Bitcoin on-chain report, July 2024

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	Forwarded this email? Subscribe here for more Waiting for a bump in Bitcoin's on-chain activity Bitcoin on-chain report, July 2024 Ecoinometrics Jul 17 ∙ Preview   READ IN APP   History is telling us that it is worth paying attention to the level of on-chain activity for Bitcoin. Uptrends in Bitcoin's price that are not supported by an increase is the on-chain activity typically don't have any lasting power. And when the on-chain activity plummets, you know that the demand for real Bitcoins is gone. In which situation are we right now and what does that tell us for Bitcoin’s growth potential in the short term? 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 23,000 investors here: Upgrade to paid Done? Thanks! That’s great! Now let’s dive in. Waiting for a bump in Bitcoin's on-chain activity The takeaway Bitcoin ETFs are accumulating coins again, but at a slower pace compared to their initial launch period. This slower accumulation is not creating a significant bump in on-chain activity, which historically has been associated with stronger price momentum. On-chain activity serves as a market regime indicator: Large rises in activity correlate with higher volatility and significantly higher average returns. Business-as-usual activity (small rises or falls) shows typical return distributions. Large falls in activity correspond to lower volatility and average returns around zero. The current lack of a significant rise in on-chain activity suggests we may not be on the path to another parabolic move for Bitcoin in the short term... Unlock this post for free, courtesy of Ecoinometrics. Claim my free post Or upgrade your subscription. Upgrade to paid A subscription gets you: Big picture insights: Understand the market regime and major trends in Bitcoin and macro. Spot opportunities and risks: Identify key investment opportunities and risks in Bitcoin and crypto. Connect macro and crypto: See how macro factors influence Bitcoin and how Bitcoin impacts the crypto market.   Like Comment Restack   © 2024 Ecoinometrics 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe