In this report, we dig into Bitcoin’s outlook amidst an uncertain macro backdrop. We unpack notable long-term miner, exchange, and holder base metrics, as well as touch on where Bitcoin could move in the current market. 

Key Takeaways:

  • BTC stock on exchanges continues its downtrend from an all-time high of 2.96M on Feb 11th, 2020. As of writing, BTC on exchanges sits at 2.59 M.


  • Ethereum continues to siphon BTC supply. There is more than 100k BTC currently on Ethereum, with WBTC leading the charge. As of writing, >35% of all BTC on Ethereum was minted via wBTC just this month.


  • The total # of whales (addresses with >=1k BTC and <10k BTC) and the total value of BTC held by whales indicates ‘smart-money’ betting on BTC. Whale accumulation coincides with the uptick in USD M2 supply expansion back in March.


  • BTC’s correlation with several major asset classes has strengthened over the last three months just as the inverse correlation between most asset classes and the US dollar has also increased.


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