#858 Bitcoin's Wild Price Action This Past Week - BTC On-Chain Analytics

In today's episode, I break down Bitcoin On-Chain Analytics. I'm usually joined by WiIl Clemente on Saturday's 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 Bitcoin's wild price movement in the past week and how the macro economy is affecting Bitcoin whales. 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 http://coinbase.com/wallet to learn more. ======================= If you’re a regular listener of the podcast, I would bet that two things are true: First: You’re passionate about Web3 and protecting your personal data And two: that you’re a human. If I’m right, then congratulations! You’re entitled to all the benefits of the decentralized web. But there’s a catch: As Web3-enabled tech — like NFTs, smart contracts, and DAOs — drive more elements of our “real world” lives online, proving that you’re a person – without surrendering personal data – becomes exponentially more valuable. And exponentially more difficult. This is why Unstoppable Domains launched Humanity Check. Humanity Check proves that you’re, well, you – without revealing personal data. No matter where you go on the web, you’ll have total control over which apps you want to share data with…and which ones you don’t. Prefer to be completely clouded in mystique? No worries - Humanity Check is 100% opt in. If you want to feel alive, or at least prove you are, head to http://UnstoppableDomains.com and get your NFT domain with Humanity Check. ======================= 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. Today's episode is brought to you by Unstoppable Domains. If you're a regular listener of this podcast, I'd bet that the two things are true. First, you're passionate about Web 3 and protecting your personal data, and two, you're a human being. If I'm

• 1:30Anthony Pompliano?

  right, then congratulations, you're entitled to all the benefits of the decentralized web. But here's the catch. As Web 3-enabled technology like NFTs, smart contracts, and DAOs dive more elements of our real-world lives online, proving that you're a person without surrendering your personal data becomes exponentially more valuable and exponentially more difficult at the same time. This is why Unstoppable Domains launched Humanity Check. Humanity Check proves that you're, well, you, without revealing any of your personal data. No matter where you go on the web, you'll have total control over which apps you want to share your data with and which ones you don't. Prefer to be completely clouded and mystique? No worries, Humanity Check is one of them. 100% opt in. If you want to feel alive, or at least prove you are, head to unstoppable

• 2:15Anthony Pompliano?

  domains.com today and get your NFT domain with humanity check. Again, head on over to unstoppable domains.com and get your NFT domain with humanity check 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 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 the simple tap of your Arculus key card to your mobile device. Your private keys are encrypted on the Arculus key card and

• 2:59Anthony Pompliano?

  they never leave it. Stay safe from hackers with no cords, no charging, no Bluetooth. The only person accessing your crypto is you. You can buy Arculus on Amazon today. Go check it out and see what all the hype is about. All right, let's get in this episode. I hope you guys enjoy this one.

• 3:15Speaker 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.

• 3:38Anthony Pompliano?

  This week's been a wild one for Bitcoin. Obviously, we have the Russia and Ukraine conflict that continues to play out, but there's many other macro forces at work. We saw 7.9% CPI print in inflation numbers. And then we also have a ton of potential questions at the macro economy level. Will a recession end up happening? Will inflation continue? Will the Fed hike rates in the month of March? Nobody knows, but what we do know is that we can go right to the metrics for Bitcoin specifically, and we can validate, we can audit it for ourselves. So if we go ahead and do that, we can see that Bitcoin right now is trading at $38,768. It's down about half a percent over the last 24 hours. If we then go ahead and look at the Bitcoin specific statistics, what we can see is that that market cap is about 730

• 4:20Anthony Pompliano?

  $33 billion or so. On top of that, that's about 90% of the supply being already issued. And miners were paid $35.5 million over the last 24 hours to continue to secure the most secure computing network in the world. Bitcoin's down about 43% from its all time high, but it's up about 17% or so from the recent low. If we then go ahead and take a look at the past performance of Bitcoin Gold, the S and P 500, we can see that Bitcoin is down 32% from 12 months ago. That big price drawdown was because Bitcoin was in the period going from about $10,000 to $64,000 between the end of 2020 and the beginning of 2021. This was almost the peak of exactly where Bitcoin peaked out in March of 2021. If we then go ahead and we

• 5:05Anthony Pompliano?

  take a look at the rest of the years, two, three, four, five, six, seven, eight, nine, 10 years or more in Bitcoin Gold and S and P 500, we can see that Bitcoin has been steadily outperforming all of these other assets for quite a while. And so if we take a look then at Bitcoin's history, we can see that Bitcoin has only been higher than this current price point, 6.4% of the time. That means that about 93.5% of Bitcoin's life has been at a lower price. If you bought Bitcoin then, you held till today, you are in profit. If we then go ahead and we take a look at what I think is one of the most important numbers in all of Bitcoin, that compound annual growth rate, you can see that Bitcoin continues over the last decade to compound growth at 143%

• 5:47Anthony Pompliano?

  every year. That is an incredible performance. The sharp ratio of the five years is still 1.5 or so, which puts it steadily above gold, S and P 500, NASDAQ, or TLT. If we then go ahead and we take a look into Will Clemente and Blockware's newsletter this week, we've got two on-chain metrics that we could show you. The first is this percent futures open interest, but using crypto as margin rather than stable coins or anything else. And you can see that at the beginning of March, we started to see an uptick in that futures open interest. So it's something to continue to pay attention to as more leverage enters the system. Then if we go and we look at whales, what the hell are the whales doing in Bitcoin? Well, we can see that whales actually in the beginning of March or kind of end of February started to sell.

• 6:30Anthony Pompliano?

  Some of their coins. And what this really tells us is that Bitcoin is becoming more distributed. The whales hold less of it. But also, it tells us that that's probably where a lot of the sell pressure is coming from. Even though we have that geopolitical conflict, even though we have all the macro factors, Bitcoin still is trading within this like 35 to $45,000 range. A lot of it's probably because these whales are actually have so much sell pressure in the market. And then lastly, if we go ahead and we take a look, Dylan Leclerc has this great tweet that showed that literally 30,000 Bitcoin were taken off of Coinbase just yesterday. And so ultimately, what we're watching is that there's a lot of action that's happening in the Bitcoin market. But because Bitcoin is an open decentralized protocol, that the blockchain is an immutable ledger that can be audited by anyone, we can see exactly what's happening, who's buying, who's selling,

• 7:14Anthony Pompliano?

  and what those behaviors have in a relationship to price. I continue to think that Bitcoin serves as a great global store of value. It's the only asset in the world that no one owns, no one controls, no one can print more of it. Bitcoin, in light of all of the undisciplined monetary and fiscal policy, is still super attractive to me personally. And as we continue to see all sorts of censorship and seizures happening in the various corners of the economic and financial markets, I think Bitcoin, more and more people are getting orange pill and they're realizing the true value that it has. That's it for this week. I look forward to talking 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.

• 7:56Anthony Pompliano?

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