#823 Is The Bitcoin Bull Run Back?! - BTC On-Chain

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 is going on in the Bitcoin market this past week. To see the video with the corresponding charts referenced throughout the interview, go to the Anthony Pompliano YouTube Channel. ======================= Exodus is leading the world out of the traditional financial system by building beautiful and user-friendly blockchain products. With its focus on design and user experience, Exodus has become one of the most popular and loved cryptocurrency apps. It’s supported on both desktop and mobile, allowing you to sync your wallet across multiple devices so you can have access to your funds anywhere. You can instantly exchange around 100 different cryptocurrencies straight from your wallet. Interactive charts let you view an asset’s price history and your portfolio’s performance over time. And maybe the best part, Exodus is integrated with the Trezor hardware wallet - making advanced security easy for everyone. Visit exodus.com/pomp for your free download or search Exodus on the App Store or Playstore. ======================= 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 yours at Get Arculus.com today ======================= 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. =======================

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 Abra. Based in California and backed by top VC firms, Abra is an all-in-one, simple, secure app that allows you to trade over 110 cryptocurrencies, get 0% interest loans using

• 1:30Anthony Pompliano?

  your crypto as collateral, and earn interest with up to 14% APY on stablecoins and 8.15% APY on Bitcoin. You can join nearly 2 million users by downloading Abra from the Google Play or Apple App Store. If you download the app today, you will get $15 in free crypto once you fund your account. You can go to Abra.com to learn more. You came, you invested, now conquer. Abra, conquer crypto. Abra.com. Go check it out 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 protocol. On the Arculus key card with an easy to use Arculus Wallet app with over 20

• 2:14Anthony Pompliano?

  years of experience developing leading edge secure payment technologies. Composerv 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.

• 2:46Speaker 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.

• 3:10Anthony Pompliano?

  So first, if we take a look, Bitcoin's been hovering right around $43,500. There's a lot of different assets across the world that are all starting to suffer. See S and P, gold, silver, euro, yen, and renminbi all going down. If we then go ahead and look at the actual Bitcoin specific stats, we're sitting right around $825 billion market cap, still a massive asset that's only been around for about 13 years. The inflation rate unchanged at 1.77% and over 90% of the Bitcoin supply has been issued. One of the stats that I continue to look at is what is that settlement volume doing? Still $12 billion or so in that 24 hour settlement volume. That means people are using it. That means that Bitcoin still has value. Then active addresses over 1 million, which is a huge number and one that we need to

• 3:55Anthony Pompliano?

  continue to watch. Seeing that more people are using the Bitcoin network means that the underlying fundamentals continue to have value. GBTC now down to about a 10% discount and obviously Bitcoin down 36% from the all time high, but up 31% from the cycle low. It's exactly what you want to see. Now, one of the things that hasn't been normal over the last two years or so is Bitcoin actually being down.

• 4:20Speaker 02

  Over the last 12 months, if you go ahead and we look here at the Bitcoin versus gold in the S and P 500, only Bitcoin is down over the last year. It's down 6%. Gold even is up half a percent. The S and P 500 is up 15%. Bitcoiners aren't used to saying that Bitcoin's down over a year, but other assets are up. That's the situation that we find ourselves in. If you then go and you look over a two, three, four, five, six, seven, eight, nine, or 10-year period, Bitcoin absolutely dominated the return profile. And so really just that last 12 months, something that Bitcoiners haven't been used to talking about. Now, if we go ahead and we look at Bitcoin's price closing history by level, $43,500 or so,

• 4:59Speaker 02

  only 240 days of all of Bitcoin's history has been spent above that level. So 5% of the time, we've been above the level. 95% of Bitcoin's life, we've been spending below that level, which means that if you bought 95% of that time, and you held till today, you're in the money. Then if we go and we look at actually some of the more nuanced data around Bitcoin and gold, S and P, NASDAQ, and TLT, the one I always jump to is what is that compound annual growth rate over the last 10 years? Bitcoin's still growing at 148% every single year, compounded for a decade. It's exactly why people hold Bitcoin for very long periods of time. Then if we jump and look at some of the underlying fundamentals around mining, you can see that Sam Ruhl pulled up the Bitcoin hash rate. And when

• 5:43Speaker 02

  he looks at that mean hash rate on this moving seven-day average, what you can see is that it continues to be around all-time highs. Bitcoin is getting stronger and stronger and stronger. That huge dip here in the chart is when China banned the Bitcoin miners, kicked them out of the country, and then the hash rate came back with a vengeance. The Bitcoin hash rate has grown almost 9% this year in 2022. But ultimately, the most important thing is that it weathered the storm from that nation-state attack, and it came back and hit an all-time high within about eight months. It's exactly what we want to see, is that the strongest computing network in the world continues to get stronger, the most decentralized computing network in the world continues to get more and more decentralized. Now, the most important chart, of course, coming from our friend Will Clemente,

• 6:27Speaker 02

  talking about illiquid supply and the supply ratios. We've been talking about this now for 18 months or so. When you start to look at what people are doing, lots of people are buying Bitcoin and they have a history of not selling. That's where you get this illiquid supply continuing to grow faster and faster and faster. Almost 80% of Bitcoin supply being held by people who have a history of not selling. Similar to what we saw in the summer of 2021. And when all of those people are buying Bitcoin and they're holding it and they're not willing to sell. All of a sudden you get a little increase in demand and price has to go up to accommodate everyone. I'm not saying that's exactly what's going to happen in the short term, but what I can say is that the illiquid supply continues to go higher and higher.

• 7:12Speaker 02

  It provides a market dynamic that simply forces the price higher as more people continue to adopt decentralized, digital censorship resistant currency.

• 7:22Anthony 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 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.