A tale of 3 charts...
From March 2020, #Bitcoin undergoes steep and continued supply shock in sync to USD money printing.
1) Speculative inventory on exchanges deplete.
From March 2020, #Bitcoin undergoes steep and continued supply shock in sync to USD money printing.
1) Speculative inventory on exchanges deplete.
2) Supply held by speculative "weak hands" deplete.
These are the coins held by wallet users that have a history of selling coins.
This is conservative as BTC held by "strong hands" using exchanges as custody will be classified as "highly liquid" / "weak hands" in this chart.
These are the coins held by wallet users that have a history of selling coins.
This is conservative as BTC held by "strong hands" using exchanges as custody will be classified as "highly liquid" / "weak hands" in this chart.
3) USD money printing took a steep inflationary jump starting March 2020.
IMO what's happening is US institutions and HNWI are scooping up the available coins from weak hands and locking it up as strong HODLers in response to monetary inflation.
Coinbase BTC supply dropping off a cliff suggests US institutional buying there.
Coinbase BTC supply dropping off a cliff suggests US institutional buying there.
https://twitter.com/Markpar30327092/status/1372740218726547461?s=20
This is insanely bullish of course. Strong hands have been buying every dip which has been driving price steeply upwards since Q4 2020.
Red bars track the number of coins moving from weak hands to strong hands each day.
(@glassnode chart)
Red bars track the number of coins moving from weak hands to strong hands each day.
(@glassnode chart)
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