Will Bitcoin's Price Go Up Again? Yes, According to On-Chain Analytics - Ep.244

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

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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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