Fresh onchain fundamentals research is live, today we're focusing on the MVRV ratio for Bitcoin.
This is one of the oldest and most popular metrics, but is massively underutilised relative to its potential.
Strong recommend to learn how to read the MVRV, and assign probabilities to particular values.
Total Bitcoin supply that has remained unspent for at least 1yr is at an ATH of 12. 913M BTC. For Coins at least 6months old, it id approaching a new ATH around 15M BTC.
Much of this will include coins held in large entities such as GBTC, Microstrategy, and Mt Gox.
The 2. 087M BTC aged between 6m and 12m however are mostly investor held coins, accumulated on the way down in H1 2022.
The Bitcoin total number of UTXOs on the set hit an all time high time week, with over 137M UTXOs.
This was the fastest rate (117k/month) of UTXO set growth since DEC 2021 after the market ATH was put in.
You're right, im a fool, you should probably stop following me, everything I say is pure noise.
Sounds like you were sending via onchain not lightning. No fees on LN are unaffected by this.
Only opening and closing channels which are onchain transactions.
1. Is very constrained, please see our latest article.
2. We already have plenty of grifters. This is the reality of a free market. There are always grifters in money.
https://insights.glassnode.com/ordinal-theory-and-the-rise-of-inscriptions/
Our latest report on Bitcoin Ordinal Theory and Inscriptions is live.
TL:DR
- Jpgs dominate 90% of inscriptions
- Chain data growth is unconcerning
- Inscriptions are fee sensitive
- Monetary tx remain primarily mined tx
- Inscriptions buy unused blockspace
https://insights.glassnode.com/ordinal-theory-and-the-rise-of-inscriptions/
It is already easy to run a node, even post inscriptions.
Yes agree. Luckily, the loud minority are not consensus, and even they understand there is no successful chainsplit of bitcoin.
I suspect inscriptions have increased, not decreased the probability of ossification now.
#Bitcoin Inscriptions push two end zone results into the foreground:
1. Blocks are full from a data perspective --> this was always the expected result.
2. Fee pressure builds making on-chain more expensive --> also the long term expected result.
So what is the problem?
Constraints breed innovation.
When Ethereum fees rose, they built Layer 2s to solve it.
If blocks are full of data you don't like, make high demand monetary applications to crowd out the jpegs.
We're entering a golden era of #Bitcoin innovation.
Embrace it.
Bitcoiners still like to take profit.
The MVRV ratio is much more than a macro oscillator. It is a representation of the average profit multiple held by unspent coins.
In bullish rallies, a value above 1. 2 indicates an average of 20% profit amongst short term holders and usually is enough incentive to sell a little.
We just found resistance at this level as a few bottom stackers took money off the table. A retrace to around $20k would be a retest of their cost basis and historically, a good indicator for a dip to stack.
Pro tip: you can simulate STH MVRV by dividing price by a 135day EMA.
Amethyst v0.15.1: Zaps
Few Things first:
1. This is an early release. You can send and receive zaps with a fixed amount (1000 sats) and see those received zaps in user's profile and in your notifications. Sending is a bit too slow. More options will be coming.
2. The receiver MUST use Zap-supported lightning address setup to work. Otherwise, you would just send a lightning tip and the amount will not update on the screen.
3. The only lightning service that seems to be easily compatible with Zaps is https://strike.army You can connect your Strike wallet there and they will manage the Zap reply in Nostr for you. Your lightning address will look like user@strike.army
Download: https://github.com/vitorpamplona/amethyst/releases/download/v0.15.1/app-release-v0.15.1.apk
So no zaps yet for poor Aussies without strike?