Just a matter of patience and time before $42k breaks.
Strong HODLers, the Rick Astleys of this world, have been taking this opportunity to scoop large amounts of coinage while we're under the resistance ceiling.
Mid-macro view:
90 day moving average of coins moving to Mr Astley about to cross bullish.
The movement of coins to and from Mr Astley brought to you via forensic clustering of on-chain data courtesy of @glassnode.
Looking good so far.
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HUGE misunderstandings arising from Active Addresses vs Entities.
Entities: Estimates users via on-chain forensics
Active Addresses: Impacted by user growth, wallet activity (trade conditions), mempool congestion (drops in hash rate), fees spamming.
Chart: Unprecedented growth of users joining the network during this price dip while active addresses plummet.
-> It's a time of low volatility (less traders sending coins between exchanges to trade) and at a time when the network hash rate experienced The Great China Migration.
Any analysis using active addresses in this time where China tripped the power cord in April (power outages) and a historic banning of miners in May/June will be stupidly flawed.