Kaspa Week in Review. Price Rallies 10% as Hashrate Climbs; On-Chain Metrics Stall

Price & On-Chain

$KAS rose 10.3% week-over-week to $0.0315, though the price sits 4.9% below its 30-day moving average and 6.3% below the 90-day MA. Bitcoin correlation remains elevated at 0.75 (30d), while annualized volatility stands at 105.4%. The Cycle Score of 40/100 reflects mid-range market positioning.

On-chain activity shows critical gaps: transaction count reported zero (-100.0% w/w) and active addresses reported zero, indicating either data collection issues or a stark breakdown in on-chain usage. The NVT ratio of 85.1 and 24-hour volume of $10.2M require context given the missing transaction data.

Mining & Network

Hashrate climbed to 394.7 PH/s with a rising 7-day trend outpacing the 30-day average. The Puell Multiple of 0.59 indicates miners are earning below historical cost-to-produce levels, suggesting either margin compression or accumulation behavior among mining operations.

Exchange & Whales

Exchange reserves stood at 5.82B KAS. Over seven days, exchanges saw a net outflow of 11.1M KAS, pointing to withdrawal activity. Whale wallets (10M+ KAS) decreased 0.10% in the past week and 1.60% over 30 days, holding 6.59B KAS total—a slight deleveraging at the largest holder level.

Derivatives

Open interest reached $45.7M (+10.4% vs 7-day average), signaling increasing leverage deployment. The latest 8-hour funding rate of 0.6150% reflects acute bullish positioning, while the 7-day average of 0.1345% shows longs paying shorts on average. Seven-day liquidations totaled $457K in longs versus $97K in shorts, a 4.7:1 ratio indicating long-side risk concentration.

Valuation

The Realized Cap remained flat at $608M (30d), while Market Cap sits at $869M. MVRV of 1.43 historically coincided with accumulation phases. NUPL at 0.300 signals optimism among holder cohorts, though valuations remain constrained relative to recent cycle highs.