The Week On-Chain 15, 2024
In this edition, we analyse the surge in both spot trading, and onchain exchange volumes for Bitcoin underlying the strong YTD performance. The market has also transitioned into a euphoric phase, as profit-taking has climbed accordingly.

Executive Summary
- Bitcoin’s strong performance over the last 12 months is supported by a surge in both spot trade volume but also exchange deposit and withdrawal volumes.
- By inspecting the cumulative volume delta (CVD), we can see that a majority of 2023 saw net selling activity on the taker side, even though corrections have been historically mild and less than 20%.
- Profit taking by long-term holders spiked meaningfully into the $73k ATH and is cooling down in recent weeks. This comes alongside an uptick in new demand brought on by the US spot ETFs.

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