Thread by @MrBenLilly

1/10 Who's buying the dip on this rise? Here's a quick series of charts to make you rethink the @cz_binance news today.

If BTC Goes Higher, It'll Run

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Charts courtesy of @glassnode and @n3ocortex's team.

Full story: jarvislabs.substack.com/p/if-btc-goes-…

2/10 We now have five drawbacks of about 5% in the last week.

It's like we keep taking two steps forward, one step back.

3/10 This is healthy profit taking. That's opposed to going vertical towards the all-time high, which is not sustainable.

You want traders choosing sides because somebody is forced to either rebuying or selling. This can lead to strong breaks.

4/10 To see who's on what side, let's look at addresses held by Addresses with balances of 100-100k. As you can see, these wallets are up 63k from the February 28th bottom.

5/10 We look at this class of wallets since this demographic timed the 2017 rally better than the rest. Here's a look at that chart.

6/10 Additionally, there's another on-chain statistic that tracks the number of wallets accumulating. This stat excludes dormant wallets, wallets receiving dust, and exchange wallets. Look at how vertical the orange line is going since we broke $20k.

7/10 The last time the rate of accumulation was this high was back in August 2017. The top of the market cycle wasn't seen for another four months.

8/10 We will dive into these charts some more this coming Monday since they line up with our general view of this cycle. They were mentioned today in case you see BTC hit new ATHs this weekend. This way you aren't left guessing if the breakout has legs.

9/10 If you enjoyed this, please subscribe to our daily newsletter called Espresso. We publish on-chain insights like this and include discussion on Macro views. We even throw in some in-house creations like this correlation DeFi Matrix...

10/10 Thanks for reading!

jarvislabs.substack.com/welcome