Since the ~3k BTC drop on June 3rd, the reserves of miners have remained relatively flat, suggesting that miner sell pressure didn't play a big role during this last little drop πŸ€·β€β™‚οΈ

Since the start of June, reserves on exchanges are declining again

The reserves of 'pure' spot exchanges remained relatively flat, but were declining on exchanges that also offer BTC-collateralized derivatives products

Are the apes leaving the market..? 🦍

traders are increasingly going short during this dip 🐻

However, if you zoom out you see that the current funding rate is about 6-8x less extreme (distance from 0) than it was during the Jan-Apr local tops 🀏

The 90-day moving average of the coin days destroyed per entity is almost back to the levels of the period between the 2 2013 market tops (& before the run since Nov 2020)

I don't expect a full repeat of that btw, but it shows that this isn't necessarily the end either

Nice short 🧡 about the state of this (πŸ‚) market
---
RT @lucasnuzzi
Bitcoin bull markets tend to end with a bang, not a whimper.

So is this one over?

Bull markets are always different but, believe it or not, a 50% correction is still a whimper when it comes to . And Free Float MVRV at 1.5 is looking a lot like summer 2017.
twitter.com/LucasNuzzi/status/

There we go: yesterday we printed the first negative daily liquid supply change candle (πŸŸ₯) since April 28th πŸ‘€

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Watching the FED make these monetary policy decisions and global financial markets anxiously respond to them is a good reminder of the transcendence of ’s fully transparent and predictable monetary policy πŸ§˜β€β™‚οΈ

ft.com/content/0bf83e29-5ee2-4

"Sliva said that his party, Bancada Independiente, is an independent and opposition party. But Bancada Independiente has a good dialogue with the ruling party and has managed to reach agreement on previous projects"

Not a given that this will happen, but interesting nonetheless!

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Looks like Panama πŸ‡΅πŸ‡¦ might be following El Salvador πŸ‡ΈπŸ‡» in making legal tender if this bill that is going to be presented in July makes it through πŸ‘€

coindesk.com/panama-to-present

Looks like Glassnode corrected yesterday's 10.8k BTC outflow at Kraken, which means that it probably was an internal transfer indeed

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The weekly net growth of entities on the blockchain started to rise again since the start of June

(Note that the entity net growth data is lagged by one week so we don't know yet if that growth has continued since June 7th)

Since the $65k ATH, the trend in 's liquid supply change flipped from ⬇️ to ⬆️, as previously illiquid entities started to move coins around during the price dip

The liquid supply is still ⬆️ daily but its growth is slowing down & is close to flipping back to ⬇️ again πŸ‘€

Funding rates on perpetual futures flipped positive after the latest price bump across $39k

There is now a short-term 🐳 incentive to push the price down a bit & get a discount by cascading some long liquidations

Wondering if MicroStrategy is done buying yet..? πŸ€”

There was a -11k BTC net exchange (out)flow within a 10-minute timespan 1.5 hours ago, of which 10.8k BTC appears to be attributable to Kraken exchange outflows

This was either an internal transfer at Kraken (was it, @n3ocortex?), or someone is shopping hard right now

During πŸ‚ conditions (🟩), short-term holders (STH) do not want to sell at a loss, making SOPR=1 (black line) act as support

During 🐻 conditions (πŸŸ₯), STH tend to want to get out at break-even, making SOPR=1 act as resistance

STH broke through that SOPR=1 resistance today πŸ‘€

This visualization shows that since mid-2015, growth of smaller (0.001-0.01 BTC) addresses is slowing down, whereas growth of larger (1k-10k BTC) is increasing since late 2018

In other words; larger 🐳 addresses are increasingly determining 's on-chain footprint
---
RT @jjcmoreno
@100tHODLzzz @dilutionproof @WClementeIII @woonomic Agree. See growth differences between addresses of 1k-10k and 0.001-0.01 balance.
The growt…
twitter.com/jjcmoreno/status/1

The average lifespan of that are moved on-chain per entity has decreased throughout this dip to levels not seen since breaking the $20k previous cycle top (🟩)

Most long-term HODLers are not selling at these prices & appear to be waiting for whatever comes next πŸ‘€

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