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Despite the bear market, the number of processed transactions in the Bitcoin network has updated its historical maximum - already more than $14 trillion since the beginning of 2022 (Glassnode). Such interest in bitcoin, even in the conditions of a crypto winter, clearly signals very great prospects for the future. Patience will be rewarded 📈

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Unlike the previous correction cycle, when panic selling prevailed, hodlers are now consistently accumulating positions (CryptoCompare).

After bitcoin was adopted as the "standard" at MicroStrategy, its stock outperformed the market significantly. For comparison, shares of other US big techs are given.

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Bitcoin miners are very positive at the moment, they continue to invest in equipment even though the income has become very small. The hashrate / profit ratio from mining has updated the maximum (CryptoQuant).

Bitcoin's 20-day volatility has fallen below that of the Nasdaq and S&P 500 for the first time since 2020. It seems that the cryptocurrency is now really characterized by relative stability.

A descending triangle may have formed on Bitcoin with a potential downward exit (CryptoQuant). The events of 2018 are repeated, when the price, after a horizontal trade in the region of $6,000, went quite quickly to $3,200. It is not a fact that history will repeat itself, but as always, you need to be careful and put stops.

The current bear market compared to the 2013 and 2017 corrections is very similar in duration. BTC is now close to the 2018 cycle low in terms of the number of days after the halving.

Yesterday, the US published yet another inflation data worse than expected. As a result, the markets immediately went into a correction, but rather quickly bought out the fall. Interestingly, a massive set of longs was recorded on BTC futures on this news (CryptoQuant). The overall situation in crypto is starting to look pretty good 📈

The ~19000$ level remains one of the most important supports for bitcoin. It is here that 1.3 million wallets have already bought 680,000 BTC (IntoTheBlock). In the event of a powerful penetration of this level down, bitcoin will have big problems, since there simply weren’t any lower volumes and, accordingly, there will be no one to support the price.

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Globally, Bitcoin is in a zone where literally no one wants to buy, after a very long fall (CryptoQuant). By itself, this information cannot accurately predict the bottom, but it clearly hints that the macro-day has either passed, or is somewhere very close.

The relatively small amount of Bitcoin short liquidation and the concurrent rise in open interest could set off a chain reaction and trigger giant liquidations (CryptoQuant). This is relevant for exiting the current trading both down and up. Therefore, the very first strong movement can lead to a jump in prices by 20-30%.

BTC accumulation rate hits 7-year high Bitcoins that haven't moved for 6 months or more now account for 74% of the realized capital. In recent lows, the numbers were as follows: - 70% in 2019 - 77% in 2015 They buy BTC and just hold on the wallet for (minimum) 6 months. Nearly 28% hold between 12 and 18 months.

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New weekly crypto review from Glassnode: While there is real chaos in the traditional markets, bitcoin is quite stable. BTC has been in the range of 18000-20000 for 4 months already, this is the calm before a very strong storm. The average break-even price for BTC miners is slightly below current values. A price move below this level can cause a lot of stress and capitulation.

Bitcoin and Ethereum are behaving stronger than SP500📈 (Santiment)

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Meanwhile, the index of fear and greed signals a very difficult situation in all markets. Cryptocurrencies are far from an exception. Even if you look at Forex, many currencies are falling significantly against the dollar this year, on average about 20% for the euro, pound and yen. In the stock markets, the situation is even more difficult, with some top stocks falling 5 times from their all-time highs. Against their background, bitcoin with a fall of less than 4 times from its ATH does not look so bad. The global economic crisis is in full swing, after a large cycle of growth, a natural cycle of decline has come. A decent part of it is already behind, by the way. The potential for further decline remains, but it is getting smaller and smaller. Much depends on the actions of the Fed, we keep our finger on the pulse. By their behavior it will be clear when the global correction will come to an end. But you still need to be patient.

The fall of bitcoin to $18,800 led to a very powerful increase in volumes, including on altcoins (Santiment). A 3-month maximum has been reached. This may well become a local turning point on the chart 📈

Over the past month, transactions with NFT tokens and interaction with the decentralized finance sector have made the largest contribution to the burning of ether as commissions. They account for 22 percent of all ETH destroyed during this period.

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The accumulation of BTC is now taking place according to the same structure as in 2015 and in 2018 (Glassnode)

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According to OKLink analysts, from September 9 until the transition of Ethereum to PoS, cryptocurrency miners sold 14,785 ETH. The most active sales took place on September 14, that is, a day before the merger.

Whalemap, meanwhile, is afraid that if the cluster with a key volume of 19000-20000 is broken down, then the next significant support will be only the level of 13000-14000. Of course, they didn’t say anything fundamentally new, but the gap in volumes on the chart looks really frightening.

