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impossible to know. I did cover this topic in detail during two monthly Q&As recently.

But we cannot measure the sold vs withdrawn, exchange flows will not have the answer as all coins were distributed via exchanges.

The latest episode of the Rough Consensus podcast is live with Joe Caralsare.

This conversation was an absolute cracker, and Joe challenges so many of my priors throughout.

I think you're going to enjoy this one, I certainly did.

https://open.substack.com/pub/checkonchain/p/rough-consensus-podcast-with-joe?utm_source=share&utm_medium=android&r=2swa18

Replying to Avatar Peter McCormack

The studio is ready, Danny's flights are booked, and next week we’ll begin recording episodes for our new podcast.

I wanted to share the reasons behind this shift as many have been asking. Three primary factors influenced this decision:

1. I hate making remote shows—I never want to do them again. These interviews need the intimacy of being in person.

2. Traveling constantly has been detrimental to my health and my family.

3. My commitments here with the football club and local community are growing.

So, the solution was clear: build a studio in the UK and produce the show locally.

We’ve secured a fantastic space in Soho, London, and we’re ready to go but given the limited number of Bitcoin guests available in the UK or those willing to fly in, it’s time to retire What Bitcoin Did.

Our new podcast will be similar in feel but will cover a broader range of topics. While some episodes will focus on Bitcoin (though less frequently), most will explore other interesting topics or people.

Having made nearly 900 episodes covering a wide range of #bitcoin topics and guests, we’re now aiming higher. By diversifying our content and guests, we hope to introduce more people to the concept of sound money through podcast osmosis. If we get this right, it will be a bigger show, if we get it wrong, well we tried.

For a long time I have felt there is a need to get out of the #bitcoin corner of the party. Real Bedford FC was a way of integrating sound money into a traditional business model. CheatCode purposely did not include Bitcoin in the title, so changing the show feels like a natural next step.

Sometimes when stuck in the #bitcoin landscape you can lose site of how other people in the world think, lose empathy for the complexities of the world. I have felt this. I'd come home from spending two weeks with Bitcoiners and be with friends and family locally and notice a distinct difference in how we see the world. As everything feels like it is going to shit, I feel like there is a bigger job to do now.

The Bitcoin podcast landscape is well served, from Marty and Odell to Natalie and Preston, from The Blue Collar guys to Stefan Livera and anyone I haven't mentioned. There’s no shortage of high-quality Bitcoin podcasts.

However, there seems to be some fatigue in the space, with similar guests and topics being revisited. With our new show we want to bring fresh perspectives and ideas, aligning with sound money where relevant—think of the shows we’ve had with the likes of Eric Weinstein and Michael Malice.

On a personal note, I’m need the challenge, test myself wider, get fit and find a good woman. I can't do this travelling all the time.

When I started the podcast my life was a shit show - divorced, coming off drugs, heading towards bankruptcy. I've had an incredible 7 years, travelled the world, made amazing friends and got to live my dream by buying my local football club.

To everyone who has helped us get this far - the guests, the listeners, the sponsors, we could not have done this without you. I am forever in your debt.

I hope you’ll check out the new show and enjoy it, though it may not be for some of you. Regardless, Danny and I will work hard to deliver the best show possible, like we always have.

Roll on The McCormack Show!

congrats mate, what a great run. You and the team should be incredibly proud of WBD, it changed the Bitcoin world.

All the best with the new show, and you've given me a reason to return to London (and visit Bedford for a match).

good luck fellas, looking forward to a few beers at Cheat Code.

Replying to Avatar Btcnews

Maybe

no, really. I say this as someone more familiar with onchain data than most people in the world.

The data is guaranteed to be incorrect. More likely moved to a new internal wallet and that data provider has not kept up.

In case folks didn't know, there is a full suite of Bitcoin charts available over at charts.checkonchain.com

All free, onchain, ETFs, derivatives and comparisons with TradFi.

HODLers are selling millions of dollars worth of coin every day. They have done for several months.

This is why things move slower, the capital needs to be larger, and the higher it goes, the more bitcoiners step off the train (with a fraction of their holdings)

Learn the onchain basics.

Realised Cap

MVRV

SOPR

if you can master those, you will be 5x better at picking market opportunities and risks than the average bear.

Folks, one pro tip I recommend for everyone, is to ignore all commentary related to exchange balances that isn't coming from a serious professional analyst (even then, question it...).

Few data providers do a good job tracking the wallets, few analysts understand the data, and what is available is almost exclusively noise and click bait. The nuances are beyond ridiculous, and the problem is endlessly dynamic.

inflows, outflows, balances and supply squeezes. It has no relevance to price or the market, and should be ignored in the vast majority of circumstances.

Don't whale watch kids.

data is almost certainly wrong.

pro tip, ignore all exchange wallet commentary. It is almost always noise.