Chart of the Day
Peaking soon? Perhaps not. The Reserve Risk indicator tracks the conviction of HODLers through the peaks and troughs of Bitcoin’s price movement. The basic idea behind the chart recognizes the opportunity cost for investors who are holding during bull runs. The metrics quantify the incentive for long-term HODLers to sell. A rising Reserve Risk ratio represents a greater incentive to sell and, in turn, signals a potential wealth transfer to new buyers. At the peak of each Bitcoin cycle, the ratio has shown tendencies to climb above 0.02. The current one sits near 0.008 — still a long way before touching the peak zone.
Talk of the Town
TIME for a change? TIME magazine is among the first mainstream news outlets to join the branded NFT hype, with auctions for three covers — including the iconic, soul-probing 1966 cover page ‘Is God Dead?’ and two recent spins on the classic. This is merely the first step towards creating a much more ambitious crypto blueprint that TIME has envisioned. The bolded, almost clickbaity rhetorical question ‘Is Fiat Dead?’ — featured on the cover of the latest issue — is echoed by TIME’s decision to start accepting crypto as payment for subscriptions which, to some crypto enthusiasts, may have marked the beginning of the end of fiat monopoly.