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This Is Not Investment Advice
The Market Right Now - Bitcoin Adoption
We’ve discussed here the concept of Bitcoin adoption in general and how the status of such may be impacting longer term trends with the exchange rate. In essence - as a bulk of the community obsessed over Treasury Cos and “waiting for the cycle to play out” perhaps actual usage and adoption of Bitcoin became a bit lost in the mix.
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What’s done is done. Let’s take a look at some charts and data related to Bitcoin adoption.
Number of New Addresses
Active Addresses
Lightning Capacity
Lightning Nodes
Stacks
Stacks recently published this update that makes some strong statements:
Here is a look at DeFi transactions on Stacks recently:
STX Weekly
Thoughts and observations:
Am very aware there are a variety of tools and metrics to use to monitor Bitcoin adoption . . . . using these as a baseline . . .
As bearish as sentiment can get . . . . and as loud as Gold bugs can get dancing on Bitcoin’s grave . . . . reality is we still have the most innovative and powerful network the world has ever seen . . . . usage has dropped off in terms of address usage and transactions . . . it dropped off . . . it didn’t stop completely . . .
In my view it’s more than fair to hold the community and Bitcoin to account for generating growth . . . . been a while since 2009 . . . if we don’t start using it more now . . . . when will we?
This report does not have a Bitcoin exchange rate chart . . . but I am showing STX . . . . in my view STX might be the best 2nd order signal . . . meaning if Bitcoin DeFi does actually pick up it seems very reasonable to me that more people would be using STX . . . . yes others do BTC DeFi as well but we need something to monitor we don’t need a debate about a million new L2s seeking attention . . .
Stacks makes some big statements above . . . . great . . . . ok let’s see it . . . . STX DeFi transactions have cooled off but seeing one provider (BitFlow) stand out shows us it is more than possible . . . .
