# On-Chain Related Articles

HTX News Center provides the latest articles and in-depth analysis on "On-Chain", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Blockchain Capital Partner: Most People Have a Narrow Understanding of the On-Chain Economy

Blockchain Capital Partner Spencer Bogart argues that the dominant view of on-chain economics as merely a faster, cheaper version of existing finance is narrow. While significant, applications like efficient settlements and tokenized assets represent only the initial, obvious phase—akin to email in the early internet. The larger opportunity lies in entirely new categories made possible by the foundational properties of public blockchains: atomic execution, shared global state, programmable assets, and composability. These enable actions that were structurally impossible before, which Bogart terms "new verbs." The prime example is the flash loan—uncollateralized, arbitrarily large loans guaranteed by atomic transaction rollback—a financial primitive inconceivable in traditional systems. Bogart acknowledges the limits of imagination in predicting these novel applications, as they lack precedent. The most transformative future uses will likely be those we cannot yet describe, emerging from the fusion of settlement, custody, and execution into a single programmable environment. Just as the internet spawned search, social networks, and SaaS beyond email, the vast, largely unexplored design space of on-chain economics holds the potential for orders-of-magnitude greater innovation in the coming decade.

marsbit51m ago

Blockchain Capital Partner: Most People Have a Narrow Understanding of the On-Chain Economy

marsbit51m ago

Bitcoin MVRV Pattern Predicts Major Downswing Ahead – Details

Despite a recent rally, Bitcoin faces predictions of a significant price correction based on historical patterns. Currently trading around $78,000 after failing to break the $82,000 resistance, analysts point to the Market Value to Realized Value (MVRV) metric. Analyst Crypto Chan notes the current MVRV pattern mirrors the structure seen before the final capitulation in the 2018 bear market. After dropping to 1.14 at the recent cycle low of $60,000, the MVRV ratio rebounded to 1.51, similar to the 2018 precedent which preceded a major downswing. Other analysts, like Kabuki, support this bearish outlook, citing a completed head-and-shoulders pattern on Bitcoin's weekly chart. This analysis forecasts a potential drop to $70,000 initially, followed by a decline to key support levels at $61,000 and $47,000, a brief bounce, and a final sell-off potentially reaching a bottom around $41,000 by June.

bitcoinist2h ago

Bitcoin MVRV Pattern Predicts Major Downswing Ahead – Details

bitcoinist2h ago

Bitcoin Exchange Supply Remains At 8-Year Lows: Bullish Sign?

Bitcoin exchange reserves, a measure of supply held on centralized platforms, have remained near their lowest levels in eight years despite recent price recovery. This stagnant trend, with around 5.6% of BTC's total supply on exchanges, suggests investors are not depositing coins for potential selling, which is typically viewed as a bullish sign. In contrast, Ethereum's exchange supply has seen a recent increase from 4.2% to 4.6%, though it also remains near historical lows. The on-chain data indicates continued holder accumulation for Bitcoin, even as its price trades around $79,400. Analysts note that the significance of exchange reserves alone has evolved with the rise of off-chain investment vehicles like spot ETFs.

bitcoinistYesterday 15:23

Bitcoin Exchange Supply Remains At 8-Year Lows: Bullish Sign?

bitcoinistYesterday 15:23

Bitcoin Diamond Hands Set New Supply Record Of 14.8 Million BTC

The supply of Bitcoin held by long-term holders (those holding for over 155 days) has reached a new all-time high of 14.8 million BTC, signaling strong investor conviction. After a period of profit-taking and selling during price declines through late 2025 and early 2026, this metric has reversed its trend since February. The rising supply indicates a growing tendency to HODL, as coins enter this category only after being held for over five months. Meanwhile, Bitcoin's price has stalled in its recovery, trading sideways around $80,700.

bitcoinist05/13 05:18

Bitcoin Diamond Hands Set New Supply Record Of 14.8 Million BTC

bitcoinist05/13 05:18

Bitcoin's Bull-Bear Cycle Indicator Turns Positive for the First Time in 7 Months: End of Bear Market or False Breakout?

