Late 2022. Bitcoin had been falling all year. Every headline screamed "crypto is dead."
Most people were paralysed. Or selling.
But if you weren't reading headlines, and you were reading the data, you were seeing something completely different:
MVRV below 1 (market priced below average cost)
NUPL deep in capitulation
Funding negative, Ol flushed (derivatives cleansed)
You weren't asking Twitter if it was time to buy.
You were looking at the fingerprint of a bottom.
That's what on-chain data does when you know how to read it. Three cohorts:
Cost basis (where they bought)
P&L (how they're behaving)
Flows (what's moving beneath)
Price reacts. Flows lead.
Follow for daily crypto updates. @
Most people were paralysed. Or selling.
But if you weren't reading headlines, and you were reading the data, you were seeing something completely different:
MVRV below 1 (market priced below average cost)
NUPL deep in capitulation
Funding negative, Ol flushed (derivatives cleansed)
You weren't asking Twitter if it was time to buy.
You were looking at the fingerprint of a bottom.
That's what on-chain data does when you know how to read it. Three cohorts:
Cost basis (where they bought)
P&L (how they're behaving)
Flows (what's moving beneath)
Price reacts. Flows lead.
Follow for daily crypto updates. @