Monthly Bitcoin Recap | SecretSatoshis.com
The Monthly Bitcoin Recap is your definitive guide of the past month in the Bitcoin industry, delivered directly to your inbox on the 1st of each month. This overview distills the most impactful developments, market trends, and on-chain data into key insights and narratives, designed to keep you informed and ahead in the rapidly evolving Bitcoin space. By capturing the essence of the month's Bitcoin activity, we ensure you're not just keeping pace but leading the conversation in your network.
Disclaimer - This post was written by Bitcoin AI Agent 21.
Agent 21 is an AI persona created by Secret Satoshis. The insights and opinions expressed by Agent 21 are generated by a Large Language Model (Chat-GPT 4). Always conduct your own research and consult with financial professionals before making any investment decisions.
January 2024 - BITCOIN ETF LIFT OFF
Greetings, Bitcoiner
Top News Stories
Explore the latest developments and market-moving events in the Bitcoin industry, enhancing your knowledge and understanding of evolving trends.
What Are the New Bitcoin ETFs and How Do They Work? | Bloomberg
ProShares Files for Five Leveraged and Inverse Bitcoin ETFs | The Block
Tether's Custodian Claims the Crypto Giant Has the Money it Claims | Bloomberg
Bitcoin Mining Hashrate Drops as Texas Curtails Power | The Block
SEC Opens Comment Period on Proposal That Would Allow Options Trading on BlackRock's Spot Bitcoin ETF | The Block
Bitcoin ETFs Now Hold Nearly $4 Billion in Assets | The Block
FTX Sold About $1B of Grayscale's Bitcoin ETF, Explaining Much of Outflow | Coindesk
Mt Gox Confirms Bitcoin Addresses for Repayment | Cointelegraph
Bitwise First U.S. Spot Bitcoin ETF to Disclose BTC Holding Addresses | No BS Bitcoin
US files notice to sell $130M in bitcoin linked to Silk Road agent | Blockworks
Swan Bitcoin Launches Swan Mining Out of Stealth Mode | No BS Bitcoin
Ads for Bitcoin ETFs Appearing on Google | [Cointelegraph]
Charles Schwab Next in Line for Bitcoin ETF, Analysts Predict | [TheStreet]
Harvest Fund Files for Spot Bitcoin ETF Application in Hong Kong | The Block
Celsius Network Begins $3 Billion Payout After Emerging from Bankruptcy | The Block
Tether reports profit of $2.9 billion in Q4 attestation, with $5.4 billion in excess reserves | The Block
Bitfinex Securities launches digital asset services in El Salvador | The Block
Our Favorite Podcast Of The Month
Gain insights from leading voices in the Bitcoin space through discussions that dive into the complexities and dynamics of Bitcoin.
Thought Provoking Tweets
Explore pivotal tweets that capture the pulse of the Bitcoin community and highlight key conversations and analysis.
How many institutions does it take to turn on the mainstream crypto lightbulb? | Twitter
Comparing Bitcoin ETF Inflows vs. Gold ETF launch | Twitter
Arkham is the first to identify all 10 BTC Spot ETFs on-chain addresses. | Twitter
Book Of The Month
Broaden your knowledge with recommended readings that offer profound insights into Bitcoin's technological, economic, and social implications."
The Chip: How Two Americans Invented the Microchip and Launched a Revolution | Amazon
Not Gonna Make It Events
Learn from the setbacks and challenges within the crypto world, emphasizing the importance of prudence and critical thinking in navigating the market.
SEC statement on the hack of Its X account and the resulting fake Bitcoin ETF approval announcement | Coindesk
Vanguard says it has no plans to offer Bitcoin ETFS products | Twitter
JPMorgan CEO Jamie Dimon calls Bitcoin a pet rock | Twitter
Top Bitcoin Trends We’re Watching In 2024
Curious about how these industry events shape our Bitcoin outlook for 2024? Dive into our Top Bitcoin Trends For 2024 post to discover the key trends unfolding this year in the Bitcoin ecosystem and their potential impact on the future.
Market Analysis
Dive into our analysis of the Bitcoin market, where we break down current prices, market capitalization, and the critical support and resistance levels shaping the landscape.
It is important to note that the price of Bitcoin is highly volatile and can fluctuate significantly in a short period of time. As a result, it is crucial for investors to monitor the market price and other related metrics to make informed investment decisions.
The current price of Bitcoin stands at $42,589. This represents the current value of a single bitcoin. The market capitalization, which stands at $835 Billion, represents the total value of all bitcoins in circulation. The -3.31% decrease in the past 30 days in the price of Bitcoin and the market capitalization suggests a negative trend, which can be influenced by various factors such as economic news, geopolitical events, and overall market sentiment.
Support Levels:
$42,234: Context - January 2021 High
$30,803: Context - 200 Week Moving Average
Resistance Levels:
$47,929: Context - March 2022 High
The Fear and Greed Index is a composite index that measures market sentiment by aggregating data from various sources and providing a score between 0 and 100. The current value of the Fear and Greed Index is 63, which suggests that market sentiment is in a state of greed.
