The bitcoin price is back in a range but there’s a lake of activity bubbling away. We see little in any of our analysis that undermines our belief that there will be a strong end to the year.
The technical set-up is consistent with previous cycle behaviour and the longer trend. On-chain activity is healthy. Economics and politics are conspiring in a way that suggests that little is set to meaningfully divert from the direction of travel that continues to draw in crypto advocates. Indeed, the green shoots of pushback against state over-reach are appearing, most notably in the court rooms of the USA. The recent rate cut in China unmasks the parlousness of its property market, and the wreckage of malinvestment.
We examine the state of real-world asset tokenisation, and finally, in the light of the recent global IT outage, we contemplate the perils of centralisation and the dematerialisation of everything.
- Technical The longer term picture and the continuing consolidation
- On-Chain Strong transaction activity and low fees
- Macro US/UK politics, China rate cuts, Nvidia & ETFs, pushback against the Blob
- Ethos The dematerialisation of everything and the perils of centralization
- Cryptoverse The state of tokenisation
