Reviewing The August Bitcoin Market

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In this episode of Bitcoin Magazine’s “Fed Watch” podcast, we invited Dylan LeClair, writer at Bitcoin Magazine, back onto the podcast. LeClair is deep in the weeds of the fundamentals of the bitcoin market. After touching on the price crash of Sept 7, (the day of the podcast recording), our conversation turned to LeClair’s monthly Deep Dive, a large report he writes for Bitcoin Magazine’s exclusive members.

As we made our way through LeClair’s report, we stopped at several of our favorite charts. The first is “supply by liquidity cohort,” seen below. He walked us through the meaning and the takeaways. As you can see on the chart, the vast majority of the bitcoin circulating supply (all bitcoin mined so far) is illiquid, in the sense that it hasn’t moved in a prescribed period of time.

Bitcoin Charts In The Deep Dive

Next, we touched on a chart you may have seen floating around the interwebz, the “HODLer net position change,” measuring the amount of coins that have entered HODLers hands. We discussed several aspects of the below chart, of course, noting the recent increase as well as the net selling which occurred on the way up. This is a lagging indicator, plainly showing that accumulation precedes rallies at which time you get a short squeeze and distribution as price rises.

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