Bitcoin network transfer volume is sustained $15 billion transferred on the network per day throughout October.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.The transfer volume on the Bitcoin network can help gauge the current level of network activity and provide a better understanding of how much value the network is moving in BTC and USD denominations. To measure total transfer volume, we use Glassnode’s entity-adjusted metrics which uses advanced heuristics to determine and exclude volume transferred within addresses of the same entity. Using a 30-day average of transfer volume in BTC, the network reached … [Read More...]
Examining Short-Term Bitcoin Holder Behavior
Examining the dynamics of short-term holders during bitcoin bull markets and bear markets.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Relevant Articles: The Daily Dive #070 – Short-Term:Long-Term Cost Basis RatioThe Daily Dive #083 – Bitcoin All Time HighThe Daily Dive #081 – HODLer Engineered Supply SqueezeIn previous Daily Dives we examined the supply dynamics of long-term and short-term holders and what it means for the bitcoin market. Today, we will further examine the dynamics of short-term holders during bull markets and bear markets.Before we begin, it is important to define … [Read More...]
Is Rising Bitcoin Futures Open Interest Cause For Concern?
The aggregate bitcoin futures open interest rise is slightly below all-time levels.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Aggregate bitcoin futures open interest rise is slightly below all-time levels made at the local bitcoin market top in April. Is this cause for concern? While futures open-interest and leveraged bets favoring the long side have certainly increased over the recent weeks with bitcoin’s feverish rally past previous all-time highs, there are a few key distinctions between the market structure in April versus what we are seeing now. Source: Glassnode The biggest and … [Read More...]
The Bitcoin Price Could Be Headed Toward Six Figures
The bitcoin price is rebounding from a 56% price drawdown, post a 228% recovery. Historically what comes next is yet another massive recoveryThe below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.As most people who own bitcoin know, price drawdowns that are greater than 50% have been a regular occurrence after each all-time high. What we also know is that bitcoin price has proven to significantly recover from every major drawdown, which has made it the best performing asset over the last decade. Currently we’re rebounding from a 56% price drawdown post a 228% recovery. Historically what … [Read More...]
Are Long-Term Holders Selling The Bitcoin Price Top?
Long-term bitcoin holders typically stack sats in bear markets and then sell some for profit at the local price top.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.One of the most common patterns in bitcoin’s on-chain history is that of the long-term holders stacking sats during bear markets and then selling some of their positions for profit-taking near the tops of bull markets. Right now, long-term holder supply is hitting new all-time highs as we brace for bitcoin’s next bull move up.We last covered long-term holder supply profit … [Read More...]
As The Bitcoin Price Approaches All-Time Highs, How Much Supply Is In Profit?
As we approach bitcoin price all-time highs, we start to see the percentage of circulating supply in profit reach 100%.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Supply In ProfitAs we approach bitcoin price all-time highs, we will start to see the percentage of circulating supply in profit climb up to 100%. More importantly, we will see long-term holder supply climb to higher profit ranges. Since long-term holders are driving the market with 81% of circulating supply, their profit-taking behavior is key to identifying when the market may cool down as … [Read More...]
Following The Decade-Long IMF Playbook
Alarmingly, G7 governments appear to be following a playbook designed to cap interest rates and let inflation run hot.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.The subject of today’s Daily Dive will be the playbook that is seemingly being followed by G7 governments and global central banks. While some may be skeptical that there is a coordinated campaign or playbook, the following paper released by the International Monetary Fund (IMF) in March 2011 may persuade you otherwise. The paper, “The Liquidation of Government Debt,” outlined how governments and central banks could go about reducing public … [Read More...]
Public Bitcoin Miners Are Ramping Up
Public bitcoin mining firms based in North America are holding more than 20,000 bitcoin, wroth more than $1.1 billion.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.China’s mining exodus this year has become the biggest opportunity for bitcoin miners to capitalize around the world. Not only have we seen the network hash rate continue its aggressive recovery over the last few months, but we’ve seen mega growth in public bitcoin miner production with major mining opportunities unfolding, especially in the United States. One country’s ban is another country’s hash. From Luxor’s Hashrate Index Quarter 3 Report, “Collectively in … [Read More...]
Bitcoin Decoupling And ETFs
In the last few days, bitcoin has shown the beginnings of a long-awaited decoupling point.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.After a year of strongly correlated moves with the S&P 500 Index corrections, in the last few days bitcoin has shown the beginnings of a long-awaited decoupling point during an increasingly uncertain macro environment. Over the last few weeks, bitcoin has rallied 34.86% while gold, the S&P 500 and the market-weighted index of the U.S. Treasury debt with remaining maturities of 20 years or more (TLT) were all in negative territory. … [Read More...]
Bitcoin And The Increasing Risk Of Stagflation
Skyrocketing energy costs, risks of stagflation and a future credit crisis could have major implications on the bitcoin market.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Last week, we discussed the beginnings of a global energy crisis and the downstream effects on bitcoin mining in The Daily Dive #069. Today, we’re covering the latest developments in the skyrocketing energy costs, the risks of stagflation and how these pose increased risk for a future credit crisis. The Risks Of Stagflation Last month, there were over 4,000 stories on the Bloomberg Terminal mentioning stagflation. It’s a growing economic concern … [Read More...]
How To Identify Bitcoin Price Bottoms
Looking at the metrics that help us determine bitcoin price bottoms.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.In today’s Daily Dive we will dig into a new metric for timing bitcoin bottoms. This metric will use the realized price of two separate cohorts of bitcoin investors; long-term holders and short-term holders. First, before digging into the metric, let’s define some of the terms:Realized Price: Realized price is the average price that every coin (technically: UTXO) was moved on the network. For some, realized market capitalization is an easier metric to understand. Realized … [Read More...]
Bitcoin’s Private Property Rights
For the first time in history, bitcoin offers us a property option that does not rely on a local authority or legal system to protect it.The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Berlin Votes To Seize Real EstateIn Berlin, Germany, a growing shortage of affordable housing coupled with increased demand to live in the city has reached a boiling point. Yesterday, voters took part in a referendum on whether to force large real estate companies to sell off most of their housing units, turning them into socialized public housing. The “yes” vote garnered 56.4% while … [Read More...]