The inaugural edition of ARK \u2019s \u201cThe Bitcoin Monthly\u201d report contains some gems. It also contains a simple compilation of facts that paint a clear picture of the bitcoin market as it currently stands. A blockchain is an unalterable fountain of evidence, and ARK put their best analysts to review it in-depth and get stats and insights for us. Get some coffee and take a seat, let\u2019s forget about the Fear & Greed index and see what the numbers are really saying.<\/p>\n
Excited to introduce the first official issue of \u201cThe Bitcoin Monthly\u201d<\/p>\n
Starting this month, ARK will be publishing an in-depth report covering Bitcoin\u2019s market action and sharing where we think the market’s headed.<\/p>\n
Here are the major highlights from this month\u2019s report:<\/p>\n
\u2014 Yassine Elmandjra (@yassineARK) June 3, 2022<\/p>\n\n
Over at Twitter, ARK Analyst Yassine Elmandjra described \u201cThe Bitcoin Monthly\u201d as: \u201cStarting this month, ARK will be publishing an in-depth report covering Bitcoin\u2019s market action and sharing where we think the market\u2019s headed.\u201d On ARK\u2019s website, they describe the new venture as: \u201cConsidering the market\u2019s fast pace of change, ARK publishes The Bitcoin Monthly, an \u201cearnings report\u201d that details relevant on-chain activity and showcases the openness, transparency, and accessibility of blockchain data.\u201d<\/p>\n
Related Reading | Bitcoin Price Closes Two Consecutive Weekly Red Candles, First Time Since Bottom<\/p>\n
Let\u2019s check the data and insights available in May\u2019s edition.<\/p>\n
The State Of The Bitcoin Market, With ARK<\/p>\n
According to \u201cThe Bitcoin Monthly\u201d:<\/p>\n
\u201cBitcoin closed the month of May down 17.2%, declining from $38,480 to $31,835.\u201d<\/p>\n
Let\u2019s be honest, this looks like the beginning of a bear market. And the Terra\/ Luna crash appears to be the catalytic event. However, subsequent data will show that we might not be in one after all.\u00a0<\/p>\n
\u201cBitcoin closed the month down 17.2%, printing its ninth consecutive negative weekly decline for the first time in history, suggesting a possible oversold condition.\u201d<\/p>\n
Nine consecutive red candles, a new record. That\u2019s a horrific fact no matter how you dress it. However, according to ARK, it suggests \u201ca possible oversold condition.\u201d Which is promising.\u00a0<\/p>\n
\u201cBitcoin is down 57% since reaching an alltime high in November 2021. For perspective, the average peak-to-trough drawdown during previous bear markets stands at 76%.\u201d<\/p>\n
Does this mean things could get worse? Or does it mean we\u2019re nowhere near bear market levels? It definitely feels bear-markety, but the stats are the stats.\u00a0<\/p>\n\n
BTC price chart for 06\/04\/2022 on Exmo | Source: BTC\/USD on TradingView.com
\nThe Bitcoin Network Stands Strong
\n\u201cDespite the continued sell-off, bitcoin has not broken below any major trendline. It is trading above its onchain cost basis at ~$24,000 and its 200- week moving average at ~$22,000.\u201d<\/p>\n
The bitcoin network absorbed Terra\/Luna\u2019s massive sell-off and the market\u2019s subsequent one like a champ. The worst seems to be behind us and bitcoin \u201chas not broken below any major trendline.\u201d<\/p>\n
\u201cAn all-time of nearly 66% of bitcoin\u2019s supply has not moved in over a year, a testament to the market\u2019s longer-term focus and a holder base with stronger conviction.\u201d<\/p>\n
Despite the massive market movement, bitcoiners keep HODLing like it\u2019s the only chance at economic freedom that they\u2019ll see in their lifetimes. Because it probably is.<\/p>\n
\u201cShort-term holder positions fell -35% below their breakeven price, on average.\u201d<\/p>\n
If bitcoiners are HODLing, who\u2019s selling all those cheap sats? Short-term holders, that\u2019s who. And they\u2019re not even close to breaking even. It\u2019s a short-term holders massacre out there.<\/p>\n
ARK Sees A Way For The Market To Jumpstart Itself<\/p>\n
Look, hear ARK out. First of all, \u201cbitcoin\u2019s open interest in the futures market has reached an all-time high of approximately 450,000 BTC.\u201d Also, \u201cperpetual contract basis typically hints at market direction. Currently, it is trading at a bullish discount to spot.\u201d This is very important because, \u201cgiven the high open interest outstanding, we believe the perpetual futures discount indicates a potential upward trajectory in BTC\u2019s next major price movement.\u201d<\/p>\n
Related Reading | Revisiting Dorsey\u2019s Hyperinflation Tweet: Elon, Wood, Saylor, Balaji, Chip In<\/p>\n
That\u2019s right, ARK closes \u201cThe Bitcoin Monthly\u201d report predicting \u201ca potential upward trajectory.\u201d Rejoice.<\/p>\n
