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/