Bitcoin on-chain accumulation report, May 2024

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	Forwarded this email? Subscribe here for more Did the bull market peak or has it not started yet? Bitcoin on-chain accumulation report, May 2024 Ecoinometrics May 29 ∙ Preview   READ IN APP   I’m looking at the on-chain data for Bitcoin this month and I have conflicted feelings.  One the one hand historical comparisons are warning us that the bull market might be over. But on the other hand the specifics of this bull market could also mean that we have not seen the real parabolic move yet.  So here it is. Let me make a case for this double reading the on-chain activity and what it means for where we are in this cycle. The Ecoinometrics newsletter gives you insights from crypto and macro data to help you make better investment decisions.  We spend hours every day gathering data, creating metrics and bringing them to life with data visualizations that allow you to quickly get to the heart of things. We then distill all that knowledge in each issue of the newsletter with less words and more charts so that you get insights, direct to the point, in five minutes or less. Join more than 22,000 investors here: Upgrade to paid Done? Thanks! That’s great! Now let’s dive in. Did the bull market peak or has it not started yet? The takeaway In 2020/2021 Bitcoin’s price peaked at the same time as its on-chain activity. Everything that came after was not driven by sustainable demand.  In the current setup of the on-chain activity you can see shadows of 2021. That means we should be cautious. Especially there are two negative activity dynamics that you need to watch out for (details below). But we also need to recognize the specificities of the market in 2024. The real demand is so far driven only by the ETFs. Which means the price appreciation from January to April is far from the maximum potential of this bull market.  Under favourable macro conditions the parabolic rise could happen anytime. Bitcoin activity in the bull market of 2020/2021... Continue reading this post for free, courtesy of Ecoinometrics. Claim my free post Or upgrade your subscription. Upgrade to paid A subscription gets you: Three issues of the newsletter, every week. Access to the monthly reports: Bitcoin on-chain trends, miners stocks, correlations, ETFs. Access to all the extra guides and dashboards on our website.   Like Comment Restack   © 2024 Ecoinometrics 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe