Editor's Note: Welcome to our Hedgeye Free All Access Day! Below is a complimentary access for our daily Bitcoin Trend Tracker note for (1/27/22). 

Click HERE to go back to the itinerary page.

CRYPTO QUANT | ₿TC (+0.8%), ETH (+1.3%)

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC1

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC2

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC3

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC4

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC5

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC6

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC7

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC8

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC9

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC10

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC11

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - BTC12

ON-CHAIN & ANECDATA   

  • Crypto policy advocacy group warns of 'disastrous' provision in a new US bill >> cointelegraph
  • Avalanche-based Wonderland is allegedly run by QuadrigaCX co-founder >> theblockcrypto
  • Valkyrie files to list #Bitcoin mining ETF on NASDAQ exchange >> BitcoinMagazine
  • Binance poised to start accepting euro bank deposits from a major European payments network, putting an end to a months-long suspension >> twitter
  • Bitcoin's annual settlement volume has officially surpassed Visa's. >> DocumentingBTC
  • Reddit is testing NFTs as profile pictures >> Blockworks
  • Gibraltar Could Launch the World’s First Crypto Stock Exchange >> wired
  • Turkish President Recep Tayyip Erdoğan has urged the governing Ak Party to examine new technologies like the metaverse and cryptocurrencies. >> cointelegraph
  • Former Head of Product for “Marcus by Goldman Sachs” launched a crypto investing app, “Domain Ventures,” that “will provide investors a sophisticated, intuitive, and holistic platform. >> cointelegraph
  • A computer engineer has hacked his way through a @Trezor hardware wallet containing over $2 million in crypto. >> decrypt
  • Royal Bank of Canada, the country's largest bank, appears to be running its own #Bitcoin node >> BitcoinMagazine
  • IRS special agent: Crypto's the future but there are ‘mountains of fraud’ >> cointelegraph
  • Researchers Suggest Quantum Computers Only a Decade From Cracking Bitcoin  >>  decrypt
  • President Vladimir Putin: Russia has "some advantages" in #Bitcoin mining >> BitcoinMagazine
  • Putin pumps the brakes on Russian Central Bank’s push to ban crypto, sees future in mining >> theblock
  • Diem Association’s blockchain and crypto infrastructure is being sold off to a Californian bank for around $200 million. >> blockworks
  • The nature of Bitcoin's finite supply means one day there won't be any coins left to mine. So what will happen then? >> coindesk
  • SEC scrutinizing crypto firms Celsius Network, Voyager Digital and Gemini Trust as part of a broad inquiry into companies that pay interest on crypto >> bloomberg

SOPR:  The Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or simply: price sold / price paid. Entity-adjusted SOPR is an improved variant of SOPR that discards transactions between addresses of the same entity ("in-house" transactions). Entity-adjusted SOPR therefore accounts for real economic activity only, and provides an improved market signal compared to its raw UTXO-based counterpart. Long Term Holder SOPR (LTH-SOPR) is SOPR that takes into account only spent outputs with a lifespan of at least 155 days and serves as an indicator to assess the behaviour of long term investors. Short Term Holder SOPR (STH-SOPR) is SOPR that takes into account only spent outputs younger than 155 days and serves as an indicator to assess the behaviour of short term investors.

Total Balance in Accumulation Addresses:  The total amount of funds held in accumulation addresses. Accumulation addresses are defined as addresses that have at least 2 incoming non-dust transfers and have never spent funds. Exchange addresses and addresses receiving from coinbase transactions (miner addresses) are discarded. To account for lost coins, addresses that were last active more than 7 years ago are omitted as well.

Percent of Addresses in Profit: The percentage of unique addresses whose funds have an average buy price that is lower than the current price. "Buy price" is here defined as the price at the time coins were transferred into an address.

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - FF1

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - FF2

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - FF3

 Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - ff4

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - ff5

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - ff6

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - ff7

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - ff8

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - rr1

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - rr2

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - rr3

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - rr4

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - rr5

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - rr6

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - rr7

Bitcoin Trend Tracker |  Free All Access Day (1/27/22) - rr8

*With exception, risk range calculations and market data reflect pre-market prices (updated as of 6:00AM EST +/- 30 mins)

**Performance in title is calculated using latest price relative to the Bloomberg CFIX reference rate which provides a simple average of the BGN Pricing Source for any given Cryptocurrency over a 15 min window between 4.00pm and 4.15pm EST.  Here, it serves as a reference proxy for "overnight" performance.