Checkmate

Bull market Bitcoin buyers take modest profits this week, whilst exchange balances continue to decline, and miner hash-rate recovery continues.

We assess the market response of Bitcoin traders and investors following a week of volatility lead by derivatives markets.

The Bitcoin market shows continued strength, as on-chain volumes indicate a growing dominance, and stickiness of institutional transaction sizes and capital inflows.

An on-chain divergence has developed between price, on-chain activity and supply dynamics, creating a market structure similar to an early bull impulse.

Bitcoin has continued to rally to new multi-month highs despite an uptick in distribution, spending by older coins, and a divergence in on-chain activity.

The Bitcoin market powers higher, supported by a growing body of evidence on-chain that a bullish disbelief rally is in effect.

The market rallies higher as indications of a Bitcoin on-chain supply squeeze take shape, and Ethereum successfully rolls out EIP1559.

As the Bitcoin market rallies over $42k, we analyse the spending and accumulation behaviour of entities on-chain.

The Bitcoin market has experienced a strong rally off the back of a short squeeze returning many coin holders to profitability.

As the probability for high Bitcoin market volatility increases, we analyse the Bull and Bear cases using market and on-chain metrics.

The Bitcoin market squeezes into a tight trading range and we assess a range of market indicators for sentiment and volatility triggers.

The Great Hash-power Migration is underway as an estimated 50% of Bitcoin miners are offline and on the move. We assess the magnitude of this event observed in the on-chain data.

The Bitcoin market continues to fight for support as mining sell pressure increases, institutional demand remains slow, and a second capitulation occurs.

On-chain activity has fallen back to levels not seen in twelve months, just as a seismic shift in Bitcoin hash-rate commences in China.

Bitcoin becomes legal tender in El Salvador, whilst the market remains uncertain over macro direction. On-chain, Long and Short term investors are taking opposing sides of the trade.

The market remains uncertain about bullish or bearish conditions govern, as on-chain activity and value settlement falls dramatically.

The Bitcoin market has become a battleground between bulls and bears, as we analyse on-chain sentiment for Long-term and Short-term holders.

The Bitcoin market has experienced a tremendous deleveraging, with prices falling over 50%, and on-chain entities taking historical losses.

Bitcoin consolidation continues as miners accumulate and supply on OTC desks drains. Meanwhile ETH benefits from capital rotation to new ATHs.

Bitcoin has bounced from the correction lows, as Tether supply hits ATH, coins mature and Ethereum on-chain activity spikes higher.

Bitcoin price continues to slide lower as on-chain signals weak hands are being shaken out, and strong hands are holding strong.

Bitcoin rallies to new ATHs before selling off by over 18%. This follows a slew of narratives around Coinbase, hash-rate black-outs and billions in liquidations.

Bitcoin strong hands hold on, stablecoin supply expands, and cyclical metrics remain elevated but not overheated...yet