Bitcoin is finally finding support from the transaction volume (a.k.a. BTC’s “corporate earning”) perspective. This is great news for long-term investors.
What’s BTC transaction volume? It is the volume of transactions recorded on the BTC blockchain. This measures BTC’s payment utility value, store of value, and part of the speculative value when new users come into the market. This differs from the trading volume. For example, when Tom buys BTCUSD on Binance, the trade is only added to the trading volume, not the transaction volume.
Data is sourced from blockchain.com(Quandl).
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Buckle up Dorothy. This is classic market cycle capitulation. It will hit $6000 for a few days before it tanks.
Phi-Deltalytics
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@quantumfly, as long as the transactional volume support holds w/ the price drop, it's btc on sale.
f-73
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I'm with you on this.
Trader_J_
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Good analysis!!
oshev
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Hello! Good analysis! What is the ticker for BTC daily transactions?
Phi-Deltalytics
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@oshev, I wrote the indicator above with Quandl.com data. I'll publish it soon after several small fixes. In the meantime, you can access the raw data with "QUANDL:BCHAIN/ETRVU" or go to quandl.com/data/BCHAIN/ETRVU-Bitcoin-Estimated-Transaction-Volume-USD and click "TRADINGVIEW" under "Tools" in the right column. The transactions here are measured in USD, and I do think the transactions measured in BTC ("QUANDL:BCHAIN/ETRAV") allows easier trend spotting. Personally I use the transaction measured in BTC more frequently. See the idea below.
UnknownUnicorn4862126
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@Phi-Deltalytics, Cool indicator, looking forward to seeing it published on tv
Phi-Deltalytics
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@oshev, the raw data is more volatile given the weekend effect.