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The Week On-Chain 32, 2024
August has already been a exceptionally eventful month across both equity and digital asset markets, after a “correlation-1” event sparked a major market sell-off. Bitcoin has been no exception, recording its largest drawdown of the cycle, causing capitulation amongst Short-Term Holders.

Executive Summary
- A “correlation 1” event has seen major assets and equities decline markedly, with Bitcoin being no exception, recording its largest drawdown of the cycle.
- The price contraction has resulted in the BTC spot price reaching the Active Investor Price, located at $51.4k, which is a crucial level for investor psychology.
- A dramatic flush out of leverage has also occurred, with futures open interest declining by 11% in one day. This likely increases the importance on on-chain data moving forwards.

Read more in The Week On-Chain newsletter.
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