“Time Preference”- 14th Edition
1) # Full nodes (reachable) - 16,710 (-0.29%)
2) # LN nodes - 14,339 (-7.64%)
3) LN capacity (BTC) - 4,773 (+0.70%)
4) BTC addresses > 1M sats - 12.36M (-0.39%)
5) BTC addresses > 10M sats - 4.49M (-0.07%)
6) BTC addresses > 100M sats - 1.02M (-0.01%)
7) Hashrate (EH/s) - 409 (+2.25%)
8) Price - $27,995 (+6.66%) (Sunday close)
9 Price/Hashrate - 68 (+4.31%)
10) Michigan businesses accepting BTC (btcmap.org) - 21 (n/c)
* % change figures from prev.
Similar to the previous week in # of addresses w/ a balance >1M decreasing we also see decreases in addresses w/ a balance >10M and >100M sats. Couple that w/ almost a 8% decrease in LN nodes and we get a pretty gnarly week for metrics, outside of price finally bouncing, up almost 7% from the prior week.
Really it's the first notable increase in price since I've been doing this, surpassing the previous largest increase in the 12th edition (2 weeks ago) of almost 3%. With that being said we bounced into critical resistance (lost support from earlier this year) stemming back to the summer of 2021 - I'm sure most remember the China mining ban and price decline to 28.5K. This is a BIG area for me at a macro level and I'm curious to see how it plays out in the short / intermediate term although longer term it doesn't much matter.
Of note, we're currently above a stronger trend signal, the monthly EMA 8 at $27.2k. Last time we came back above that moving average from below was in Jan this year - We all know what happened after that (although I'm not personally expecting something similar w/ DXY ripping and Gold/Silver getting slammed right now). Still have to call it out though.
At the end of the day we're not seeing any meaningful growth in the network as adoption actually dips lower according to most metrics I'm tracking here. Nothing out of the ordinary but still makes you wonder what that catalyst will be and when it will come - I personally don't think a 'spot ETF approval' does shit for true Bitcoin adoption but that's just me.
Have a great week!
#bitcoin #timepreference #mining #lightningnetwork⚡️