Bitcoin's "Bull-Bear Market Cycle Indicator" from CryptoQuant has turned positive for the first time since October 2025. This gauge, based on the P&L Index relative to its 365-day moving average, suggests a potential shift from a bear market phase. Concurrently, the Bull Score Index rose to a neutral reading of 50 in late April. The indicator's move into positive territory follows a roughly 35% price rebound from a low near $60,000 in February to above $81,000. The recovery over approximately three months was faster than the 12-month period observed during the 2022 bear market. However, analysts caution against premature optimism, citing a historical precedent from March 2022. Back then, the Bull Score Index briefly hit 50, but it proved to be a false signal as Bitcoin's price subsequently plunged further. Structural differences exist in the current cycle, including consistent inflows into spot Bitcoin ETFs and an increase in large holder addresses. Yet, some models, referencing the four-year halving cycle, suggest a potential deeper bottom near $50,000 might still be possible around late 2026. In summary, while on-chain data shows marked improvement and the worst panic may be over, market participants remain cautious. A convincing trend reversal confirmation likely requires Bitcoin to sustainably break above key resistance, such as the 200-day moving average near $82,000.

marsbit05/12 10:08

Bitcoin's Bull-Bear Cycle Indicator Turns Positive for the First Time in 7 Months: End of Bear Market or False Breakout?

marsbit05/12 10:08

Bitcoin Realized Cap Climbs Back Into Positive Zone As Market Regains Strength

Bitcoin's Realized Cap has returned to positive territory, signaling a shift in market dynamics as investor confidence improves. After falling over 2.6% earlier this year, the indicator now shows modest growth of +0.25%, suggesting capital is flowing back into Bitcoin. Analysts note this reflects a transfer of assets from "weak hands to strong hands." Concurrently, the Bitcoin Net Realized Profit/Loss metric has turned positive for the first time in over five months, indicating more coins are being sold at a profit. While not confirming a full bull market, these developments point to a healing market as Bitcoin trades above $80,000.

bitcoinist05/11 17:34

Bitcoin Realized Cap Climbs Back Into Positive Zone As Market Regains Strength

bitcoinist05/11 17:34

One Article to Understand $UORE: The V4 Hook Project That Packs Mining, Lottery, and NFT Into a Single Transaction

An In-Depth Look at $UORE: The V4 Hook Project Packing Mining, Lotteries, and NFTs into a Single Transaction $UORE is the latest project leveraging the Uniswap V4 Hook mechanism, following in the footsteps of projects like SATO, uPEG, and Slonks. It distinguishes itself by integrating multiple functions—on-chain mining, a buy-to-enter lottery, auto-generated pixel NFTs (Orelings), and a deflationary burn mechanism—all within a single Uniswap V4 liquidity pool transaction. This complexity results in transaction gas fees that are 2-3 times higher than a standard swap. The project's tokenomics are intricate. Each whole $UORE token held automatically mints a corresponding Oreling NFT, a 32x32 pixel miner character with random traits determined by the next block's hash. Each Oreling has a Class (rarity) and Hash value, which combine to form its Mining Power for staking rewards. Rewards are distributed daily from an emission that decays by 1% daily, with an 80/20 split between stakers and a Motherlode lottery pool. A "refined-ore boost" mechanism taxes early reward claims, redistributing 10% to remaining stakers. The Motherlode lottery awards tickets for buys of ≥0.1 ETH, with winning chances scaling up to 1% for 1 ETH purchases. Wins split the pool 50% to the buyer and 50% to a random staker. A 1% buy tax is burned, and a 1% sell tax funds an automatic buyback-and-burn mechanism triggered at 0.1 ETH. The project's code is a fork of uPEG, with claimed fixes for NFT duplication and flash loan attacks. Its creator, Noah, describes it as a fusion of Solana's ORE mining concept with uPEG's V4 Hook framework. Key challenges noted include high gas costs, the narrowing attention window for V4 Hook narratives as it's the fourth such project, and significant complexity that creates a high barrier to understanding for users. The project's whitepaper notably advises users to "Read the contracts and understand the mechanics before deploying capital," underscoring its complex and fast-moving nature within a trend where the "alpha" lifespan for new projects appears to be shrinking rapidly.