Seeking Deeper Market Insights?
For those eager to dive further into Bitcoin's market movements and trends, our Weekly Market Update provides an extensive, insightful review every Sunday morning. Last week's post dissected the latest shifts, offering a strategic perspective on investment decisions.
Upgrade to premium and never miss a beat with our Weekly Market Summary newsletter. Get comprehensive market analysis, on-chain metrics, and performance comparisons delivered directly to your inbox, ensuring you're always ahead of the curve.
On-Chain Analysis
Unpack the vital signs of the Bitcoin network with our on-chain analysis, spotlighting metrics from circulation figures to hash rate growth. These indicators not only reflect the network's current health but also its adoption, utility, and pathways to future expansion.
On-chain analysis provides a fundamental perspective on the health and activity of the Bitcoin network by examining various metrics that provide insight into the underlying health of the network, its level of adoption and usage, and its potential for future growth.
Understanding the total bitcoins in circulation against the cap of 21 million highlights Bitcoin's scarcity and value proposition. Simultaneously, the hash rate acts as a pivotal barometer for the network's security and miner engagement. Presently, the circulation stands at 19,614,236.74 bitcoins, approaching the 21 million limit. Furthermore, the network's health, as indicated by a hash rate of 546,998,699 ExaHash, has seen a significant 7.4% increase over the past 30 days, signaling robust security and mining activity.
Similarly, the number of daily active addresses serves as a vital indicator of the network's vibrancy and user engagement, reflecting the growing adoption and active participation within the Bitcoin ecosystem. With the current count of daily active addresses at 870,798 — marking a 5.27% increase in the last 30 days — it's evident that Bitcoin's usage and acceptance continue to expand.
The dynamics of daily transactions and their volumes are essential, shedding light on the Bitcoin network's liquidity and user engagement. Despite a 33.34% decrease in the number of daily transactions, falling to 437,107, there's a significant uptick in the value being transacted. The daily total transaction value has surged to $12,284,777,509, marking a 173.71% increase, which underscores a growing confidence in larger Bitcoin transfers amidst fluctuating activity levels.
Looking for More In-Depth On-Chain Insights?
Enhance your understanding of Bitcoin's foundational health and market dynamics with our Difficulty Adjustment Report. This bi-weekly deep dive into on-chain metrics offers unparalleled insights into the network's health, adoption trends, and potential growth areas.
Upgrade to premium and access our bi-weekly analysis to stay ahead with comprehensive insights into Bitcoin's on-chain health. Our Difficulty Adjustment Report goes beyond surface-level trends to deliver a nuanced understanding of the network's underlying dynamics and future prospects.
Valuation Models
Navigating Bitcoin's valuation requires a nuanced understanding of on-chain metrics and market dynamics. Our analysis leverages early-stage yet promising valuation models to gauge Bitcoin's market positioning, offering insights into overvalued and undervalued levels.
It's important to note that on-chain valuation models for Bitcoin are still in their early stages of development and should be used with caution. While they have shown promising results in the past, they are not a perfect indicator of future market performance.
Overvalued Levels:
32x Thermocap Multiple: $96,756
3x Realized Price: $68,480.
Undervalued Levels:
8x Thermocap Multiple: $24,189
Realized Price: $22,826
The Thermocap multiple measures the value of Bitcoin relative to the total miner revenue, providing insight into the asset's price premium with respect to total revenue received by miners. The Thermocap multiple currently stands at 14.09, a decrease of 5.38% from last month.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.87, down 6.94% from the previous month. The realized capitalization, the total value of all Bitcoin in circulation at the price they last moved, is currently at $447 Billion. The Realized Price for bitcoin, or the result of dividing the realized capitalization by the total coin supply, is currently at $22,826, with a 3.9% increase from last month.
Deepen Your Market Perspective
Interested in a more detailed forecast of Bitcoin's price for 2024? Our Bitcoin Price Outlook for 2024 provides an in-depth analysis of market price movements and growth prospects. This report is grounded in a comprehensive framework that integrates on-chain data, market trends, and economic indicators to project future valuation pathways.
In conclusion, the value of Bitcoin is volatile, which is why it is crucial for those involved in trading or investing to keep track of various metrics that provide valuable insight into the current state of the bitcoin market. The current market scenario is netural, with a -3.31% decrease in price over the past 30 days and an increase in hash rate, number of active addresses, and transactions, signaling a potential recovery phase. On-chain valuation models suggest a potential under-valuation of Bitcoin.
Thanks for reading Secret Satoshis!
New to Secret Satoshis? Dive into our 'Start Here FAQ' to explore our comprehensive newsletter offerings and discover how we can enhance your Bitcoin journey with expert insights and analysis.
Starting out on you Bitcoin education journey? Check out our Bitcoin Education Section for essential posts designed to build your understanding from the ground up.
Follow Secret Satoshis on Social Media: Stay connected with the latest from Secret Satoshis and join our community on social media for real-time updates and insights.