On-chain activity is up: the real bull Bitcoin bull market is here

Bitcoin on-chain accumulation report, March 2024

Bitcoin is up like 285% since 2023. It has also made a new all-time at $73k. So you probably don’t have any doubt that Bitcoin is in a bull market.

Still, the on-chain activity has more to say about that.

Since the launch of the ETFs we have entered the real bull market.

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On-chain activity is up: the real bull Bitcoin bull market is here

The takeaway

Since mid-January the on-chain activity is following a pattern that is typical of the start of the real bull market for Bitcoin (the one with parabolic moves and increased volatility).

But the similarity with previous bull markets stops there.

The Bitcoin ETFs are changing the game. The ETFs flows dominate the on-chain activity and everything else about Bitcoin. 

Focusing on those and how they stack relative to the amount of liquid Bitcoins available is the key to navigate this market.

The real bull market is here