marsbit05/09 02:23

One Article to Understand $UORE: The V4 Hook Project That Packs Mining, Lottery, and NFT Into a Single Transaction

marsbit05/09 02:23

Understanding $UORE in One Article: The V4 Hook Project That Packs Mining, Lottery, and NFTs into a Single Transaction

The article discusses the emergence of a new Ethereum project, $UORE, which leverages Uniswap V4's "Hook" mechanism to combine multiple DeFi and NFT functions into a single transaction. $UORE integrates on-chain mining, a lottery system, and generative pixel NFTs (called Orelings) directly into its Uniswap V4 liquidity pool. Each whole UORE token held automatically generates an Oreling NFT, with its rarity and a random "Hash" value determining its "Mining Power" for staking rewards. A daily token emission, subject to a 1% decay, is distributed to stakers. The project also includes a "Motherlode" lottery triggered by purchases and a deflationary mechanism with buy/sell taxes funding automatic buybacks and burns. The project is a fork of the earlier uPEG V4 Hook project, incorporating ideas from Solana's ORE. However, it faces challenges including high transaction gas fees (2-3x a normal swap due to multiple contract actions), significant complexity for users, and a potentially narrowing attention window as it is the fourth project in a trending but possibly cooling V4 Hook narrative. The founder's message, "Read the contracts and understand the mechanics before deploying capital," underscores its experimental and high-risk nature.

marsbit05/08 12:16

Understanding $UORE in One Article: The V4 Hook Project That Packs Mining, Lottery, and NFTs into a Single Transaction

marsbit05/08 12:16

TON Enters the Telegram Era: The On-Chain Experiment of Super Apps is Unfolding

The TON token recently surged nearly 120% in 4 days, approaching $3. This rally is primarily driven by Telegram founder Pavel Durov's announcement that Telegram will become the core driver of the TON network, replacing the TON Foundation and serving as its largest validator. This move signals a fundamental shift: Telegram is no longer just supporting TON from a distance but is formally taking over its governance and operations. This changes TON's valuation narrative from being a crypto project with Telegram's user base to becoming the foundational blockchain infrastructure for Telegram's future commercial ecosystem—transitioning from a crypto narrative to an internet-platform-level story. TON's recent technical upgrades focus on 10x faster speeds, 6x lower fees, and near-instant confirmations. These optimizations target Telegram's internal high-frequency, micro-transaction scenarios like tipping, bot services, and Mini App purchases. The goal is to enable seamless, near-zero-cost transactions for its nearly 1 billion users, making blockchain usage almost invisible—akin to platforms like WeChat Pay. TON's path is unique: it already has a massive user base and is building the blockchain system to serve it, aiming to onboard users into Web3 without them realizing it. The vision is to integrate wallet, payment, bot, and Mini App functionalities into a closed loop within Telegram, positioning TON as the value-exchange infrastructure for a super-app. In essence, this surge reflects a market reassessment: TON is emerging as the first blockchain ecosystem with a genuine super-app gateway. Its true competitors may not be other Layer 1 blockchains but global internet payment systems. With Telegram now fully committed, the experiment of on-chaining a super-app is underway.

marsbit05/08 09:37

TON Enters the Telegram Era: The On-Chain Experiment of Super Apps is Unfolding

marsbit05/08 09:37

Bitcoin Derivatives Buying Pressure Continues To Rise — Is $80K Inevitable?

Bitcoin's price has been experiencing significant bullish momentum, with recent gains primarily driven by strong demand in the perpetual futures market rather than spot trading. On-chain analysis reveals sustained buying pressure in Bitcoin derivatives, as indicated by the Net Taker Volume metric, which has remained positive at around $145 million since March 7. This metric, which measures the difference between long and short orders, suggests continued dominance of buyers and reflects bullish sentiment among traders. Historically, such a shift from selling to buying pressure has consistently led to upward price movements. Analysts expecting the trend to continue, potentially pushing Bitcoin toward the $80,000 mark, though that level remains a key resistance zone. Currently, BTC is around $77,508 with little change over the past day.

bitcoinist04/27 00:01

Bitcoin Derivatives Buying Pressure Continues To Rise — Is $80K Inevitable?