Nic Carter, general partner at Castle Island Ventures, and cofounder and chairman of Coin Metrics, explains  why the Bitcoin price has been rising without the retail bubble seen in 2017-2018. In this episode he covers:

how this Bitcoin rally differs from the ones in 2017-2018 and why the market is much more mature

how much the pandemic and other macro forces this year have helped propel Bitcoin

what it says that the number of Bitcoin addresses with $10 or more worth of bitcoin are is at 18 million now, compared to 2014 in the 2017-2018 bubble

the significance of realized cap, and why there's less pressure to sell now since the current cost basis of all bitcoins is much higher than in the bubble

the significance of the fact that open interest in CME Bitcoin futures hit $1 billion this week — and why, even though they're cash-settled, they do impact the Bitcoin price

what the appreciation of the Bitcoin price in other countries' currencies such as Turkish lira means

what it means that the stablecoin free float has grown from $1.5 billion in the last bubble to $23 billion during this rally

what he makes of the theory that Chinese miners are having difficulty to sell their BTC being a driver of the price rise

 

Thank you to our sponsor!

Crypto.com: http://crypto.com

 

Episode links:

Nic Carter: https://twitter.com/nic__carter

Castle Island VC: https://www.castleisland.vc

Coin Metrics: https://coinmetrics.io 

 

Nic’s post: https://medium.com/@nic__carter/nine-bitcoin-charts-already-at-all-time-highs-78abbfe82804

 

Chinese miners unable to sell BTC: https://www.coindesk.com/bitcoins-rally-supply-crunch-in-china 

Dispute with this report: https://twitter.com/WuBlockchain/status/1328893579515682816?s=20

 

CME Bitcoin open futures surpasses $1 billion: https://www.theblockcrypto.com/linked/85045/cme-bitcoin-futures-1-billion-open-interest

 

Link to the Crypto News Recap:

https://unchainedpodcast.com/what-info-will-come-out-in-the-binance-lawsuit/