Featured Image by Ricardo Gomez Angel on Unsplash | Charts by TradingView<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The inaugural edition of ARK \u2019s \u201cThe Bitcoin Monthly\u201d report contains some gems. It also contains a simple compilation of facts that paint a clear picture of the bitcoin market as it currently stands. A blockchain is an unalterable fountain of evidence, and ARK put their best analysts to review it in-depth and get stats and insights for us. Get some coffee and take a seat, let\u2019s forget about the Fear & Greed index and see what the numbers are really saying.<\/p>\n
Excited to introduce the first official issue of \u201cThe Bitcoin Monthly\u201d<\/p>\n
Starting this month, ARK will be publishing an in-depth report covering Bitcoin\u2019s market action and sharing where we think the market’s headed.<\/p>\n
Here are the major highlights from this month\u2019s report:<\/p>\n
\u2014 Yassine Elmandjra (@yassineARK) June 3, 2022<\/p>\n
Over at Twitter, ARK Analyst Yassine Elmandjra described \u201cThe Bitcoin Monthly\u201d as: \u201cStarting this month, ARK will be publishing an in-depth report covering Bitcoin\u2019s market action and sharing where we think the market\u2019s headed.\u201d On ARK\u2019s website, they describe the new venture as: \u201cConsidering the market\u2019s fast pace of change, ARK publishes The Bitcoin Monthly, an \u201cearnings report\u201d that details relevant on-chain activity and showcases the openness, transparency, and accessibility of blockchain data.\u201d<\/p>\n
Related Reading | Bitcoin Price Closes Two Consecutive Weekly Red Candles, First Time Since Bottom<\/p>\n
Let\u2019s check the data and insights available in May\u2019s edition.<\/p>\n
The State Of The Bitcoin Market, With ARK<\/p>\n
According to \u201cThe Bitcoin Monthly\u201d:<\/p>\n
\u201cBitcoin closed the month of May down 17.2%, declining from $38,480 to $31,835.\u201d<\/p>\n
Let\u2019s be honest, this looks like the beginning of a bear market. And the Terra\/ Luna crash appears to be the catalytic event. However, subsequent data will show that we might not be in one after all.\u00a0<\/p>\n
\u201cBitcoin closed the month down 17.2%, printing its ninth consecutive negative weekly decline for the first time in history, suggesting a possible oversold condition.\u201d<\/p>\n
Nine consecutive red candles, a new record. That\u2019s a horrific fact no matter how you dress it. However, according to ARK, it suggests \u201ca possible oversold condition.\u201d Which is promising.\u00a0<\/p>\n
\u201cBitcoin is down 57% since reaching an alltime high in November 2021. For perspective, the average peak-to-trough drawdown during previous bear markets stands at 76%.\u201d<\/p>\n
Does this mean things could get worse? Or does it mean we\u2019re nowhere near bear market levels? It definitely feels bear-markety, but the stats are the stats.\u00a0<\/p>\n
BTC price chart for 06\/04\/2022 on Exmo | Source: BTC\/USD on TradingView.com
\nThe Bitcoin Network Stands Strong
\n\u201cDespite the continued sell-off, bitcoin has not broken below any major trendline. It is trading above its onchain cost basis at ~$24,000 and its 200- week moving average at ~$22,000.\u201d<\/p>\n
The bitcoin network absorbed Terra\/Luna\u2019s massive sell-off and the market\u2019s subsequent one like a champ. The worst seems to be behind us and bitcoin \u201chas not broken below any major trendline.\u201d<\/p>\n
\u201cAn all-time of nearly 66% of bitcoin\u2019s supply has not moved in over a year, a testament to the market\u2019s longer-term focus and a holder base with stronger conviction.\u201d<\/p>\n
Despite the massive market movement, bitcoiners keep HODLing like it\u2019s the only chance at economic freedom that they\u2019ll see in their lifetimes. Because it probably is.<\/p>\n
\u201cShort-term holder positions fell -35% below their breakeven price, on average.\u201d<\/p>\n
If bitcoiners are HODLing, who\u2019s selling all those cheap sats? Short-term holders, that\u2019s who. And they\u2019re not even close to breaking even. It\u2019s a short-term holders massacre out there.<\/p>\n
ARK Sees A Way For The Market To Jumpstart Itself<\/p>\n
Look, hear ARK out. First of all, \u201cbitcoin\u2019s open interest in the futures market has reached an all-time high of approximately 450,000 BTC.\u201d Also, \u201cperpetual contract basis typically hints at market direction. Currently, it is trading at a bullish discount to spot.\u201d This is very important because, \u201cgiven the high open interest outstanding, we believe the perpetual futures discount indicates a potential upward trajectory in BTC\u2019s next major price movement.\u201d<\/p>\n
Related Reading | Revisiting Dorsey\u2019s Hyperinflation Tweet: Elon, Wood, Saylor, Balaji, Chip In<\/p>\n
That\u2019s right, ARK closes \u201cThe Bitcoin Monthly\u201d report predicting \u201ca potential upward trajectory.\u201d Rejoice.<\/p>\n
Featured Image by Ricardo Gomez Angel on Unsplash | Charts by TradingView<\/p>\n
<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-557","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=557"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/557\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=557"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}