Will Bitcoin's Price Go Up Again? Yes, According to On-Chain Analytics - Ep.244
Unchained
Intro
In this celebratory episode of Unchained, the host marks the podcast's five-year milestone and expresses heartfelt thanks to the audience. Listeners are encouraged to participate in a mini AMA by submitting their questions, amidst discussions of blockchain services and investment opportunities.
Willy Woo, on-chain Bitcoin analyst and writer of the Bitcoin Forecast, a market intelligence newsletter, and Rafael Schultze-Kraft, co-founder and CTO of Glassnode, discuss Bitcoin and what the on-chain metrics tell us about the price. Here to discuss is. Episode highlights:
- what factors pushed the price of BTC down in May
- why Elon’s Twitter account hold so much sway over the market
- why Willy believes Bitcoin is good for renewable energy
- who sold during the last month
- which type of BTC investors stopped purchasing in Feb/March
- what trends Willy and Rafael have noticed from coins moving to/from exchanges
- their thoughts on exchange-traded products, like GBTC and Canadian ETFs
- how derivatives trading has played a role in Bitcoin’s price
- why stablecoins were trading above their peg in the months leading up to the Coinbase direct listing
- how Willy values Bitcoin (specifically using NVT ratio)
- whether the trend of corporate treasuries investing in Bitcoin will continue
- how they expect Ethereum's adoption of a deflationary monetary policy to impact the price of Bitcoin
- when the market could turn bullish once again and predictions for the rest of the year
Thank you to our sponsors!
E&Y: https://ey.com/globalblockchainsummit
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Episode Links
Willy Woo
- Twitter: https://twitter.com/woonomic
- Substack: https://willywoo.substack.com/
- Charts: http://charts.woobull.com/
Rafael Schultze-Kraft
- Twitter: https://twitter.com/n3ocortex
- Glassnode Blog: https://insights.glassnode.com/author/rafael/
- Medium (no posts in 2021): https://medium.com/@neocortex
Glassnode
- Website: https://glassnode.com/
- Twitter: https://twitter.com/glassnode
- Crunchbase: https://www.crunchbase.com/organization/glassnode
Willy on BTC trends:
- NVT 2021 re-hash: https://twitter.com/woonomic/status/1399644889596370950
- User growth on BTC network: https://twitter.com/woonomic/status/1396716391940575232
- Exchange flows are bullish: https://twitter.com/woonomic/status/1395350421187690500
- The movement to strong holders is unprecedented: https://twitter.com/woonomic/status/1391209800252358658
- BTC undervaluation: https://twitter.com/woonomic/status/1389145220432859144
Rafael on BTC trends:
- Investors becoming fearful: https://twitter.com/n3ocortex/status/1394922200923312132
- Bear market?: https://twitter.com/n3ocortex/status/1394312942678679559
- Why on-chain exchange metrics are difficult to analyze: https://insights.glassnode.com/exchange-metrics/
- BTC ownership is not highly concentrated: https://insights.glassnode.com/bitcoin-supply-distribution/
- BTC illiquidity: https://insights.glassnode.com/bitcoin-liquid-supply/
Glassnode on BTC trends:
- May 31 recap: https://insights.glassnode.com/the-week-on-chain-week-22-2021/
- May 24 recap: https://insights.glassnode.com/the-week-on-chain-week-21-2021/
- December buyers approaching cost basis: https://twitter.com/glassnode/status/1399757635512066052
- Battle of Bulls vs. Bears: https://twitter.com/glassnode/status/1399231089764360192
- Grayscale discount: https://twitter.com/glassnode/status/1397059742019686400
Deleveraging futures market: https://twitter.com/glassnode/status/1395771367958581251
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