Bitcoin Vital Signs: 26 Oct 2021

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Takeaways

  • Price metrics are near ATHs but stable
  • Investment indicators and models have increased to mid-range
  • GBTC discount lessening
  • CME futures volume surged due to ETFs
  • Network volume is very high, hash rate surging
  • Fees low
  • Dollar stable to stronger, gold sideways
  • In general, network volumes are huge, investment indicators moving out of buy zones into mid-range readings, mining is finally catching up. The market is in a very bullish stance.

Pricing

Bitcoin Price* $62,335 (-$712, -1.1%)
Market Cap $1.175 trillion
Sats/$ 1,605
Finney (1/10,000 btc) $6.23
All-time high $66,950
ATH date (days since) 20 Oct 2021 (5)
% below ATH 7.4%
Gold oz/btc 34.6 oz
Sats/oz 2.88 million
Market cap in gold oz's 657 million
BTC Market cap in gold m. tons 20,445
Oil priced in btc ($) 135,887 sats ($84.25)
S&P500 priced in btc (standard) 7.41 mil sats (4595)
BTC Market Cap as % of US M2 5.6%
Miner Revenue per day $34.5 mil

Investment Indicators

GBTC Premium -12.9% (discount lessening)
Stock to Flow Multiple (10d) 0.73 (Low-mid-range)
Mayer Multiple 1.37 (Low-mid-range)
Puell Multiple 1.89 (Mid-range)
ROI 3 mo 44.1%
ROI 52 wk 375%

CME Futures

Front Month Expiry 29 Oct 2021
Total Open Interest 17,433 (+10,000 from last issue)
BITO ETF share 3,877 , 22%

Network

Network volume 24h 3.53 million btc (high, recent spikes, chart below)
Est. Difficulty adjustment +6.5% in 4 days
Difficulty Last 3 Avg 2.94%
Avg block size (daily) 1.10 MB (85% full)
Avg transaction $ value $147,860 (2.39 btc) (slightly high)
Median trx value $795.49 (0.013 btc) (normal)
Avg $ fee/transaction $3.09 (0.50 finneys, 13 sats/b) (low)
Median fee $0.53 (0.09 finneys) (low)

Bitcoin on-chain volume in BTC Blockchair

Stablecoin dominance

More info

Tether dominance (vs all altcoins) 4.92% (low, illiquid)
Stablecoin dominance 9.0% (low)
Stablecoin/bitcoin 11.1%

Top Forex Crosses

DXY 94.00
EURUSD 1.1587
USDCNY 6.382
Gold/USD $1,788
Silver/USD $23.98

Where else to find me : Fed Watch podcast | BTCM Research blog

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* Daily candle

Ansel Lindner  |  October 26, 2021  |  Block 706,806  |  Disclaimer

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