#840 How Bitcoin On-Chain Is Looking After Russia/Ukraine War Begins

In today's episode, I break down Bitcoin On-Chain Analytics. I'm usually joined by WiIl Clemente on Saturdays to discuss his research through articulating his weekly newsletter. Unfortunately, Will was unable to join us this week. Instead, I go through the Blockware Newsletter to help you understand what happened to Bitcoin this week after war broke out between Russia and Ukraine. To see the video with the corresponding charts referenced throughout the interview, go to my Anthony Pompliano YouTube Channel ======================= Today’s episode is brought to you by Coinbase Wallet, your key to the world of crypto. Crypto wasn’t made to just buy, sell, and hodl. With Coinbase Wallet, you can do so much more: Collect more NFTs, earn more with DeFi, and trade more than 4,000 tokens. Whether you’re looking to play, stake, spend, or just explore a trending new protocol — Coinbase Wallet is your key to more. Long-time HODLers already know that wallets are a must-have if you want complete control of your crypto. That’s why Coinbase Wallet makes self-custody simple, while providing the safety and security of the most trusted name in crypto. Visit coinbase.com/wallet to learn more. ======================= The Pod Pro Cover by Eight Sleep is the most advanced solution on the market for thermoregulation. It pairs dynamic cooling and heating with biometric tracking. Go to https://www.eightsleep.com/Pomp to check out the Pod Pro Cover and save $150 at checkout. Eight Sleep currently ships within the USA, Canada, and the UK. ======================= Cryptocurrencies offer boundless potential, but how will you protect your crypto? Arculus is the next generation crypto cold storage wallet that combines the world’s strongest security protocols on the Arculus Key Card with an easy-to-use Arculus Wallet App. With over 20 years of experience developing leading-edge secure payment technologies, CompoSecure created Arculus to give you the power to protect your financial future. You can buy, store, swap, send and receive your crypto with a simple tap of your Arculus Key Card to your mobile device. Your private keys are encrypted on the Arculus Key Card and they never leave it. Stay safe from hackers with no cords; no charging; no Bluetooth. The only person accessing your crypto... is you. Buy Arculus on Amazon today. =======================

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Anthony Pompliano?

  What's up everyone, this is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. In today's episode, Will Clemente couldn't join me for our weekly sit down, so instead I just break down all of the charts that he put together. We try our best to go through the on-chain metrics and explain what the hell is happening with Bitcoin and why has the price been falling. I hope that you enjoy this and please bear with me as obviously I'm nowhere near as astute in these metrics as Will, but I'm doing my best to keep up. So before we get into this episode though, I want to quickly talk about our sponsors. Today's episode is brought to you by Coinbase Wallet, your key to the world of crypto. Crypto wasn't made to just buy, sell, and hold. With Coinbase Wallet, you can do so much more. Collect

• 0:47Anthony Pompliano?

  more NFTs, earn more with DeFi, and trade more than 4,000 tokens. Whether you're looking to play, stake, spend, or just explore a trending new protocol, Coinbase Wallet is your key to more. Longtime holders already know that wallets are a must-have if you want complete control of your crypto. That's why Coinbase Wallet makes self-custody simple while providing the safety and security of the most trusted name in crypto. Visit Coinbase.com/wallet to learn more. Again, that's Coinbase.com/wallet and learn more today. This episode is brought to you by Eight Sleep. Eight Sleep is the single best product that I have purchased over the last three years. It completely changed my life. I'm not joking, pay attention. The Pod Pro cover which goes over your mattress by Eight Sleep

• 1:31Anthony Pompliano?

  is the most advanced solution on the market for thermal regulation. It pairs dynamic cooling and heating with biometric tracking. You can go to eightsleep.com/pomp to check out the Pod Pro cover and you save $150 at checkout. They currently ship within the United States, Canada, and the UK. And I told you, it changed my life. It helps me sleep deeper, helps me sleep longer. I feel much more refreshed and I have better energy. You want to know how I have relentless energy every single day? Because I sleep on an Eight Sleep. Seriously, go check it out, eightsleep.com/pomp today. Today's episode is brought to you by Arculus. Cryptocurrencies offer boundless potential, but how will you protect your crypto? Arculus is the next generation crypto cold storage wallet that combines the world's strongest

• 2:14Anthony Pompliano?

  security protocols on the Arculus key card with an easy to use Arculus wallet app. With over 20 years of experience developing leading edge secure payment technologies, CompuServe created Arculus to give you the power to protect your financial future. You can buy, store, swap, send and receive your crypto with a simple tap of your Arculus key card to your mobile device. Your private keys are encrypted on the Arculus key card and they never leave it. Stay safe from hackers with no cords, no charging, no Bluetooth. The only person accessing your crypto is you. Buy yours today at getarculus.com. All right, let's get into this episode. I hope you guys enjoy this one.

