Bitcoin and Ethereum On-Chain Analysis: Consistency Persists with Short-Term Bear Threat

By Nivesh Rustgi
April 10, 2020 Updated April 10, 2020
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The number of Bitcoin addresses with a minimum balance of 1 has been on a rise despite the bearish sentiments in crypto markets.

While the derivatives market was predominantly bearish after the panic drop due to coronavirus on 12-13th May, the increase in BTC holdings projects positive on-chain fundamentals. Research analyst, Ria Bhutoria, currently with Fidelity Digital Assets tweeted,

The number of addresses with at least 1 BTC has consistently been establishing new highs every 1-2 days since March 22nd



bitcoin address more than 1
Number of Addresses with more than 1 BTC (Source: Twitter)

Glassnode Studio which published the metrics notes,

Number of Addresses holding 1+ coins just reached an ATH of 802,715.000 Previous ATH of 802,567.000 was observed on 08 April 2020

Moreover, the SOPR (Spent Output Profit Ratio) is currently, at a critical juncture around 1. The indicator was introduced by Renato Shirakashi who notes in the blog post,

First of all, SOPR appears to oscillate around the number 1. Secondly, during a bull market values of SOPR below 1 are rejected, while during a bear market values of SOPR above 1 are rejected.

bitcoin sopr ratio
Bitcoin SOPR (Source: Glassnode)


The drop which began in March has seen rejection from the number 1, twice and is now trading around 1. Rejection from this level could will continue to keep the bearish sentiments alive.

Ethereum [ETH]

Moreover, the on-chain metrics for Ethereum has been consistent despite the drop in prices as well. The number of transactions is above the bear market during the latter half of 2019.

ethereum transactions chart
Ethereum [ETH] Daily Transactions Chart (Source)
The number of unique addresses is also rising linearly. However, the number of addresses with more than 1 ETH witnessed a huge drop at the beginning of this year.

Moreover, the current risk-off environment as the economy is heading into a recession builds a strong case of cryptocurrenices. However, the risk associated with the investment is equally high.

eth address more than 1
Number of Addresses with more than 1 ETH (Source

Nevertheless, the number of ETH addresses with a balance of more than 10 has been stable, projecting a healthy long term view.

How do you think the price will be affected in the short-term? Please share your views with us. 


Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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