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1/ #Bitcoin 
https://abs.twimg.com/hashflags... draggable="false" alt=""> fundamentals are stronger than ever.
As the halving approaches, let& #39;s zoom out and look at how on-chain fundamentals have developed historically, and how they compare to the last halving.
TL;DR – Network fundamentals are compelling; long-term bullish $BTC
THREADhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">
As the halving approaches, let& #39;s zoom out and look at how on-chain fundamentals have developed historically, and how they compare to the last halving.
TL;DR – Network fundamentals are compelling; long-term bullish $BTC
THREAD
fundamentals are stronger than ever.As the halving approaches, let& #39;s zoom out and look at how on-chain fundamentals have developed historically, and how they compare to the last halving.TL;DR – Network fundamentals are compelling; long-term bullish $BTCTHREAD https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">" title="1/ #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> fundamentals are stronger than ever.As the halving approaches, let& #39;s zoom out and look at how on-chain fundamentals have developed historically, and how they compare to the last halving.TL;DR – Network fundamentals are compelling; long-term bullish $BTCTHREAD https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">" class="img-responsive" style="max-width:100%;"/>
2/ NETWORK GROWTH
The number of #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> addresses is steadily increasing and currently at ATH. It recently crossed the milestone of 30 million addresses.
That& #39;s an increase of +234% since the last halving four years ago.
The number of #Bitcoin
That& #39;s an increase of +234% since the last halving four years ago.
addresses is steadily increasing and currently at ATH. It recently crossed the milestone of 30 million addresses.That& #39;s an increase of +234% since the last halving four years ago." title="2/ NETWORK GROWTHThe number of #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> addresses is steadily increasing and currently at ATH. It recently crossed the milestone of 30 million addresses.That& #39;s an increase of +234% since the last halving four years ago." class="img-responsive" style="max-width:100%;"/>
3/ GROWTH RATE
Not only is the network increasing, but so is the pace it which it grows.
The current growth rate (daily number of addresses added to the #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> network) is over 68% higher than compared to last halving four years ago.
Not only is the network increasing, but so is the pace it which it grows.
The current growth rate (daily number of addresses added to the #Bitcoin
network) is over 68% higher than compared to last halving four years ago." title="3/ GROWTH RATENot only is the network increasing, but so is the pace it which it grows.The current growth rate (daily number of addresses added to the #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> network) is over 68% higher than compared to last halving four years ago." class="img-responsive" style="max-width:100%;"/>
4/ "RETAIL" ADDRESSES
Number of #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> addresses holding at least 0.01 $BTC and 0.1 $BTC are hitting new ATHs in 2020 almost on a daily basis.
These addresses have increased by over 204% and 142% since the last halving, respectively.
Number of #Bitcoin
These addresses have increased by over 204% and 142% since the last halving, respectively.
addresses holding at least 0.01 $BTC and 0.1 $BTC are hitting new ATHs in 2020 almost on a daily basis.These addresses have increased by over 204% and 142% since the last halving, respectively." title="4/ "RETAIL" ADDRESSESNumber of #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> addresses holding at least 0.01 $BTC and 0.1 $BTC are hitting new ATHs in 2020 almost on a daily basis.These addresses have increased by over 204% and 142% since the last halving, respectively." class="img-responsive" style="max-width:100%;"/>
5/ WHOLECOINERS
The number of #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> addresses holding at least 1 $BTC has shown a steady increase over the years. With over 800,000 addresses it is currently at ATH.
There are roughly 64% more wholecoiner addresses today than during second halving in July 2016.
The number of #Bitcoin
There are roughly 64% more wholecoiner addresses today than during second halving in July 2016.
addresses holding at least 1 $BTC has shown a steady increase over the years. With over 800,000 addresses it is currently at ATH.There are roughly 64% more wholecoiner addresses today than during second halving in July 2016." title="5/ WHOLECOINERSThe number of #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> addresses holding at least 1 $BTC has shown a steady increase over the years. With over 800,000 addresses it is currently at ATH.There are roughly 64% more wholecoiner addresses today than during second halving in July 2016." class="img-responsive" style="max-width:100%;"/>
6/ WHALES
Both the number of #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> addresses and entities holding ≥ 1,000 $BTC are well on their way to reach new ATHs in 2020.
Even though the increase since the last halving is not significant, it& #39;s important to note that the USD value they hold is more than 10x higher.
