Bitcoin On-Chain Activity Report, August 2024

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	Forwarded this email? Subscribe here for more Bitcoin's Short Term Gains: Be Suspicious of Them Bitcoin On-Chain Activity Report, August 2024 Ecoinometrics Aug 28 ∙ Preview   READ IN APP   Bitcoin moves that are not supported by strong fundamentals usually don't last very long. It is possible to significantly influence the market in a brief period through leveraged paper positions, these fluctuations may not be sustainable. For long term investors, chasing such volatile moves can be risky. I’d rather focus on the underlying fundamentals that drive Bitcoin's value. By looking at on-chain metrics and broader market dynamics, we can gain a clearer picture of Bitcoin's health and potential trajectory. So let’s see how those fundamentals are doing. 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. Bitcoin's Short Term Gains: Be Suspicious of Them The takeaway Bitcoin's recent price movements lack strong on-chain support. That’s a call for caution.  Declining on-chain activity and stagnant ETF demand suggest current trends are driven more by paper markets than fundamental buying pressure. A sustainable bullish trend may only emerge when ETF accumulation reignites, driving significant on-chain movement. Until then I’ll be skeptic towards price action that’s not supported by fundamental trends. On-Chain Activity on the Decline... 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