​​Record day: Trading volume on CME crossed the $5 billion mark for the first time.

#Bitcoin

​​Open interest on #Bitcoin futures contracts across major exchanges is at $17.5 billion.

​​#Bitcoin MVRV-Z crosses a value of 7 into red territory for the first time since Dec 2017.

While this indicator suggests we could be in the advanced phase of the bull market, $BTC can still significantly grow from there.

In 2017, BTC made another ~2x.

​​Could it be that simple?...

Macro #Bitcoin Analysis:

> Price pump to $80,000 range.
> Retrace for March Taxation Madness.
> Find support around $50,000.
> Pump to new ridiculous highs. Maybe breaking $200,000.

Let's see how this goes.

​​While $BTC crosses above $57k, we are not seeing a significant increase in funding rates yet.

The average funding rate for perpetual swaps across major exchanges is currently around 0.05%.

#Bitcoin

​​Miners have stopped selling and started accumulating #Bitcoin

Yesterday was the first day since Dec, 27 when Miners Position change turned positive.

Miners were selling their bitcoins for two months.

​​#Bitcoin Balance on Exchanges taking another dive📉

​​More capital is flowing into the derivatives markets, as the amount of outstanding #Bitcoin futures contracts reaches another ATH.

Open interest across major exchanges is currently sitting at the verge of the $20B mark.

​​The $GBTC premium remains negative for the 10th day in a row.

#Bitcoin

​​This #Bitcoin cycle is different. It boils down to Supply/Demand

In 2017, there was a steady increase of BTC on exchanges along with price, while in the current run-up we've seen a dramatic decrease in BTC on exchanges, inverse to price

​​BTC coins mature into older lifespan brackets when they remain unspent.

In the last 6mths, over 9.51% of BTC supply has matured into the 1m-6m age range.

These #Bitcoin were acquired during this bull market.

​​#Bitcoin has made a new ATH and the market has started constructing new on-chain support.

Over 245k $BTC have already moved on-chain at prices above $62.7k.

This follows the significant 1.909M $BTC moved in the previous $1 Trillion consolidation zone.

​​#Bitcoin market cap is bigger than Facebook. 👀

​​The Purpose #Bitcoin ETF has added 670 BTC over the past week. They now hold 17,493 BTC ($1.07 billion).

​​#Bitcoin STH-SOPR has reset to the lowest value since the $29k dip back in Jan.

This metric will trend higher (>1.0) when profits are realised and lower when coins are dormant or losses are realised (<1.0)

This means some short term holders spent coins and took losses during this dip. However, it also means coins that are currently in profit were not shaken out.

Historically, SOPR resets below 1.0 in bull markets have been constructive for price in the weeks that follo

​​#Bitcoin supply held by Long Term Holders (LTH) usually needs to be spent to 'put the top in'.

At the 2017 top, LTHs had reduced their holdings from 74% at the point of 'Peak Hodl' down to 58% of circ. supply.

Currently, coins accumulated in late 2020 are maturing and LTH owned supply is actually increasing > 67%.

We analysed this metric in Week 12 of The Week On-chain Newsletter for more details.

​​#Bitcoin price is currently sitting at the top end of a strong on-chain support zone.

Over 1.65M $BTC now have an on-chain cost basis within the $45k to $50k range

The green zone below, at $31k to $40k, is also home to another 2.98M $BTC, indicative of large accumulation demand

​​"Buy Bitcoin" on Google Trends is currently at a 35 over the last year despite #Bitcoin being right below all time highs

This divergence shows that the price is moving up, but the mass-interest & greed hasnt returned yet

This is a bullish sign that we are nowhere near the top

​​#Bitcoin transaction value settlement is rising substantially relative to the Market Cap.

This has driven NVT Signal metric lower, indicating that even at $61.8k, $BTC is historically undervalued relative to utilisation as a value settlement layer