medium.com/paradigma-capi…
👮 What's the network worth (in cash flows) to maintainers?
🎉 How euphoric vs. acclimated is the market?
📅 What’s the age profile of bagholders out there (v. roughly)?
🚢 Is the asset under/overvalued re: its usage for value transfers?
"Thermocap" can be a more appropriate measure of wealth in illiquid markets, as argued by @nic__carter. It’s found by pricing outstanding coins based on the value when they were mined...
I like too interpret them as a signal of confidence in the store of value use case for bitcoin.
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⛄️ Happy crypto-winter, & stay safe out there :) 🧣