Current onchain and social data combination

A short review of what have we observed on the market before weekend.

Onchain data

  1. BTC Age Consumed. A significant amount of coins have been moved. Perhaps Bitcoins holders are worried that we are heading south:

2. Debt created (on Maker). Debt is not being created for quite some time:

The amount of debt on Maker hasn't been increased since we hit the bottom several weeks ago. It's a good sign.

Those who are willing to start leveraging and increasing debt, they are not there yet. So it's not too many participants.

New debt minted only was one very small spike. Debt repaid was a little bit active too.

Social data

  1. We can read some concerns in Maker Discord. Community discussing the Emergency Shutdown possibilities and DAI peg.
  2. General bullish talks are visible. Like "BTC to 50k", or "BTC to rally soon".

The crowd sentiment is two-fold. On one side there are lots of bullish talks in crypto social media. One the other side we do see BTC onchain movements and these concerning talks on Maker. It indicates the market should go down.

When we sum up everything, it looks like it represent the following crowd sentiment: whatever happens in the bottom is not convincing. People are not committing their money to enter anything related to bullish cases, surprisingly. There are bullish talks, but we don't see actions onchain.

We do believe it's a good sign. We trust onchain data. But the total amount of still positive news is a bit concerning. Too high expectations.

It could be that we need one more dip. But for the short term metrics we've seen the last - it's a good chance we should go a bit higher.

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

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