TradFi vehicles and wrapped bitcoin are overlooked by pure on-chain analysts

There are more liquid bitcoins in the market than on-chain macro data suggests.
Source: Skew, Bitapps, MicroStrategy, Tesla, Square, Meitu, Aker, Bytetree, VanEck, Proshares, Hashdex, StatusInvest

By examining Bitcoin’s UTXOs aged one year or more, we see signals of accumulation, as the %-share of UTXOs aged one year or more has reached an all-time high. But is this a viable metric as the market structure has matured and BTC has been financialized and wrapped into other investment structures outside the bitcoin blockchain?

Since January 2020, 1.1m BTC has been moved to funds, public companies, and other chains. These are all liquid alternatives to trading BTC, and market activity across these assets impacts BTC's price discovery.

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