❗️The Merge update has been successfully launched on the Ethereum network. The event is truly unique. Thanks to him, Ethereum switched to Proof of stake consensus, which will automatically reduce emissions and network energy consumption by more than 99%. Emissions will also fall by more than 90%. By reducing the cost of electricity and equipment, there will be no need for daily sales of the received remuneration. Previously, it was 13.5 thousand ETH per day. All this, coupled with burning some of the coins, will help make Ethereum deflationary (or at least micro-inflationary). Buterin also stated that in the future, the Ethereum network will be able to overtake the bandwidth of Visa and reach 100,000 transactions per second. Today the price of ETH is around $1600. And given all the positive changes, it will be interesting to compare it in a year, two, and so on. It all looks very, very promising.

There are rumors that the next bitcoin halving may not happen in April-May 2024, but in the fourth quarter of 2023 due to the growing hashrate. Most likely, this will remain at the level of speculation. But something else is interesting: historically, bullish cycles began plus or minus a year before the halving of the reward for block mining. In theory, this means that the next bull run may not start until Q2 or Q3 2023. Until that time (again - historically) there was either a long turbulence in the outset, or a correction continued. Potentially, this is our scenario for another six months or even more. At the same time, it should be understood that each subsequent halving has an ever smaller impact on the turnover/trading of BTC (more than 90% have already been mined). Therefore, I no longer expect a grandiose growth of the main cryptocurrency, the main focus will gradually shift towards altcoins.

On the last fall of bitcoin to $18,500, Whalemap recorded a surge in large transactions (more than 1,000 transfers of more than $20 million each). Today, in turn, Cryptoquant notes the growth of bitcoin transactions in the over-the-counter market (OTC). Considering that the price of BTC has been sideways all summer and managed to form a double bottom, today's growth looks promising. The activity of the whales only adds to this confidence.

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There are only 9 days left before the ETH Merge update. After switching to proof of stake, Ether could become even more deflationary (Glassnode). In turn, this will make the coin even more attractive for long-term investment 📈

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Meanwhile, the Puell multiplier (I wrote about it recently - one of the most reliable in the history of BTC) is starting to leave the oversold zone. Up to this point, each such reversal of the multiplier coincided with the formation of a macro bottom.

The number of lost bitcoins has reached an incredible mark of 4.7 million coins (cryptorank). Almost every fourth BTC from the current turnover is lost forever.

Forbes estimated the percentage of fake bitcoin trading volumes on different exchanges. The results are disappointing: half of the transactions with BTC are fake (if not more)

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🔥The average transaction fee in the Bitcoin network has fallen below $1 again for the first time in more than two years (Cryptorank)

The Next Gem of P2E? The market’s situation is now revealing the real factors that lead to a project’s success in the long run. It’s also weeding out those projects that simply appealed to the hype and a profit-hungry community. Usually, only select DAOs, communities and investors are privy to the projects that are due to make it big, but we’re the all-seeing eye of crypto, so without further ado, we’d like to talk about the Ryber project. A key part of the project is the RyberVerse, a revolutionary 3-stage gamified metaverse featuring innovative Play-To-Earn mechanics, cutting-edge tokenomics, unique 3D art, and loads of fun. The team has been developing the game – Ryber: The Lost Data Runner – since March, and it’s already 70% ready, as the CEO of the company said in an AMA session recently. The project strives to set the AAA bar for quality, lore, and gameplay from which it will be impossible to break away. The next stage will be Ryber: Battle Royale, where players will compete against each other in the same way that they do in popular games such as Fall Guys or Fortnite. The first teaser of the project can already be seen here: https://youtu.be/ubf-2wqCg1c The game stands out from its P2E counterparts, and there are several important facts that play into its favour: 🔹 An experienced team: Ex-Ubisoft, Playrix and other former big-name developers; 🔹Renowned partners such as Tidex, Emiratex and others; 🔹 $2 million raised in a private round to fund game development; 🔹5,000 members of a private Discord channel. The team at Ryber recently upgraded their Twitter account to build a quality audience and post only the loudest of updates. Latest figures show 40,000 subscribers. 💰Moreover, Ryber will be launched on the Solana network, which will attract an active community. There are rumours that we’ll see Ryber’s NFTs on the Opensea launchpad in early September. Now, they’ve just launched a huge $10,000 USDT and $20,000 giveaway in $RYBER tokens through a special influencer program; if you have enough followers, you can be one of the winners! Project Media Twitter | Telegram | Discord | Website Anyone who joins Discord or Telegram via the links above will automatically receive a FREE WL spot!