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Charlie Erith

Charlie Erith

Bitcoin in a Low-risk Range

Bitcoin in a Low-risk Range

Bitcoin Network Demand Model There is no change in the score this week and very little in the on-chain data that is out of the ordinary. With the price trading in a range, there are very few clues as to where the next big move is coming from. Velocity measures

Small Signs of Optimism from Bitcoin Fees and Transactions

Small Signs of Optimism from Bitcoin Fees and Transactions

Bitcoin Network Demand Model The short-term transaction signal turns on again this week, a result of a massive block that went through last weekend when the price surged from US$38k to US$45. The spike in volume turned out to be a bull trap. The signal is unlikely to

Entering a Golden Age: Examining the Case for Gold in a Changed World

Entering a Golden Age: Examining the Case for Gold in a Changed World

Webinar with John Reade, Chief Market Strategist, World Gold Council The title is deliberately ambiguous. It is a sad irony that the time for gold to demonstrate its prowess typically coincides with turbulent economic and political conditions. Gold has returned to the investment conversation. Even before Russia shattered 75 years

Bitcoin and the Financial Lifeboat Narrative

Bitcoin and the Financial Lifeboat Narrative

Bitcoin Network Demand Model There is no positive news from the Network Demand Model again this week as bitcoin on-chain activity remains torpid. After a brief burst of selling, the miners have once again sat on their hands, and Miner’s Rolling Inventory (MRI) has adjusted sharply downwards. Similarly, fees

The Calm Before the Storm?

The Calm Before the Storm?

Week 8 2022 This week, there’s been a slight pick-up in the Network Demand Model as MRI turns back on. But that’s the only good news as all other network health indicators continue to deteriorate. With stories doing the rounds that President Biden will be issuing an executive

On-Chain Echoes from 2018

On-Chain Echoes from 2018

Week 7 2022 We can’t escape the fact that network demand continues to falter. Last week we were left with only the short-term transaction action signal in positive territory, but once again, there has been no uptick in transaction value to provide follow-through from the recent bounce. This week

Taproot and the Fees Conundrum

Taproot and the Fees Conundrum

Week 6 2022 As far as the Network Demand Model is concerned, the recent bounce in bitcoin should be treated with caution. But it may be that the interpretation of the data needs to change. This week we take a closer look at the moribund fees signal and examine the