weekly-roundup

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

ByteTree Market Health Update; Issue 91 There are many theories doing the rounds to explain the recent price crash, but at ByteTree, we believe the bitcoin price is at risk because it is structurally overvalued compared to the size of its network. This methodology has been working well for a

Week 36 2021 The Network Demand Model reads 2/6 this week, with an uptick in miner activity triggering an increase from 1/6 last week. All metrics apart from coin velocity are confirming an improvement in on-chain activity. MRI (Miner’s Rolling Inventory) has picked up markedly, as shown

Week 35 2021 The Network Demand model remains at 0/6. The long-term transaction signal is showing signs of resolving to a positive reading. However, the short-term signal shows worrying signs of renewed weakness, indicating that we may have longer to wait than thought without a material improvement in on-chain

Week 34 2021 The Network Demand Model closed the week on 0/6, down from 1/6. The short-term transaction value metric has turned off, which is surprising given that this is a price-driven indicator, and we have seen such a substantial price bounce. It suggests that “buying and holding”