Storm That Never Came

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Chart of the Day

Signpost. Trade intensity has remained relatively high since the May sell-off, suggesting that while demand fell in tandem with price plunges, supply has declined even further. The fall of trade intensity from the local peak in mid-August of 2021 overlaps with a period of frequent price corrections, suggesting that the market is trying to unwind heated sentiments that have overshadowed the fundamentals of supply and demand dynamics. The price of Bitcoin is likely to extend its decline should trade intensity continues to fall.

*Trade intensity measures trading volume per asset received on-chain, often seen as a metric that gauges the frequency at which assets change hands on an exchange.

Talk of the Town

Up the Ante. An SEC filing reveals that wealth management giant Morgan Stanley has purchased over one million Grayscale Bitcoin Trust (GBTC) shares. Analysts believe that more institutional interest may flood in, especially on the back of GBTC completing its share unlocking this week. We’ve all witnessed Grayscale’s impact on the Bitcoin spot rally last year, and have been wary of the immense selling pressure it could unleash with the imminent unlock. However, as GBTC’s final unlocking concluded, the market seems largely unperturbed.

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