0/ We hope everyone’s enjoying our new State of #Bitcoin report!
It’s close to 60 pages, so for convenience we wanted to tweet out a few of our favorite takeaways:
Short thread below 👇👇👇
delphidigital.io/halving
It’s close to 60 pages, so for convenience we wanted to tweet out a few of our favorite takeaways:
Short thread below 👇👇👇
delphidigital.io/halving
1/ The current composition of the underlying holder base looks nearly identical to the one leading into the 2nd halving:
58% of holders hadn’t moved their $BTC in at least 1YR back in 2016, that # stands at 59% today
27.1% hadn’t moved their $BTC in at least 3YRS, 27.8% today
58% of holders hadn’t moved their $BTC in at least 1YR back in 2016, that # stands at 59% today
27.1% hadn’t moved their $BTC in at least 3YRS, 27.8% today
2/ Prior #bitcoin cycles tended to peak when major central bank balance sheet growth began to decelerate (albeit price history is limited).
Meanwhile, U.S. debt-to-GDP is all but guaranteed to surpass its previous WWII high (~120%).
Meanwhile, U.S. debt-to-GDP is all but guaranteed to surpass its previous WWII high (~120%).
3/ Analyzing Bitcoin's wealth distribution over time helps us quantify the gradual reduction in ownership concentration on one end of the spectrum while also seeing new user growth take place on the other.
4/ We’re continuing to see the amount of supply held by these smaller wallets increase over time, a strong sign of continued new user growth. Over 14% of the supply now sits in wallets holding less than 10 #bitcoin.
5/ Another way to gauge growth in the space is by measuring the growth of wallets.
We’ve been seeing a strong uptick in wallet activity recently as the rebound from March lows combined with the unprecedented macroeconomic landscape have driven considerable interest to the space
We’ve been seeing a strong uptick in wallet activity recently as the rebound from March lows combined with the unprecedented macroeconomic landscape have driven considerable interest to the space
6/ Our Exchange Flows analysis was also pretty telling:
There was a huge leverage flush following the selloff in March, with spot exchanges like Coinbase leading the recovery. Volume reached levels previously unseen since the rally back in July 2019 (when price was roughly 2x).
There was a huge leverage flush following the selloff in March, with spot exchanges like Coinbase leading the recovery. Volume reached levels previously unseen since the rally back in July 2019 (when price was roughly 2x).
7/ In Sep'19, @BitMEXdotcom was the leader in Futures vol. while @binance had just come onto the scene
They’ve gone in completely opp. directions since, w/ Binance taking ~every point of mkt share that BitMEX lost. So far in May, Binance has nearly 50% more volume
@cz_binance
They’ve gone in completely opp. directions since, w/ Binance taking ~every point of mkt share that BitMEX lost. So far in May, Binance has nearly 50% more volume
@cz_binance
8/ All in all, we expect the demand for non-sovereign “safe haven” assets to rise considerably as the risk of broad-based currency debasement increases.
9/ Bitcoin’s characteristics as an alt. safe haven are in many ways superior to gold & other precious metals. These advantages will only become increasingly important in a world dominated by digital assets, driving $BTC to gain greater mkt share compared to its trad. counterparts
10/ As always, we thank everyone for their support and hope you enjoy the full report!
