Bitcoin’s Valuation Problem and the Flaws in the Data

BITCOIN TUMBLES AS EL SALVADOR ADOPTION BEGINS

Source: ByteTree Terminal. Price with on change transaction volume.

THE NVT IS OUT OF WHACK

RECENT MONTHS HAVE SEEN BITCOIN JUMP TO A RECORD PREMIUM

Source: ByteTree. NVT Ratio using a 1-week lookback and a five-year active supply, since 2012.

NETWORK VALUE AS OPPOSED TO MARKET CAP

TRANSACTION VALUE

IS BYTETREE WRONG?

Source: CoinMetrics; Glassnode; Blockchain.com; ByteTree. Comparing weekly transaction value since 2018.
Source: CoinMetrics; Blockchain.com; ByteTree. Deviation analysis comparing weekly transaction value since 2018.

VALUING BITCOIN

Source: ByteTree. NVT average.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store