Head of research at on-chain analytics firm CryptoQuant has explained how demand makes the basis of a Bitcoin cycle, rather than price performance.
Bitcoin Apparent Demand Has Been Declining Recently
In a new post on X, CryptoQuant head of research Julio Moreno has talked about Bitcoin cycles from a different lens. “Most are focusing on price performance to define a cycle, when it is demand what they should be looking to,” noted Moreno.
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The analyst has gauged the “demand” for the cryptocurrency using the Apparent Demand indicator, which compares the daily miner issuance against the changes in the 1-year dormant supply.
The first of these, the miner issuance, is the amount that miners are “minting” on the network every day by receiving block rewards. This
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