Charlie Erith

Week 42 2021 The Network Demand Model score remains at 2/6 this week, with most indicators continuing to strengthen. Transaction values are rising steadily, and fees continue to move higher. Miner’s Rolling Inventory has flagged a little, but the miners are, broadly speaking, selling what they mint, so

Week 41 2021 Having come from 0/6 last week, the Network Demand Model finished the period on 2/6, with both the short- and long-term transaction series turning on. During the week, Miner’s Rolling Inventory (MRI) flickered between on and off, so we have been at 3/6

Week 40 2021 The Network Demand Model remains pinned at 0/6 this week. Even the October month start rally has failed to ignite on-chain activity. This suggests that the price move isn’t backed by an improvement in network adoption and activity, but instead by more speculative behaviour within

Week 39 2021 The Network Demand Model has once again turned south, with a reading of 0/6, down from last week’s 2/6. Unexpectedly, both the short-term transaction and the Miner’s Rolling Inventory indicators have softened. Additionally, the long-term transaction indicator, having looked like it would turn

Week 38 2021 The Network Demand Model remained at 2/6 at the end of the week, still at a level deemed to be “OFF”. While Bitcoin has had an impressive bounce from the May lows, network activity remains subdued. Therefore, it is of little surprise to us that the

Week 37 2021 The model is unchanged this week on 2/6, with short-term spend and miners’ inventory remaining the two signals that are “on”. What remains remarkable is how weak the velocity signal is. This is as close to a valuation metric as is contained in the model, being