The Pomp Podcast
#1300 Reflexivity & Elementus | Bitcoin Network Data Is VERY BULLISH
Jan 25, 2024
Will Clemente, Max Galka, and Alex Mologoko discuss a comprehensive report on Bitcoin's on-chain events in 2023, covering topics such as the Bitcoin rally, open interest, wallet activity, inscriptions, stablecoins, and more. They explore factors affecting Bitcoin's price performance, the significance of stable coins in the crypto ecosystem, controversy surrounding inscriptions on the Bitcoin blockchain, and data collection methods.
43:23
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Quick takeaways
- Bitcoin's price performance in 2023 was influenced by mean reversion, liquidity cycle inflection points, and anticipation of Bitcoin ETF approvals and launches.
- Advancements in on-chain data and wallet attribution provided by Elementus offer crucial insights for trading strategies and market trend analysis.
Deep dives
Bitcoin's price performance in 2023
Bitcoin's price performance in 2023 was driven by mean reversion, inflection points in the liquidity cycle, and the anticipation of Bitcoin ETF approvals and launches. The report analyzes on-chain data to identify the type of market participants driving Bitcoin's rally. It highlights the increased Bitcoin holdings in Coinbase Prime, activity within different trading sessions, and the surge in activity around CME. The dominance of US-based market participants and their traditional finance orientation is observed as a key factor in driving Bitcoin's growth.
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