The Bitcoin Advisory ∞/21M ⚡️

👀 “One of my expectations for this bull market is that we will see Bitcoin become an increasingly normal part of a typical portfolio. I believe we will see meaningful growth in passive flows that DCA on every paycheck, and this is early evidence of that trend.” - From @_Checkmatey_ latest substack

Bitcoin's sell-side risk ratio measures the profit and loss investors are realizing, relative to the entire amount of money invested in #bitcoin. It's sitting on its low-realization floor, holders are barely selling, in profit or in panic. Good for upward continuation.

Bear markets are dominated by realized loss and bull markets with realized profit. Profit is being realized again…. #bitcoin

Update: the MVRV Z-score has climbed from the zero line in February to ~1.1. The bottom is in the rearview — the expansion phase is underway. #bitcoin

MVRV for #bitcoin has recovered to 1.6 from the 1.1 capitulation lows of July. It remains well inside the historical accumulation zone under 2.0. Healthy, not euphoric.

January 1st vs. Today: Going to need to let this play out. The coins that are bring sold out of fear from above and below need to be gobbled up by those who see #bitcoin at value prices and being to now overwhelm any selling.

The good news is that #bitcoin is approaching and beginning the process of bottoming out, with this, comes an opportunity to purchase bitcoin at deep and historic value, in which it is has been priced this low for less than 15% of the time. The bad news is it could go a little lower and it could take some time to reset. Either way, if you were looking to add bitcoin anywhere from $125,000 to today, you are getting a lot more for your money.

Some perspective…at $101,300…only 6.11% of the total market cap of #bitcoin is in loss. That is less than the other dips of 9.5% - 10.5% this cycle.

Bitcoin is currently battling that STH cost basis of $113,227. It broke above it fairly convincingly yesterday and now it’s taking a crack at seeing if it can hold today. Need to Braveheart here and then go.

The amount of global capital (orange line) that has been and continues to be sucked into #bitcoin is tremendous.