s only the recent coins moving, not old coins.
Rafael Schultze-Kraft:
Exactly. It’s not the old stashes that are being moved. But very recent Bitcoins. Right. So there is essentially two components that go into Coin Days destroyed the volume and the age of the Bitcoins. Right and those sort of like the interplay of those two is what makes Coin Days Destroyed high or low. And so yeah, but if you look at the average life span of the Bitcoins that are being moved, and this is something that is very low as well, so Coin Days destroyed, the reason why it’s so low is because mostly it’s because it’s very recent Bitcoins that are being moved and not old stashes.
Stephan Livera:
What is HODLer net position change?
Rafael Schultze-Kraft:
HODLe and that position changed. Yeah. That is an interesting metric that was essentially put forward by Tuur Demeester and Adamant Capital a while back. And it is one that is related to Coin Days destroyed as well. And we’re, the intermediary step is liveliness. So I think when we talk about HODLer net position change, we first need to talk about liveliness. So liveliness is a metric that was created by Tamas Blummer a while back. And, and what this tells you is is it compares essentially Coin Days destroyed two or Coin Days that have been ever created, right. It’s a metric that’s oscillates between zero and one. And that increases as as a lot of Coin Days get destroyed. Right. Which is sort of gives you a sense of how the vividness of a blockchain or the you know, how active it is, how lively it actually is.
Rafael Schultze-Kraft:
Right. But another way to look at liveliness is, is from a HODLer perspective. So as liveliness goes down, this means that the that more coins are actually being HODLed because it means that, you know, less Coin Days are being destroyed right? And, and so if you, if you take liveliness you know, you subtracted from one, multiply it by the circulating certain circulating supply, you get to a number which actually tells you the amount of HODLed and lost coins, which has currently at 7.5 million BTC, right. And that amount of HODLed and lost coins you know, which is then moves essentially inversely to liveliness because as a lot of Coin Days are being destroyed, that metrics actually goes down. And as HODLers accumulate, that metric goes up. If you now take the, the monthly change of that metric, this is the net HODLer position change which which actually gives you an indication based on Coin Days destroyed and based on liveliness how much HODLed, how much coins are being HODLed. Right? So again, you know, before we had how much supply hasn’t been moved in X amount of years, this is another way to look at HODL behavior through this metric.
Stephan Livera:
Yep. And as another aspect of all of these things is to look at also what the price was at the time these coins were moving, and then try to understand, are people sitting in a profit, or are they sitting in a loss as well? And I understand you at glassnode also do some of these sort of statistics. Can you tell us a little bit about that?
Rafael Schultze-Kraft:
Oh, absolutely. And there’s many of those that are very interesting. And, you know, one of the objections that I’ve been hearing about, you know, with HODLed coins is that, you know, people actually say, well, those are mostly you know, investors that got in when, you know, at near the top. And so of course, they’re now you know, at a loss and they’re waiting for the price to go up. But if you actually look at for instance, the supply that is in a profit or the number of addresses that are in a profit, those numbers are currently, oscillating between 75 and 80%. You know, if you think about it, like 75% of the supply is in a state of profit. If you compare, you know, when the time at which the UTXO was last created and, the price at that point and the current price then that’s pretty crazy, right?
Rafael Schultze-Kraft:
I mean if people, if all of those, all of those people could be cashing out today and they would be cashing out in profit, but they’re not doing so. Right. So I think this gives them more, even more weight to this HODLing behavior by really looking at the amount of supplier, the amount of UTXOs, are the amount of entities that currently are in a state of profit. And I think those are, yeah, those are very bullish indicators. If you put both of them together.
Stephan Livera:
Absolutely. I think it’s a really phenomenal and just really fantastic to think about when you think that 75% of coins, of those coins are in a profit and they don’t want to sell right now, even though they could. And all these things going on right now, they could be selling right now, but they’re not. And that’s an interesting insight. Yeah,
Rafael Schultze-Kraft:
Yeah, yeah. I think there’s a lot of that that shows us a lot of confidence. People are, you know are really you know, taking those opportunity costs of saying I am confident that the price will actually you know, see some appreciation and that’s why I’m not willing to spend my Bitcoin today.
Stephan Livera:
Excellent. I also wanted to ask what is reserve risk?
Rafael Schultze-Kraft:
Reserve risk is a very interesting metric as well. Puts a forward a couple of months ago by Hatton at Ikigai fund. It’s very interesting metric again, related to Coin Days Destroyed. So and the deriving aid is a bit complicated. A lot of nuances there. Let me try to explain it on a high level to give you the intuition. So if you look at Coin Days destroyed and you compare it to the circulating supply, the Coin Days destroyed. Most of the times is below the circulating supply right. And or if you look at the value of Coin Days destroyed, which is, you know, just Coin Days as destroyed denoted as USD, it’s mostly below the current market cap.
