Market Dashboard Summary 1/24/2024

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Jan 24, 2024

Our market dashboard has pivoted decidedly bearish except for a few high-signal metrics that tell us we are in a temporary consolidation, and have yet to reach an end-of-cycle environment.

1. Reserve Risk, which measures the confidence of long-term hodlers relative to price, remains well-anchored in bullish territory.
2. Puell and Mayer Multiples remain neutral and have yet to even come close to a bearish top in this cycle.
3. Importantly, price has dropped below the 50-day moving average, but has found support on the 100-day. The STH Realized Price must be held to avoid a more significant and lengthy pull-back. Overall, for price metrics, little damage has been done, and the Mayer Multiple is still showing we are in the early stages of the bull market.
4. Options 25 Skew measures optimism vs. pessimism, and has continued to get more positive this week, even as the market sold off.
5. Fund Flows are experiencing a dramatic swing from insanely positive to negative this week, directly representing the GBTC outflows versus the rest of the world of bitcoin.