BTC$103,418▲ 0.83%
ETH$2,421▲ 1.37%
SOL$161.43▼ 0.91%
MVRV2.14▲ 4.1%
SOPR1.03▲ 0.2%
BTC.D54.2%▲ 0.3%
FEAR/GREED62Greed
GAS14 gweiLow
NUPL0.58▲ 1.1%
LTH SUPPLY14.9MATH
BTC$103,418▲ 0.83%
ETH$2,421▲ 1.37%
SOL$161.43▼ 0.91%
MVRV2.14▲ 4.1%
SOPR1.03▲ 0.2%
BTC.D54.2%▲ 0.3%
FEAR/GREED62Greed
GAS14 gweiLow
NUPL0.58▲ 1.1%
LTH SUPPLY14.9MATH
Learning Crypto
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Hard Money Brief

What the blockchain actually showed this week.

Smart-money signals, exchange flows, and market context — curated into one clear, actionable read.

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THIS WEEK'S SIGNALS
NET UNREALIZED P/L
▲ 1.1%
0.58
Optimism, not yet euphoria.
MVRV RATIO
▲ 4.1%
2.14
Above neutral, below euphoria.
SOPR
▲ 0.2%
1.03
Spending at a slight profit.
EXCHANGE NETFLOW (7D)
7D
−12,400 BTC
More leaving than entering.
ACTIVE ADDRESSES (7D)
▲ 3.4%
1.02M
Network usage climbing.
LTH SUPPLY
ATH
14.9M
Long-term holders still adding.
SUPPLY IN PROFIT
▲
87.6%
Few coins underwater.
PUELL MULTIPLE
fair
1.24
Miner revenue near fair value.
THIS WEEK'S BRIEF
EXCHANGE FLOWS01
Bitcoin exchange reserves drop to lowest level since 2018
Steady outflows point to quiet accumulation off exchanges.
WHALES02
Whale wallet moves 8,200 BTC off Coinbase in one transfer
One of the largest single Coinbase withdrawals this quarter.
DERIVATIVES03
Perp open interest tops $38B as funding turns positive
Leverage is rebuilding fast — a setup worth watching.
MACRO04
Spot Bitcoin ETFs log $214M in net weekly outflows
Institutional flows keep diverging from spot strength.
ON-CHAIN05
Share of supply in profit climbs to 87.6%, nearing 2024 high
The market edges toward the historical euphoria zone.
STABLECOINS06
Stablecoin supply expands to $168B, an eight-month high
Fresh dry powder is stacking up on the sidelines.

What's Inside

Each issue takes 5 minutes to read.
And you'll know more than most crypto investors.

Raw On-Chain Data

We read the blockchain directly — exchange inflows/outflows, HODL waves, MVRV, SOPR and more. No commentary, just what the chain shows.

Macro & Market Context

We connect on-chain signals to the bigger picture — Fed policy, dollar strength, oil, and geopolitics — so you understand why price is doing what it is.

Cycle Context

Know where we are in the market cycle based on historical data models — not vibes. We put current price action in perspective.

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Recent Issues

This is what lands in your inbox.

Every Saturday. Written directly from on-chain data — no filler, no templates.

HARD MONEY BRIEF01

Saturday, August 15, 2026

Wall Street's Bitcoin ETFs see -$385M outflows

HARD MONEY BRIEF02

Saturday, August 8, 2026

The Fed cracked 9-3 while ETFs bought $865M

HARD MONEY BRIEF03

Saturday, August 1, 2026

The Fed split 9-3 and no one knows what's next

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