Both the number of #Bitcoin
Even though the increase since the last halving is not significant, it& #39;s important to note that the USD value they hold is more than 10x higher.
addresses and entities holding ≥ 1,000 $BTC are well on their way to reach new ATHs in 2020.Even though the increase since the last halving is not significant, it& #39;s important to note that the USD value they hold is more than 10x higher." title="6/ WHALESBoth the number of #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> addresses and entities holding ≥ 1,000 $BTC are well on their way to reach new ATHs in 2020.Even though the increase since the last halving is not significant, it& #39;s important to note that the USD value they hold is more than 10x higher." class="img-responsive" style="max-width:100%;"/>
7/ NETWORK ACTIVITY
Daily number of active #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> addresses and entities has been steadily increasing since three years, approaching the ATHs of the bull market in 2017.
Both numbers have increased by over 55% since the last halving four years ago.
Daily number of active #Bitcoin
Both numbers have increased by over 55% since the last halving four years ago.
addresses and entities has been steadily increasing since three years, approaching the ATHs of the bull market in 2017.Both numbers have increased by over 55% since the last halving four years ago." title="7/ NETWORK ACTIVITYDaily number of active #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> addresses and entities has been steadily increasing since three years, approaching the ATHs of the bull market in 2017.Both numbers have increased by over 55% since the last halving four years ago." class="img-responsive" style="max-width:100%;"/>
8/ VOLUME
Daily #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> on-chain volume (USD) as been constantly high since 2017, indicating sustained network usage. Lack of larger increases is imo an indication of increased HODL behaviour and the SoV narrative.
Who wants to actually spend their bitcoins today?
Daily #Bitcoin
Who wants to actually spend their bitcoins today?
on-chain volume (USD) as been constantly high since 2017, indicating sustained network usage. Lack of larger increases is imo an indication of increased HODL behaviour and the SoV narrative. Who wants to actually spend their bitcoins today?" title="8/ VOLUMEDaily #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> on-chain volume (USD) as been constantly high since 2017, indicating sustained network usage. Lack of larger increases is imo an indication of increased HODL behaviour and the SoV narrative. Who wants to actually spend their bitcoins today?" class="img-responsive" style="max-width:100%;"/>
9/ MINERS
Miner capitulation? Nothing further away from the truth.
Hash rate has significantly increased every single year throughout #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt="">& #39;s history, constantly adding to the network& #39;s security.
Today& #39;s hash rate is up more than 6800% since the last halving.
Miner capitulation? Nothing further away from the truth.
Hash rate has significantly increased every single year throughout #Bitcoin
Today& #39;s hash rate is up more than 6800% since the last halving.
& #39;s history, constantly adding to the network& #39;s security.Today& #39;s hash rate is up more than 6800% since the last halving." title="9/ MINERSMiner capitulation? Nothing further away from the truth.Hash rate has significantly increased every single year throughout #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">& #39;s history, constantly adding to the network& #39;s security.Today& #39;s hash rate is up more than 6800% since the last halving." class="img-responsive" style="max-width:100%;"/>
10/ BLOCKS
#Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> simply works – like a clockwork. It& #39;s astonishing to see how the system& #39;s mechanisms continue to function as intended.
Over the years blocks have been produced, on average, with a staggering constant frequency – just as designed.
#Bitcoin
Over the years blocks have been produced, on average, with a staggering constant frequency – just as designed.
simply works – like a clockwork. It& #39;s astonishing to see how the system& #39;s mechanisms continue to function as intended.Over the years blocks have been produced, on average, with a staggering constant frequency – just as designed." title="10/ BLOCKS #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> simply works – like a clockwork. It& #39;s astonishing to see how the system& #39;s mechanisms continue to function as intended.Over the years blocks have been produced, on average, with a staggering constant frequency – just as designed." class="img-responsive" style="max-width:100%;"/>
11/ Yes, #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> remains a volatile asset and short-term price action is still subject to large drops.
But zooming out, Bitcoin& #39;s fundamentals keep on painting a strong and unambiguously bullish picture.
Investors with a long-term horizon and low time preference know this.
But zooming out, Bitcoin& #39;s fundamentals keep on painting a strong and unambiguously bullish picture.
Investors with a long-term horizon and low time preference know this.
12/ All data presented here is obtained through @glassnode& #39;s API, and can be found on http://studio.glassnode.com"> http://studio.glassnode.com .
Not financial advice – do your own research.
Not financial advice – do your own research.