• 2:52Speaker 01

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 3:15Anthony Pompliano?

  What's up, guys? Bang, bang. Here's your weekly update on Bitcoin on-chain metrics and the market structure. First, let's take a look. Bitcoin's price is sitting right around $39,000. That's up about 10% over the last 24 hours or so. As we've seen, Russia invade Ukraine. At first Bitcoin sold off, but ultimately has come roaring back and that 10% gain is pretty telling about how the global market is looking at Bitcoin in times of geopolitical uncertainty. If we then look deeper into the actual Bitcoin network, what we can see with those statistics. So we're sitting right around $750 billion market cap. 90% of the supply has already been issued in Zen circulation. About $12.9 billion has been settled on-chain

• 3:59Anthony Pompliano?

  the last 24 hours and miners were paid about $36 million over the last 24 hours to actually secure the strongest computing network in the world, the Bitcoin network. Ultimately Bitcoin's down 43% from its all-time high, but it's up about 20% from its local low. And so Bitcoin continuing to do exactly what It was designed to do produce block after block after block of transactions. No matter what's happening in the world. And that's why Bitcoin continues to work exactly as designed. Now, if we jump into and look at Bitcoin compared to gold, S and P 500, NASDAQ and TLT. What we can see here is that Bitcoin continues to grow at a compound annual growth rate of 145% over the last 10 years.

• 4:43Anthony Pompliano?

  It is absolutely incredible. It also maintains a 1.5 sharp ratio, which is double gold's and about double the S and P 500. Now let's dive into some of the on-chain metrics and what we can see on-chain or in the market structure is the open interest. You can see here that since December or so, open interest, that's all that leverage had been growing in size. But what we saw on the far right of this chart is that since Russia invaded Ukraine, there was quite a bit of a short squeeze there. A ton of that open interest has fallen off. Those are people who had leverage and that move upwards, that 10% gain wiped out a lot of that interest. This comes from the Blockware newsletter, which is fantastic. Will Clemente and the rest of the team looking at some of these metrics.

• 5:28Anthony Pompliano?

  Then if we continue and we look at the supply metrics, what we can see is that about 76.5% of Bitcoin's supply has not moved in the last six months. It's an all time high, that blue line just going up into the right 76 and a half percent of all of Bitcoin's circulating supply has not moved in at least six months. Then if we continue, one of the things that I think is a long-term trend that's really important to watch is this idea of where the Bitcoin supply resides. Here, Willie Wu provided in this chart, green, that's that big one that jumps up at the beginning, that is whales, people with a thousand Bitcoin or more. The pink is the retail traders.

• 6:10Anthony Pompliano?

  And what we saw is back in 2019 into 2020, that's when retail overtook the whales. Retail holds more Bitcoin now than whales, and it's only continuing to head in that direction. As retail gains more and more Bitcoin, the whales have less and less within their control. And so ultimately what we're seeing. Is that Bitcoin, it's serving as a great store of value even in times of political instability. Bitcoin is something that not only has financial benefit, but there's a lot of people in the Ukraine that are either raising money via Bitcoin that avoids any sort of financial censorship. Or they're taking their wealth, they're trying to get into Bitcoin and then they're heading for the border, whether it's Poland or elsewhere.

• 6:52Anthony Pompliano?

  They want to get out of the country, they want to get out of harms way, they want to take care of their families. And Bitcoin is a tool to help them do that. Hope you enjoyed this quick deep dive on Bitcoin this week and we'll be back at it again next week with Will and the rest of the team. Until then, have a great weekend and I'll see you next week. Thanks so much for listening to today's episode. I really hope you guys enjoyed this one. Make sure you subscribe on Apple, Spotify, or your favorite podcast player. And if you're looking to try to transition to get a new job in the Bitcoin or crypto industry, we've got you covered. Head over to pompscryptocourse.com. We've developed a curriculum with the top teams across the industry. It's a three-week intensive training program with over 50 events packed into that three-week time period.

• 7:34Anthony Pompliano?

  Go to pompscryptocourse.com to learn more and I'll meet you guys for the next episode.