A quick thread on key on-chain indicators for #Bitcoin, which are designed to identify when a robust and healthy market recovery is underway.
Currently 7-of-8 metrics suggest a robust recovery is underway. This covers several categories of performance.
https://studio.glassnode.com/dashboards/signal-btc-recovering-bear 

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Elon Musk has expressed concerns about artificial intelligence several times before. In a video speech in February this year, he said that artificial intelligence is one of the greatest risks to human civilization in the future.

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#Bitcoin has rallied above both the Realized Price, and the 200D-SMA.
These are the most widely observed technical and on-chain models, and really reflect a bare minimum threshold for market strength.
https://studio.glassnode.com/dashboards/signal-btc-recovering-bear 

We also have positive upticks across on-chain activity metrics.
The #Bitcoin blockchain has more users, and greater fee congestion than long running baselines, suggesting a recent bust of elevated interest.
This is both ordinals and monetary in nature.
https://studio.glassnode.com/dashboards/signal-btc-recovering-bear 

After a pullback to $19.8k, we saw a near perfect example of SOPR undercutting 1.0, as #Bitcoin holders panicked and sold literal bottom of the dip.
On slower moving averages, SOPR and Realized P/L Ratio are recovering, but these will break &gt; 1 shortly.
https://studio.glassnode.com/dashboards/signal-btc-recovering-bear 

Finally, we look to the realm of #Bitcoin supply dynamics, where we are seeking two behaviours and observations:
- Saturation by smart money HODLers who dominate $BTC holdings
- Large volumes of coins return to profit, indicative of past accumulation.
We have both, happy days. 

Whilst this thread may seem too simple to be true, with many pretty colours, it comes backed by hundreds of hours Proof-of-Work from experts in #Bitcoin on-chain.
@glassnode shipped the metrics, workbench, and dashboards we wish we had in 2020-21👇
LFG.
https://studio.glassnode.com/dashboards/signal-btc-recovering-bear 