From an on-chain perspective, not too much has changed this week aside from some continuation of trends that we’ve already been following for the last month.

We continue to carve out a fourth cluster of on-chain volume, highlighting a large cost basis of market participants between $44K-$50K. Prior to last week’s liquidation cascade we began to make a run at the final cluster starting at $54K but got rejected just shy of the cluster at $53K.

Seeing continuation of the trend in our supply shock metrics. The illiquid supply shock ratio shows another impulse to the upside, showing coins moving…

Dear readers,

Hope all is well. It’s been another wild week for Bitcoin, including the largest deleveraging event since May 19th. This move was caused by a cascading liquidation of leveraged traders. On-chain is used to track broader underlying market structure, while on shorter-term time frames derivatives can drive price fluctuations. With this in mind, we’ll discuss in this letter how these fundamental investor trends only have strengthened and I don’t see anything to be concerned about from that perspective. …

Dear readers,

Hope all is well, and you had a great week. Let’s dive into some trends from this week.

Key takeaways:

- On-chain supply dynamics are at levels that previously priced BTC at $58K-$59K

- Macro “supply shock” metrics all look strong with confluence

- Exchanges down 17,104 BTC this week, 125,501 BTC in the last 30 days

- Long-term holders continue to sit tight, not taking exit liquidity on this price rally

- Bitcoin consolidating between $50K and 200DMA, also at the edge of an on-chain volume cluster

- 5 days into a volatility squeeze that will likely…

Hope all is well. In last Saturday’s newsletter, we touched on a few things to keep an eye on throughout the week. The update sent out Wednesday was a follow-up on some of those things that did occur. As the subtitle suggested, after a failed break above $50K on-chain suggested caution in the short term, and following that we got a pullback to $46,315. What are these trends looking like now? And what else should we watch now to provide some context as to the current market structure? Let’s dive in.

Key takeaways from this week:

- New all-time highs…

Hope all is well and you had a great week. It’s been another choppy week of trading for Bitcoin as uncertainty from Afghanistan, possible tapering on the horizon, and a rallying dollar has spooked markets. At the same time, Wells Fargo and JPMorgan have announced the launch of Bitcoin funds in partnership with NYDIG, and Coinbase has announced its decision to convert 10% of its profit to crypto holdings. Let’s dive into some of the on-chain factors that are worth noting from this week.

Key takeaways:

- Hash slowly continues to come back on the network, Miner profitability fizzling after…

Hope all is well and you’re having a good week thus far. Just wanted to send out a quick update with some information that you may find useful to keep in mind in the short term.

In last week’s newsletter (sent out Saturday) we touched on how exchange flows had gone flat and the illiquid supply ratio was moving slightly upwards. Since then, those trends have changed.

Key takeaways:

  • Supply is becoming liquid
  • Since the recent newsletter, 22,803 Bitcoins have moved onto exchanges demand block space is low
  • Seeing some profit-taking in outputs last moved >6 months ago
  • Whales selling…

A few people have been asking me about what books I recommend regarding cryptocurrency. Here we go.

The Books:

Bitcoin: Hard Money you cant f**k with

The Sovereign Individual: Mastering the transition to the information age

Bitcoin showing some strength, but now we watch for the follow-through over the next week. We’ll look at key levels to watch for as well as patterns to keep an eye on from an on-chain perspective. Hope you enjoy it, have a great weekend! Let’s dive in.

Here are some key takeaways from this week:

  • Bitcoin still consolidating below resistance at the top of a multi-month range
  • Every cohort in net accumulation, retail leading the way
  • Both qualitative and quantitative measures of supply shock/shortage showing strong upward trends
  • On-chain activity is still quiet, fewer transactions but bigger sized transactions
  • Market…

  • On Thursday, financial advisors were allowed to begin placing private bank clients into a new bitcoin fund created with crypto firm NYDIG, according to people with knowledge of the move.
  • Late last month, JPMorgan rolled out access to four funds from Grayscale Investments and one from Osprey Funds, according to the people.
  • The sources declined to be identified speaking about the offerings, each citing an awkward fact: JPMorgan CEO Jamie Dimon has been one of Wall Street’s most outspoken skeptics of bitcoin and related digital assets.

With little fanfare, JPMorgan Chase has started giving its wealth management clients access to…

For Ray Dalio, bitcoin is like a digital version of gold — but the billionaire clearly values one higher than the other.

“If you put a gun to my head, and you said, ‘I can only have one,’” says Dalio. “I would choose gold.”

Dalio, who turns 72 on Sunday, revealed in May that he owns an undisclosed amount of bitcoin, after previously raising concerns about cryptocurrencies for years. Still, he isn’t completely sold on the concept.

“I own a very small amount of bitcoin. I’m not a big owner,” Dalio now tells CNBC Make It. “There are certain assets…

Heinrich Bredenkamp

Crypto Enthusiast and Investor. I give regular market updates, trends and news regarding cryptocurrency.

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