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The Bitcoin market has rallied back to $44k, and in this analysis, we use on-chain data to answer the question: what are the primary drivers behind the rally, and is it likely to stick the landing? Topics for Discussion: Derivatives markets including short liquidations. Accumulation trends and underlying spot demand. Long-term supply dynamics and trends. Follow us and reach out on Twitter: / glassnode Join our Telegram channel: https://t.me/glassnode For on-chain metrics and charts, visit Glassnode Studio: https://glassno.de/3dKUfCK Join the discussion on Glassnode Forum: https://glassno.de/3y1lCl5 Timestamps 0:00 Introduction 2:10 Short Liquidations 4:23 Long Liquidation Dominance 6:42 Liveliness 8:25 Number of Non-Zero Addresses 10:00 Accumulation Addresses 11:25 Accumulation Trend Score 13:38 URPD 15:05 Long-Term Holder Market Inflation Rate 17:45 Workbench Tutorial: Supply 1yr+ Net Position Change 21:45 Summary and Conclusion About: This Glassnode video report provides an overview of the metrics, trends, and network performance for Bitcoin and the crypto market. Disclaimer: This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.