Interview: Understanding The Bitcoin Market With Glassnode’s Rafael Schultze-Kraft

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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 thirty-day change of the supply held in miner addresses
  • Dormancy: The average number of days destroyed per coin transacted, defined as the ratio of coin days destroyed and total transfer volume
  • 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 spent
  • Lifespan: The ratio of the sum of Coin Days Destroyed and the sum of all coin days ever created
  • SOPR: Computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output
  • HODL Waves: Each colored band shows the percentage of bitcoin in existence that was last moved within the time period denoted in the legend
  • Entity Net Growth: The net growth of unique entities in the network
  • NUPL: Net unrealized profit/loss


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Bitcoin (BTC) $ 44,066.81 0.87%
Ethereum (ETH) $ 2,357.59 0.39%
Litecoin (LTC) $ 77.03 0.69%
Bitcoin Cash (BCH) $ 256.80 1.41%