Bitcoin accumulation trends have softened in the short term, despite extremely constructive long-term demand trends. The potential energy for a capitulation event is in place, but is yet to manifest as it has in previous market cycles.
We take the recent release of Taproot as opportunity to investigate ways to measure the adoption of SegWit-related Bitcoin improvements in a meaningful way; simultaneously, we put a spotlight on exchanges and their SegWit adoption.
Bitcoin enters its 82nd day of the prevailing drawdown, as derivatives traders bet on further downside. Meanwhile, on-chain demand models suggest a more bullish undertone is in play.