Happy (?) Monday, Blockfolians
First up, we want to recognize how difficult a time this is. We are living through a generationally significant upheaval, and doing so as every different group in power is trying to warp the narrative to fit their agenda. In times like these, spending time thinking about anything else can be extremely difficult. Do what you need to take care of yourself and those around you. For our part, we’ll try to be useful and distracting with the most interesting news and commentary we can find.
Okay, with that in mind, check out this interesting analysis from Glassnode. Apparently, 60% of the supply of bitcoin hasn’t moved in over a year. The last time we saw these levels was just before the bull market in 2017.
It’s impossible to deny that there is a clear narrative relevance for bitcoin right now. Expressed in the positive by people like Paul Tudor Jones getting involved and in the inverse by Wealth Management at Goldman Sachs presumably getting enough interest that they felt they had to hold a webinar to deny the bitcoin thesis.
It’s important to come to your own conclusions about why different signals are telling you what they’re telling you, but we’d be lying if we said this one wasn’t interesting.
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Highly Relevant Reading
Under growing pressure from MicroBT, bitmain releases a new, cheaper bitcoin miner
Chase Bank to refund extra fees it charged crypto buyers in 2018
Not a great look for Ethereum, as worried about congestion, Tether launches on the OMG Network
Ouch. The number of blockchain investment deals has declines for seven straight months.
Nic Carter on the “bitcoin fixes this” meme in the context of the protests
A whole lotta folks not really understanding the stock market’s behavior right now
A Really Big Number We Should Be Paying Attention To
That’s the size of the world’s new largest blockchain exchange traded fund from Elwood Global
Excited to see Messari push the boundaries of the virtual event format