Dear free and paid subscribers,There is a common consensus that Bitcoin is a risk-on asset. However this week I’ve been delving into the on-chain data, and it clearly shows investors already consider Bitcoin a safe haven. In other words, medium and long term investors should NOT be bearish on BTC in the case of a possible second pull back in stocks. Consensus wisdom and press coverage see BTC as a risk-on asset, the underlying capital movements disagrees with this view, in fact it’s far from the truth.
Very interesting, we're definitely seeing a whole bunch of entities accumulating BTC for long-term HODL, moving tokens away from derivative gamers.
It's starting to look like 2018-2020 will be remembered as the golden era for crypto manipulation, in hindsight. Or a more positive spin, the golden era for accumulation. As we all know, this is the first time we're seeing institutional investors and corporations scoop up tokens, and they sure as hell won't be hitting the crypto casinos. Moreover, the derivative exchanges are starting to clean up their act significantly, even Bitmex is seeing much less degen activity. I'm sure you've noticed that we've basically stopped seeing the sudden $1,000-in-minutes liquidation runs ever since Bitmex introduced KYC. Of course, I don't want to get my hopes high, maybe the current spot-driven price action is temporary and we'll get back to a derivative-driven market again soon... but cautiously optimistic.
#analysis : On-chain data shows investors already consider Bitcoin a safe haven
Hi Willy, is BTCUSD on-chain volume profile still a useful metric?
Very interesting, we're definitely seeing a whole bunch of entities accumulating BTC for long-term HODL, moving tokens away from derivative gamers.
It's starting to look like 2018-2020 will be remembered as the golden era for crypto manipulation, in hindsight. Or a more positive spin, the golden era for accumulation. As we all know, this is the first time we're seeing institutional investors and corporations scoop up tokens, and they sure as hell won't be hitting the crypto casinos. Moreover, the derivative exchanges are starting to clean up their act significantly, even Bitmex is seeing much less degen activity. I'm sure you've noticed that we've basically stopped seeing the sudden $1,000-in-minutes liquidation runs ever since Bitmex introduced KYC. Of course, I don't want to get my hopes high, maybe the current spot-driven price action is temporary and we'll get back to a derivative-driven market again soon... but cautiously optimistic.
The hashrate of bitcoin falling significantly? will it affect the bitcoin price?