Crypto Thrives as a Global Payments System and an Escape Pod

Key Takeaways

We continue to focus on the key narratives surrounding bitcoin and assess recent adoption trends driven by Russia’s invasion of Ukraine. We review on-chain data (realized cap, STH SOPR, and wallet addresses) to determine whether there is a sustained level of organic demand supporting the recent uptick in bitcoin’s price. Recent price action gives us some confidence that there will be buyers that step up in the $34k-$35k area should we witness another bout of downward pressure on BTC price. Bottom Line: With global momentum building for 3 out of 4 of our potential catalys...