Observing 28,163@stamp
I heard this story so many time recently, but this is definitely a good research product:
Bitcoin Data Shows Bullish FoundationKey Takeaways
On a risk adjusted basis, Bitcoin is the best performer of the year compared to a range of securities (both equities and fixed income), indices, and commodities.
Bitcoins correlation to gold is increasing while its correlation to equities is decreasing, to the lowest levels in years. Bitcoin volatility continues a multi-year downward trend, although spikes of high volatility remain common.
Futures open interest and perpetual swap funding rates also suggest the rally is spot-based rather than built upon a purely speculative foundation.
On-chain data suggests ongoing accumulation, growing dispersion of ownership, and longer holding times. Certain metrics, such as SOPR and % in profit, show that holders are feeling better than they have in more than a year.
Bitcoins 4th halving is about 1 year away, which has typically preceded longer term bullish advances. At the same time, supply overhang fears from the pending Mt. Gox bankruptcy distributions appear, for now, to be overblown.
Bullish!
