Bitcoin Network Demand Model Update
Disclaimer: Your capital is at risk. This is not investment advice.
Week 18 2021
Network demand falls to a 4 this week, as TV$ drops 15% to $8.2Bn per day and volatility continues to rise.
Short term fees have fallen by a record 39% this week, hitting a modest $6.5M per day versus $10.7M last week. This fall in fees was a response to an anticipated fall in difficulty, which has increased throughput to 3.2 transactions per second. Network velocity continues to fall and remains “OFF”. It continues a downward trend started in mid-january. Miners have been holding back their inventory this week, accumulating $28M in additional inventory. Miners remain net sellers over the mid-term period used in the model to measure the strength of the market bid.
