TitanSwap Monthly Report September
Market Overview
As global asset liquidity continues to decrease, especially with the local dollar index hitting new highs, BTC is clearly demonstrating a degree of relative strength. For much of September, Bitcoin’s trading behavior occurred primarily between two major historical levels: the 200-week moving average ($23,500) as resistance and the investor cost base ($19,000) as support.
Network activity in the block can be observed more directly by examining miners’ fee income, and network congestion is a leading indicator of a reversal in macro market trends. It is clear that the Bitcoin network remains in a prolonged period of low fees, and this further confirms that market demand has not yet begun to recover. Network activity in general remains barren, with adoption rates of new entities falling to cyclical lows, and the departure of retail investors most notably.
In terms of the age of the holders, the group of investors holding older coins remains steadfast, and they still refuse to sell or liquidate BTC with a certain size, and this behavior can reflect their belief.
Key Points
• The Fed remains committed to tightening interest rates to curb inflation despite signs of a recession, with this being the third 75 basis point rate hike in three months.
• A stronger dollar in the context of tightening policy, which negatively affects risk assets.
• Bitcoin continues to encounter resistance at its 200-week moving average ($23,500) and is gaining support above its investor cost base ($19,000).
• Bitcoin’s short-term holder cost base falls below the long-term holder cost base for the first time since late 2018, which typically indicates a strong market bottom.
• The supply of long-term holders of Bitcoin has reached an all-time high, currently numbering 13.7 million Bitcoins.
Summary
The current downturn in BTC network activity remains in a frightening state as its network adoption rate has dropped to the lowest point during the COVID crisis. However there is currently one constructive observation: retail participants are being gradually expelled, leaving only hoarders, professional traders, and everyday Bitcoin users. This suggests that the current user base is at a base level. The conviction of the hoarder community remains strong and they are reluctant to sell their coin holdings. This suggests that most of the current turmoil in the market is related to the short-term holder group.
On the other hand, short-term holders find themselves in an equilibrium period of speculative market flows, but there is a risk that the dam will break if prices fall below the June low of $17,500.
TITAN Delivery
Updates to the font libraries of some components.
Optimization of price changes and refresh timing over a sustained period of time.
Improved query rate for Token information.
Icon additions and updates.
Fixed fractional problems in the price range
