#919 Most Of The Bitcoin Supply Has Not Moved In Past Year

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 and various other Bitcoin metrics. Today I discuss the aftermath of the Bitcoin Conference, Inflation, how we have reached an all-time of bitcoin supply that has not moved in the last 12 months, and Terra continuing to purchase $100M of Bitcoin a day. ======================= 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. Crypto is all about giving the power back to the people and our sponsor, Pipe, is doing that in a big way. Pipe is the world’s first trading platform that allows you to trade recurring revenue streams for up-front capital. And with Pipe’s new API, companies with recurring revenue can build seamless, embedded financing options into their platforms. One of the most interesting uses for Pipe’s new API right now is Compass Mining’s “Mine Now, Pay Later” which powers payment plans on bitcoin mining hardware so more miners can start or scale with a smaller up-front investment. Whether you’re looking for mining hardware or scaling any business with recurring revenue, check out Pipe to access growth capital with: No loans. No dilution. No restrictive covenants or warrants. Just growth on your terms And right now, Pomp Podcast listeners can access tens of thousands of dollars even millions fee-free for 12 months. Whether you are a bitcoin mining company looking to enable financing for your customers or a SaaS, DTC, or any business that has recurring revenue, sign up at http://pipe.com/pomp to start trading 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. 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 more NFTs, earn more with DeFi, and trade more than 4,000 tokens.

• 0:45Anthony Pompliano?

  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 right, then congratulations, you're entitled to all the benefits of the decentralized web. But here's

• 1:29Anthony Pompliano?

  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 100% opt-in. If you want to feel alive, or at least prove you are, head to unstoppabledomains.com

• 2:10Anthony Pompliano?

  Today and get your NFT domain with humanity check again head on over to unstoppable domains dot com and get your NFT domain with humanity check today today's episode is brought to you by pipe crypto is all about giving the power back to the people and our sponsor pipe is doing that in the big way pipe is the world's first trading platform that allows you to trade recurring revenue streams for upfront capital and with pipes new API companies with recurring revenue can build seamless embedded financing options into their platforms one of the most interesting uses for pipes new API right now is compass minings mine now pay later which powers payment plans on Bitcoin mining hardware so more miners can start or scale with a smaller upfront

• 2:53Anthony Pompliano?

  investment whether you're looking for mining hardware or scaling any business with recurring revenue checkout pipe to access growth capital with no loans no dilution no restrictive covenants or warrants just growth on your terms and right now pump podcast listeners can access tens of thousands of dollars even millions fee free for 12 months whether you are a Bitcoin mining company looking to enable financing for your customers or a SAS DTC or any business that has recurring revenue sign up at pipe.com slash pump again pipe.com slash pump to start trading today all right let's get in this episode I hope you guys enjoy this one Anthony

• 3:33Anthony Pompliano?

  Pompliano runs pump investments all views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of pump investments you should not treat any opinion expressed by pump 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 everyone hope you're having a great start to your weekend I figured we'd go over a quick review of what happened in the Bitcoin market this past week first if we take a look the week right after the Bitcoin conference sitting at forty thousand four hundred thirty four dollars give or take not exactly the big Bitcoin boom that everyone thought would happen post conference if we then go ahead and we take a look you can see that the

• 4:15Anthony Pompliano?

  market cap is sitting right above 750 billion dollars the inflation rate still about one

• 4:20Anthony Pompliano?

  77% and 90% of the Bitcoin supply has already been issued into the market. There's over 1 million active addresses in the last 24 hours and miners were paid $37 million in the same time period to go ahead and secure Bitcoin, the most decentralized secure computing network in the world. Bitcoin is down about 41% from its all time high, but it is up 22% from its cycle low. If we then go ahead and take a look at Bitcoin compared to gold in the S and P 500, yes, Bitcoin is down 35% over the last year. It's because the base effect when it was going absolutely parabolic at the start of 2021. But over any other time period, two, three, four, five, six, seven, eight, nine, 10 years, Bitcoin has absolutely destroyed gold and the S and P 500 worth paying

• 5:05Anthony Pompliano?

  attention to. Then if we look around this $40,500 level, only 315 days out of all of Bitcoin's life has it actually been above this level. That means that for about 93.5% of Bitcoin's life, it's been lower. So if you bought at any point there and you held till today, you would be in profit. Then if we take a look, one of my favorite metrics is the compound annual growth rate over the last 10 years. Bitcoin sitting at 146% over the last decade, nat five year sharp ratio about 1.53, still superior to all other assets, gold, S and P 500, NASDAQ and TLT. And of course, this is all happening with an incredibly high inflation environment in the United States,

• 5:46Anthony Pompliano?

  8.5% report coming in for the month of March, significantly above that 2% target that comes from the Fed. And if we take a look, Will Clemente pointing out that the spread between the CPI and the 10-year yield is at an all time high, not exactly what you want to see if you're a long-term investor. But is it actually 8.5% inflation or not? Well, it's hard to tell. There's a brand new metric out called Trueflation, which points at 13.4% being the actual inflation rate. We're trying to measure a more accurate inflation measure than the 8.5% CPI number. So if we then go ahead and we take a look at on-chain metrics, Will Clemente and Blockware doing a fantastic job this week going ahead and breaking down what's going on. First, short-term holder cost basis.

• 6:30Anthony Pompliano?

  We can see here on the far right that the price ended up getting rejected off of that short-term holder cost basis. This is usually because people have been in the market less than 155 days. Soon as they get near break even, they've been underwater, they're gonna go ahead and they're gonna sell. That's why we continue to see struggle to get up above that short-term cost basis. Then if we take a look at the futures open interest with crypto margin accounts, what you can see is that that continues to trend downward. This means that people aren't using their Bitcoin or cryptocurrencies to actually grab any sort of margin. This means it's healthier and it's unlikely that we will see a long, long cascade of any sort of volatility in the market. Then if we go ahead and we take a look at exchange outflows, we can see that it's reached a rate that's

• 7:12Anthony Pompliano?

  only ever occurred three times before in Bitcoin's history. That was in March of 2020, December of 2020, and September of 2021. And so if we then continue, one of my favorite things to look at this week, this is a very, very important chart, is the supply not moved in at least one year. We are now at an all-time high. This means that the Bitcoin bulls are not selling. Then Blockware, taking a look at the entity-adjusted dormancy flow, showing that in the heavy opportunity zone, it's just the sixth time ever that we're here. It's also the longest time Bitcoin has ever spent in this zone. And then the illiquid supply continues to go absolutely parabolic. That pink line showing that the market continues to get more and more illiquid, very important if you're

• 7:57Anthony Pompliano?

  gonna look at an asset that is simply determining price based on supply and demand. And lastly, talking about demand, think about that persistent bid in the market coming from the Luna Foundation Guard. That's right, the Terra ecosystem saying that they're gonna buy $3 billion worth of Bitcoin. Well, they've been doing that. Here, we have their Bitcoin holdings in that foundation. They continue to stack thousands and thousands of Bitcoin, about $100 million or more per day. As long as there's a persistent bid in the market and we have a more and more illiquid market, something tells me that all we're gonna need is some sort of catalyst and this thing is gonna go boom. I hope that you enjoy these weekly updates. Next week, we'll be back with myself and Will

• 8:38Anthony Pompliano?

  Clemente going ahead and breaking this down on video. But in the meantime, I hope this is helpful and we'll see you guys next week.

• 8:46Anthony Pompliano?

  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

• 8:58Anthony Pompliano?

  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.