Issue 21 of Bitcoin Market Intelligence is out now! 📨

I look at on-chain metrics and how they have evolved more recently following the great price performance of Bitcoin this year. ⛓️🚀

$BTC #Bitcoin 🇬🇧To the English newsletter this way. 👇
…coinmarketintelligenceen.substack.com/p/bitcoin-mark…

The latest issue of my newsletter Bitcoin Market Intelligence is out.

This time I take a closer look at Bitcoin halving cycles and how the current one compares to the previous two.

#Bitcoin $BTC …coinmarketintelligenceen.substack.com/p/bitcoin-mark…
🇬🇧To the English newsletter this way. 👇

Too many people confuse monetary and consumer price inflation and call #Bitcoin a failure regarding it being a hedge against inflation. But is it?

Considering the 12-mont rate of change, the RoC for money supply M2 peaked in Feb. 21. and bitcoin's RoC peaked with a two-month lag To me, it seems like it is working as it should. The growth of the money supply is accelerating and bitcoin's price follows. Central banks step on the brakes and bitcoin follows.

While the supply of #Bitcoin is becoming more illiquid, which is good, network activity remains relatively low and partially even decreases further. A thread on network activity.

Considering the total on-chain transaction value of $BTC since mid-2021 it has been low. The value transacted on-chain has been picking up a bit on the second price peak in late 2021 but remained below that of the first peak. Currently it is closer to the capitulation levels after #Bitcoin's first ATH in 2021

While Open Interest relative to pre-2021 is still high, it is down from its high levels in November. If you ask me, I think that the higher open interest than pre-2021 is the new normal, and OI is at healthy levels. #Bitcon $BTC Looking at raw OI (OI that does not fluctuate in value based on #Bitcoin's price fluctuations), we can see that coin-margined contracts have decreased strongly. In contrast, stablecoin-margined contracts continue to be at high levels.

With all the positive fundamental developments for #Bitcoin it is important to keep in mind that this market continues to be heavily driven by macro uncertainty, which is high inflation, hawkish central banks, and currently also conflicts such as in Ukraine. $BTC So #Bitcoin's supply can get overall thinner, but it does not have to be reflected in the price right now. Price action suggests that those in control of price currently are the ones that see bitcoin as a high-risk asset.

Financial markets are reacting negatively to the new BLS jobs report that was somewhat mixed. Notice how the DXY appreciated while #Bitcoin price went down around its release. This shows once more that, even if we don't want it to be true, $BTC is not isolated from what is happening in the economy or what the FED is doing. Particularly the fact that Bitcoin is moving down with stocks etc., is somewhat concerning.

Accidentally deleted the former thread. So here is the repost:

With another spot #Bitcoin ETF being launched in Canada, I think it is worth revisiting the development of the Canadienne spot Bitcoin Purpurse ETF. Its $BTC holdings increased substantially after its launch. AUM then started to stall and even partially to decline since July. After #Bitcoin's price breaching a new ATH in October, interest has been coming back again, and AUM has started to increase a bit more substantially.

Little Update on my @Cryptoquant Quicktake from yesterday

Update on Stablecoin Reserves on Exchanges and #Bitcoin Exchange Balances Hitting New Lows /1

cryptoquant.com/quicktake/6171… Overall the stablecoin reserves on exchanges yesterday increased slightly and did not go down despite BTC hitting a new ATH. Additionally, BTC exchange balances on exchanges continue to go down. /2

With the #Bitcoin supply on exchanges going down again after an increase during May-July it seems like a good time to dust of my @BitcoinMagazine article from May 11 where I dive deeper into the $BTC supply dynamics on exchanges and /1
bitcoinmagazine.com/markets/is-the… the rather exceptional decline in $BTC reserves held on exchanges during this cycle. While it was already exceptional as of the time of the writing of the article, the continuation of the decline after a period of inflows underlines the difference of this cycle to the previous /2