In newsletter # 3 Bitcoin Uncharted , analytics firm Glassnode co-founders Jan Happel and Yann Allemann continue to offer revealing details of bitcoin (BTC) and the world of cryptocurrencies through interesting graphs that are related to the evolution of the current bullish cycle of bitcoin.
In this third installment, the engineers address from what they call Elon Musk’s “shock waves” in the cryptocurrency market, to the open interest in bitcoin futures, along with the accumulation of bitcoin, and the incorporation of new bitcoin users, among many other topics. The graphs are compiled twice a month and are presented individually, before the newsletter is published, on the Twitter account of Yann & Jan, @Negentropic _.
Tracking Bitcoin celebrities
The first Bitcoin Uncharted chart is dedicated to Elon Musk. The authors show the visits of CoinMarketCap, Coinbase and Binance in the last four months . They note that Musk “has sent massive shockwaves into the crypto-sphere, as a consequence we have seen a strong resurgence of interest from retail investors in that space,” the document says.
Until the end of January, as shown in the chart above, there were an average of 2-3 million active users on CoinMarketCap and two of the most popular exchanges. At the beginning of February, indicated with the red dotted line, that average rose to a number of users that ranged between 4 and 5 million daily visitors.
As published by CriptoNoticias, Elon Musk made several pronouncements in February in favor of the cryptocurrency Doge, and contributed to a notorious rise in the price of bitcoin, announcing on the 8th of that month a Tesla investment of $ 1.5 billion. This brought the first cryptocurrency to a new all-time high.
On the other hand, the newsletter shows the increase in followers on Twitter from analyst Willy Woo (@woonomic) and investor Anthony Pompliano (@Pomp), a trend that also indicates an influx of new retail investors attracted to Bitcoin last week.
Capital turnover towards altcoins
The authors state that the so-called Altcoin / Bitcoin Cycle Index confirms the rotation of capital towards altcoins. It measures the relative performance of bitcoin compared to a wide selection of digital assets, says the report.
To summarize, bitcoin started the year with a consolidation between $ 30,000 and $ 35,000, allowing many altcoins to start a rally . This changed overnight with the increased attention Musk paid to bitcoin, pushing it above 40k within hours of Tesla’s bullish announcement. Since then, both bitcoin and altcoins have been on the rally, an indication that both institutional and retail money are flowing into this space.
Yann & Jan. Bitcoin Uncharted.
Phases of bitcoin accumulation
The authors state that the accumulation of bitcoin since the beginning of 2020 has been occurring in stages. From March to early December, the report states that there was a greater outflow of bitcoin from exchanges to institutional holders, indicating strong demand spot . “In 2021, these departures have begun to decrease,” says the report.