Finally, we have found the thing that harms and threatens the American way of life.
It’s not a lack of jobs. It’s not the rapid inflation of the US dollar.
Nope. Wanna take a guess?
Well if you were to believe Elizabeth Warren, then it’s super coders!!!
Specifically, this is what Elizabeth “I am a Cherokee” Warren, has to say, about the “dangers” of cryptocurrencies.
“Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners, which doesn’t sound better to me.”
Anyway, Warren and her best friend Janet Yellen — the United States Secretary of the Treasury — are on a warpath when it comes to cracking down on cryptocurrencies. However, guess what?
Crypto will survive. Crypto will be adopted. Crypto will prevail.
You can keep backing your shady, unethical bankers. I will back our “super coders” who are making finance more inclusive and open for everyone.
Bitcoin Month-End Analysis
Now that we are coming to the end of July, let’s go through some month-end on-chain analytics for Bitcoin.
It seems like the number of addresses holding 1,000–100,000 coins have cumulatively gone down from 2,466 to 2,154. On the other hand, the number of addresses holding 100,00–1 million coins went up from 2 to 3. This may not sound like much, but keep in mind that these addresses are holding $30 billion worth of BTC at the very least.
Up next, we have the SOPR, or the Spent Output Profit Ratio, chart for the month. SOPR is an indicator that reflects the degree of realized profit and loss for all coins moved on-chain. SOPR > 1 means more addresses are in profits and < 1 are in loss.
The SOPR tells us that number of addresses in profit has been steadily increasing through the month. Up next, we have the median transaction fees chart.
As you can see, from the beginning of the month to the end, the median transaction fees have dropped from a little over 0.00015 BTC to 0.000075 BTC.
Finally, let’s check the NetFlow metric. This metric checks the number of bitcoins flowing in and out of crypto exchanges. Bitcoins flowing in (shown in green) is a negative sign since it tells us that users are sending their BTC to the exchanges to sell them off.
Conversely, coins flowing out of the exchanges (shown in red) is a positive sign since it shows that more addresses are buying and holding BTC.
In the Glassnode chart, you can see a huge red spike towards the end of the month. This tells us that many people purchased a considerable amount of BTC towards the end of July. This is a very positive sign.
Alright, so we bring a close to a memorable July, with the crypto market roaring back. I can’t wait to see what August has in store for us.
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