Rafael Schultze-Kraft:
And there is only a few occasions where there’s actually where coin days destroyed actually exceeds the market cap. And this is where we’re sort of like, you know, moving towards the top of market cycles. Now the way to think about this, if you now compare market cap and the value of Coin Days destroyed is you can, you can view this from the opportunity costs of an investor to say I am not willing to spend my Bitcoins or to sell my Bitcoin today, right? So the opportunity costs for me at today would be, you know, $9,300 or whatever that is, right. I say I’m confident in price appreciation. And so these, these are essentially, you know, the opportunity cost. Now, what you do is you, take the difference between market cap and the value of Coin Days destroyed.
Rafael Schultze-Kraft:
And you have, you create a cumulative sum over all the opportunity costs ever created across, you know, Bitcoin’s history, right? This is what, what is called the HODL bank. And if you now compare the rate, if you’re not take the ratio of the market cap and the HODL bank, this is what actually gives you the reserve risk. And what the reserve risk really tells you is, you know, how confident are investors that the price will appreciate it. So if the reserve risk is slow means that the prices, you know, comparatively low and harder confidence is very, high. So the risk reward ratio is very good. So these are essentially a really good point to get into you know, entry points to get into Bitcoin if you will.
Stephan Livera:
Yup. And so looking at reserve risk where we are today, where does it sit? Just for our listeners to get a rough idea.
Rafael Schultze-Kraft:
It’s a very low, so it’s very inaudible it has been within, you know, the last couple of months that it has been very low. Well, one of the reasons of course is because a Coin Days destroyed is really so low, right? So all of these metrics to some extent are somehow, you know the sort of like are related to each other. And we’ve been in these area of you know of investor confidence for quite some weeks now throughout 2020. So it, really shows that, you know investor confidence is extremely high and HODLers are expecting prices to go up from here.
Stephan Livera:
Excellent. Yeah of course, looking a little into the future, imagining let’s say more people started using say liquid or lightning, would that impact your ability to do these kinds of analytics. Or is it just as in currently today, these lightning and liquid are a little bit smaller, and so you can’t do it, like it’s not going to impact your work as much, but would that impact your work in the future?
Rafael Schultze-Kraft:
It will. I think will. I think there is you know as liquid or as lightning against that option the dynamics of the chain will change, right? The people the way people and uses and will be interacting with the blockchain will change. So I am, I think right now in terms of, you know, metrics that are market-related and they, we we’ve started to look into, we believe that, you know, the influence at this point is not very large. So there doesn’t yet make sense, but I think as we see adoption within you know, those the second layer then we might have to, you know to evaluate the impact of those with respect to on chain activity and what that actually means for the metrics that we actually offer and that we create, and the way we actually look at Bitcoin and at this point in time.
Stephan Livera:
Excellent. And so just, I guess, with glassnode in general, what are some things that listeners should look out for in terms of things coming or things that you guys are sharing?
Rafael Schultze-Kraft:
Yeah, sure. I think we’re working on many exciting things. Many of those are actually related to really identifying, you know, these different market participants, or, you know, network participants when it comes to you know, exchanges, miners, HODLers, Whales and really understanding on a more granular level, what are the dynamics between those, how do they evolve over time? What is the flow of funds actually between all of those? And there’s, so many ways in which you can adapt these metrics and adjust for them in order to get a more clear picture of and better signals, right. Really that separation between the signal and the noise from on chain metrics. So this is something that we’re putting a lot of of effort onto. And and I think there’s yeah from things that we’re working a lot of really exciting stuff that is, that is coming up within the next couple of weeks and months. And we usually a release you know content and metrics on a weekly basis. So much more coming there within the next couple of weeks.
Stephan Livera:
Excellent. So Rafael, where can listeners find you online and find glassnode online?
Rafael Schultze-Kraft:
Yeah, I think the best way, as it is in the Bitcoin world is on Twitter. So @glassnode and for our company and @n3ocortex with a three, instead of an e for myself yeah, just hit us up there, give us a follow or just write us a DM.
Stephan Livera:
Excellent. Well, thank you very much, Rafael I really enjoyed chatting with you.
Rafael Schultze-Kraft:
Likewise, Stephan, thank you for the invitation. It was a pleasure to be here today.
Stephan Livera:
And listeners, you can find me as always at stephanlivera.com. That’s it from us. We’ll see you guys in the citadels.