0/ In today’s Delphi Daily, we analyzed a few key $BTC data points to gauge sentiment.
These include BTC futures basis, net flow to/from miners, and BTC MVRV ratio.
Check out the full analysis 👇 👇
delphidigital.io/reports/delphi…
These include BTC futures basis, net flow to/from miners, and BTC MVRV ratio.
Check out the full analysis 👇 👇
delphidigital.io/reports/delphi…
1/ Quick Market Update-
🔹Today’s looking like another (mildly) green day for crypto.
🔹 $ETH and BTC are up 5% and 2% respectively, while $CRV and $DOGE lead the way up 30% each.
🔹Today’s looking like another (mildly) green day for crypto.
🔹 $ETH and BTC are up 5% and 2% respectively, while $CRV and $DOGE lead the way up 30% each.
2/ The MVRV ratio is a on-chain metric that measures Bitcoin’s market value (MV) against it’s realized value (RV).
The MVRV overextended in early 2011, late 2013, and early 2018, representing cycle tops.
May 2021’s reading could very well indicate the top for this cycle.
The MVRV overextended in early 2011, late 2013, and early 2018, representing cycle tops.
May 2021’s reading could very well indicate the top for this cycle.
3/ Many believe we could still see an outcome that resembles 2013’s “double bubble”.
However, the Bitcoin market is completely different today, with institutional presence and industrial-scale mining operation.
Conversely, the threshold for the bottom has increased over time.
However, the Bitcoin market is completely different today, with institutional presence and industrial-scale mining operation.
Conversely, the threshold for the bottom has increased over time.
4/ According to miner flow data from @glassnode, miners were pretty caught off guard by the latest market crash and they still aren’t dumping.
So long as miners refusing to dump their BTC en masse offers some reassurance we aren’t likely facing another multi-year bear market.
So long as miners refusing to dump their BTC en masse offers some reassurance we aren’t likely facing another multi-year bear market.
5/ There is a lack of historical data with options and futures taking off at the end of 2017.
The limited data indicates the recent crash was driven by a ton of longs getting liquidated.
On the bright side, futures in May basis didn’t fall as hard and recovered very quickly.
The limited data indicates the recent crash was driven by a ton of longs getting liquidated.
On the bright side, futures in May basis didn’t fall as hard and recovered very quickly.
6/ By now its clear there’s a lot of conflicting data and sentiment, but all hope isn’t lost for BTC bulls (yet).
At the very least, we should see an episode of mean reversion in coming weeks as price deviated far from its 50 day moving average.
At the very least, we should see an episode of mean reversion in coming weeks as price deviated far from its 50 day moving average.
7/ Time for Tweets of the day!
Guggenhaim Partners launches a new fund that may trade cash-settled Bitcoin instruments.
Guggenhaim Partners launches a new fund that may trade cash-settled Bitcoin instruments.
https://twitter.com/MacroScope17/status/1399847940970225668
8/ @OpenEthereumOrg , which maintains the Parity Ethereum client, will no longer be maintained after the London hard fork.
https://twitter.com/gakonst/status/1400096010374950917
9/ China’s largest news network ran a segment on @Uniswap and rug pulls.
https://twitter.com/WuBlockchain/status/1400061391340544000
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