It has been another tough week for asset markets, with Bitcoin, equities, forex, and bond markets experiencing volatility, and general price depreciation. The Euro has once again traded below USD parity as the European energy crisis worsens, and the DXY Dollar Index has punched up to a new twenty year high above 109.30.
With the US Federal Reserve governors continuing to signal a hawkish stance on inflation at Jackson Hole, Bitcoin, as a developing index for global liquidity, reacted accordingly. Prices traded lower this week, coming off a high of $21,781, and hitting a multi-week low of $19,611.
In this edition, we will continue our assessment from last week (WoC 34), exploring how near-term weakness continues to be visible across many Bitcoin fundamental metrics. This creates a condition where prices are trading lower, even with very little additional sell-side pressure on-chain. This continues to signal both persistently weak demand, as well as an investor base who is willing to take whatever exit liquidity the market offers them, to ‘get their money back’ at cost.
🔔 Alert Ideas are presented throughout to help identify key metric levels of interest that may signify significant shifts in market/network performance. Any Glassnode member can set an alert directly from Glassnode Studio.