Oh my, Rick Astley is back. Coins are moving back to the HODLer who never deserts his BTC.
The previous chart was a 30 day sum of coin movements.
Here's the 7 day view showing greater granularity.
We can see how the mass of coins dumped out to speculative hands are being re-accumulated by strong hands in a pattern similar to the COVID recovery (8 weeks to recover).
Crabs are stacking as hard as their little shells will let them.
Shrimps are taking their lead and stacking like there's no tomorrow, especially in the latest dip.
User growth as strong as ever on the network.
So yeah, it's definitely a bear market folks.
🙄←sarcasm
We should all panic sell because traders tell us there's two moving averages that just crossed and they carry the name "death" in it. Sounds so scary. 😱
This tweet was brought to you with the help of @glassnode on-chain data.
Cryptotwitter tells me this data is a hopium conspiracy; I can neither confirm or deny this fact, but please post me your bear porn.
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The parent entity, iFinex, is making huge profits with its Tether capital sitting in US treasuries. Tether earns $3b per year right now. iFinex also has 94,000 BTC returning from the Bitfinex hack funds seizure ($1.5b).
Capital moving to OKX may explain its exchange token performance in this bear market.
Anything that works will need trusted centralised parties.
If true, dapps and L1s are just a wild goose chase over an intractable problem.
Please prove me wrong.
Best way to prove me wrong is to name a dapp that provides a benefit that people want that cannot be done by better by existing Web2 and Bitcoin technology.
Example arguments:
- why a DEX will be better than a CEX
- seamless fintech inter-op across the web using MetaMask
I suspect the 2 key issues needed to be solved in order to have true decentralised apps that can fulfill the dream of "Web3" are:
- prevention of sybil attacks
- ability to peer into the global state across all L1s by any dapp. (I think this problem is provably intractable)