Research Summary

The report discusses the recent surge in Bitcoin ETF applications and its impact on the Bitcoin market. It provides an analysis of the fund flow attributed to top exchanges in the US and Asia, showing a strong accumulation during Asia trading hours, while the US markets have shown weaker demand in 2023. The report also introduces a framework for tracing demand expansion or contraction using on-chain metrics. It concludes by examining the behavior of short-term holders, suggesting a shift in market psychology from the bearish environment of 2022.

Actionable Insights

  • Monitor Exchange Activity: Keep an eye on the fund flow attributed to top exchanges in the US and Asia. This can provide insights into regional market sentiment shifts.
  • Assess Investor Behavior: Pay attention to the behavior of short-term holders. Their actions can provide insights into market psychology and potential market trends.
  • Stay Informed on Regulatory Developments: Stay updated on the developments related to Bitcoin ETF applications. The approval of these applications could potentially lead to a significant increase in demand for Bitcoin.

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