Bitcoin is struggling with momentum, on-chain and off-chain

Bitcoin on-chain accumulation report, June 2024

Bitcoin’s price isn’t moving. This isn’t surprising due to the low on-chain activity. It’s also not surprising because the momentum from ETFs is still too weak.

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Bitcoin is struggling with momentum, on-chain and off-chain

The takeaway

The demand from Bitcoin ETFs isn’t strong enough to cause a supply shock.

We can see this on the blockchain. Even with a few weeks of positive inflows, short-term activity remains low.

History shows that Bitcoin needs a rise in on-chain activity to make meaningful progress. Without it, price movements don’t last.

So, even though the macro situation is bullish, it’s not affecting Bitcoin right now.

On-chain activity is struggling