Chart of the Day
The behaviors of long-term and short-term holders are useful in identifying market cycles and local tops and bottoms. After all, what is crypto trading but a theater of human psychology? The short-term holder rollover oscillator tracks the trailing rate of the change of short-term holder supply. The value spikes when old hands are dumping and rolls back to zero when the market peaks, serving as an indicator of any potential changes in the underlying supply dynamics.
Talk of the Town
Have you bought the dip? After a swift yet brutal capitulation where the price of Bitcoin plunged nearly 5% in an hour, the president of El Salvador tweeted that the country has doubled down on its Bitcoin bet with the acquisition of an additional 150 coins. Two weeks into the rollout of its native Bitcoin wallet Chivo, the Central American country’s embrace of cryptocurrency is still facing substantial pushback and legal investigations.