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In this months The Bitcoin Monthly, ARK Invest focused on Ethereum and the Merge. As a side dish, they did publish some premium and review-worthy stats that were about to cover. Never mind the market, the Bitcoin network keeps producing block after block regardless. The stats that this whole activity produces can be critical in understanding the market, though.

Thats where ARK Invests The Bitcoin Monthly comes in. The publication defines itself as an earnings report that details on-chain activity and showcases the openness, transparency, and accessibility of blockchain data. So, the data were about to cover is The Bitcoin Monthlys reason to be.

The center couldnt hold. The prices recovery was short-lived. Markets are red across the board and bitcoin is no exception. At the time of writing, bitcoin trades at $19,874. For those keeping score, thats just below last cycles all-time high of $20K. Something that shouldnt happen, but a few degrees of error are always understandable.

Times are tough, but bitcoin still trades above investor cost basis. The Bitcoin Monthly clarifies, Investor price is calculated by subtracting the cost basis of miners from the general cost basis of the market. As we see it, The Bitcoin Monthly is calling the bottom. They didnt say it in those exact words, but they certainly insinuated it.

Is the bottom really in, though?

The Bitcoin Monthly sees it as a sign that the market typically is capitulating and shifting back to long-term participation. Bitcoins consolidation process might be ending soon. We could stay for a while in the bottom area, though. That has happened before. The point is, all of the indicators The Bitcoin Monthly highlighted this month point in the same direction. To the bottom.

This one is the most bullish of all the featured stats. To clarify, coins that havent moved in 155 days or more qualify as long-term holder supply. The tourists and the people with high hopes left a long time ago. And the lions share of the bitcoin supply is now in the true believers possession. A remarkable situation that doesnt get mentioned enough.

The merges effects affected the market throughout the whole narrative. Even though were in a risk-off bear market, ETH took over and lead the market for a while there. They accomplished the mythical feat and the market turned on them. After what seemed like mission accomplished, ETHs price started to bleed.

Hidden behind a secret door, thats what The Bitcoin Monthly contained.

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Bitcoin Monthly Stats: Cost Basis, Long-Term Holders, And The Cyclical Bottom - NewsBTC