On-chain data lets us see the extent and scope of the activity surrounding spot Bitcoin ETFs beyond its impact on BTC price.
CryptoSlate’s analysis of on-chain metrics first brought on in Glassnode’s Cointime Economics research paper shows how this affected the activity-to-vaulting ratio (A2VR). The A2VR metric assesses the balance between Bitcoin’s active and inactive supply by comparing liveliness with vaultedness. It provides insight into the behavior of Bitcoin holders, indicating whether the trend is towards holding or trading the asset.
The yearlong downtrend in A2VR was broken in late December last year.
Graph showing the activity-to-vaulting ratio (A2VR) from Jan. 19, 2022, to Jan. 22, 2024 (Source: Glassnode)
Between Dec. 26, 2023, and Jan. 19, 2024, there was a notable increase in A2VR from 1.4541 to 1.4697. This shift from holding to increased trading or liquidation of older coins was likely influenced by the market’s anticipation and subsequent reaction to the volat
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