Crypto sentiment back to Fear zone π¨
Bitcoin price is highly correlated with sentiment.
We could test $110k todayβ¦
Fear zones are usually good times to accumulate though.
𧡠"Bitcoin is a ghost town" they say, pointing to quiet mempools
But in the last 3 months, $60B+ moved on-chain daily on average
That's 588,824 BTC flowing through the network every single day
The "ghost town" crowd is measuring the wrong thing entirely... π
2/ Here's what's actually happening:
While transaction COUNT dropped slightly, transaction VALUE remains massive:
$60B+ daily on-chain transfers
4.3M BTC weekly (21.6% of total supply)
Same volume levels as 5 months ago
This isn't a ghost town - it's serious money moving seriously
3/ Plot twist: Bitcoin on-chain value often EXCEEDS daily spot trading volume
June 11th example:
π 624,437 BTC moved on-chain
βͺ 467,791 BTC spot volume
Real Bitcoin β Real wallets vs. Paper trading β Same coins recycling
Which one matters more? π€
4/ What this actually signals:
β Less speculation, more actual utility
β Institutions moving capital quietly
β Bitcoin working as designed: final settlement layer
β Empty mempool = efficiency, not abandonment
The network is maturing, not dying
5/ The "ghost town" narrative completely misses the point
Bitcoin isn't about constant mempool chaos - it's about moving real value efficiently
What other "obvious" metrics do you think tell incomplete Bitcoin stories?
π Building tools to dig deeper into these questions
