The current demand for Inscription transactions has sent the #Bitcoin Transaction Count Momentum to its highest level since Jan 2021.

The rapid ascent in Transaction Count reflects a significant increase in network activity, as demand for on-chain transactions begins to return - source

#Bitcoin Inscriptions have surpassed 218k in total number, consisting of a combination of images, text files, audio, and many others - source

#Bitcoin has now confidently broken above the Adjusted Realized Price located at $24.6k.

This average cost basis variant excludes the tremendous profit held by lost coins.

The market also recently found support on the classic Realized Price at $19.8k - source

The price performance of #Bitcoin has been historically strong, returning 35.8% over the last 7-days.

Similar weekly $BTC performance since 2015 have all been related to bull market conditions, however only Nov 2015 occurred early in the up-trend - source

The #Bitcoin Binary CDD is a valuable metric for identifying elevated periods of Coin Day Destruction.

Currently, we remain firmly within a quiet patch, typical of bearish markets, early bulls, and the transitional period in between - source

#Bitcoin market depth remains below its pre-SVB levels on Binance while it has recovered on Coinbase - source

Organic #Bitcoin transaction activity is approaching cycle highs, with strong momentum, and over 270k Tx per day.

The Bitcoin network is growing - source

Since the inception of #Bitcoin, only 4.25M coins have reached the status of Ancient Supply (7+ Years).

Remarkably, only 356K ancient coins have been spent, equivalent to 8.3% of the all-time ancient supply total, whilst 3.9M (91.7%) coins currently remain dormant or lost - source

#Bitcoin is experiencing extremely high demand for blockspace, driven by BRC-20 tokens, utilizing text based inscriptions, and ordinals

This is a revenue boost for Miners, as the average fee paid per block has reached 2.905 $BTC, near past bull peaks.

A few recent blocks have seen tremendous total fees paid of 5.87 $BTC, approaching 94% of the 6.25 $BTC block subsidy - source

The 7-day price range (3.4%) #Bitcoin has consolidated within is one of the tightest over the last 3yrs.

It is comparable to Jan 2023, and July 2020, both of which preceded large market moves - source

Following a large outflow of #Bitcoin across the FTX implosion, Miners (excluding Patoshi and early unlabelled Miners) have expanded their balance sheet by +8.2K BTC, increasing their holdings to a total of 78.5K BTC - source

Market makers on U.S. exchanges increasingly prefer #Bitcoin.

The share of altcoin liquidity, as measured by market depth, has fallen from 41% to 28% since February - source

Since the SEC charges, the #Bitcoin and #Ethereum Balance on #Binance has declined by -48K BTC and -360K ETH respectively.

🟡 BTC Balance: 706K BTC to 658K BTC (-48K BTC)
🔵 ETH Balance: 4.56M ETH to 4.2M ETH (-360K ETH) - source

Following the COVID-19 Crisis, the percentage of #Bitcoin held across Exchange addresses has been in perpetual decline, dwindling to a current value of 11.7% (2.27M BTC), the lowest recording since Dec-21-2017 - source

#Bitcoin’s correlation with the tech-heavy Nasdaq collapsed to just 3% in June, hitting its lowest level in nearly three years - source

The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze.

A price range of just 4.2% separates the upper and lower Bollinger bands, making this is the quietest #Bitcoin market since the lull in early January - source

If we look at the degree of Profit/Loss realized by #Bitcoin Short-Term Holder volume flowing into exchanges, it becomes evident that these newer investors are trading local market conditions.

Each rally and correction since the FTX fallout has seen a 10k+ BTC uptick in STH profit or loss, respectively - source

One of the biggest drivers for a #Bitcoin bull market - Federal Reserve Balance Sheet.

Fed expansion -> more cash in system -> BTC bull.

Key chart to watch going into 2024 - source

#Bitcoin's 90-day volatility dropped from 80% to 35% in the last year, now just below #oil's. - source

After grinding up for a few weeks, USD Liquidity has since come down by about ~$100B which has in return also slowed #Bitcoin's bullish momentum - source