On the ‘yellow flags’ in Bitcoin’s on-chain data | Santiment Weekly Pro Report

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Ibis
Jun 6, 2021

Bitcoin has lost -37.5% in the month of May, one of its worst monthly losses since the network’s inception.


The recent crash has also left a clear imprint on Bitcoin’s on-chain activity for the past two weeks, putting the prospects of another February-like rally into question.


From Bitcoin’s lackluster address activity to a rising Mean Dollar Invested Age, there are several concerning signals emerging on the blockchain, worth keeping a close eye on in days to come.


We cover it all in our weekly Pro report:


Crowd Inertia


After declining steadily for most of the week, Bitcoin-related mentions on crypto social media surged on Friday in reaction to Elon Musk’s latest anti-BTC tweet, in which it seems that he’s publicly ‘breaking up’ with the asset.


The top coin quickly lost -8.5% as Musk’s tweets signaled to the market that

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