Glassnode recently introduced its on-chain BTC Index (GNI) that captures a number of key on-chain metrics and combines them into easily digestible charts and numbers.
With the release of the Glassnode Network Index, we are bringing you an updated version of The Week On-Chain, with better insights into #Bitcoin's behavior than ever before. Explore $BTC's GNI developments over the last week in our latest issue 👇https://t.co/bUzCzYlPJ7 — glassnode (@glassnode) May 12, 2020
The GNI has decreased from 76 points to 74 points since last week. One of the key metrics, ‘Network Health,’ which combines network growth and network activity, has jumped 6 points, from 88 to 94.
The two-point dip in GNI is due to the significant decrease in investor sentiment and saving behavior, which dropped 23 points in the week culminating in the halving.
According to the report, we’re currently witnessing neither a bull, nor a bear market, as two of the key indicators diverge, the price momentum was negative while on-chain indicators remained strong. However, the asset seems closer to a bull than bear breakout.
Bitcoin’s hashrate is one of the most important indicators of the network’s health.
Although, some were predicting a so-called “death spiral” after the halving. The report points out that the hashrate has recovered quickly after the initial post-halving drop.
The first full week after the halving, will be a good indicator of how the mining ecosystem has coped with the decrease in the block reward.