Bitcoin is struggling with momentum, on-chain and off-chainBitcoin on-chain accumulation report, June 2024
Bitcoin’s price isn’t moving. This isn’t surprising due to the low on-chain activity. It’s also not surprising because the momentum from ETFs is still too weak. 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: Done? Thanks! That’s great! Now let’s dive in. Bitcoin is struggling with momentum, on-chain and off-chainThe takeawayThe demand from Bitcoin ETFs isn’t strong enough to cause a supply shock. We can see this on the blockchain. Even with a few weeks of positive inflows, short-term activity remains low. History shows that Bitcoin needs a rise in on-chain activity to make meaningful progress. Without it, price movements don’t last. So, even though the macro situation is bullish, it’s not affecting Bitcoin right now. On-chain activity is struggling...![]() Unlock this post for free, courtesy of Ecoinometrics.A subscription gets you:
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Wednesday, June 19, 2024
Bitcoin is struggling with momentum, on-chain and off-chain
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