Disclosure: Delphi Ventures and members of our team hold BTC. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

Key Takeaways

  • Bitcoin has had an outstanding first quarter in 2021, having risen ~96% from $29k to start the year to a current price of $57k.
  • Significant capital continues to flow into the network, signaled by the rapid depletion of BTC held on exchanges. This depletion is coupled with aggressive dip-buying behavior whenever Bitcoin’s price declines. To further amplify the supply side shortage, Bitcoin miners have started to net accumulate mined inventory.
  • There are also on-chain signals suggesting that withdrawn Bitcoins are moving into wallets with little to no history of selling. A high amount of coins moving into strong hands is interpreted as a bullish signal. We are expecting more corporations and institutions to introduce BTC onto their balance sheets in the coming months.
  • BTC futures open interest continues to trend higher, having reached a new all time high of $23.4b on April 6th, according to data from Skew.
  • While GBTC has traded at a discount to NAV since the beginning of March, this is not necessarily a cause for concern, given the increased compet

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