Nic Carter, general partner at Castle Island Ventures, and cofounder and chairman of Coin Metrics, explains  why the Bitcoin price has been rising without the retail bubble seen in 2017-2018. In this episode he covers:

  • how this Bitcoin rally differs from the ones in 2017-2018 and why the market is much more mature
  • how much the pandemic and other macro forces this year have helped propel Bitcoin
  • what it says that the number of Bitcoin addresses with $10 or more worth of bitcoin are is at 18 million now, compared to 2014 in the 2017-2018 bubble
  • the significance of realized cap, and why there’s less pressure to sell now since the current cost basis of all bitcoins is much higher than in the bubble
  • the significance of the fact that open interest in CME Bitcoin futures hit $1 billion this week — and why, even though they’re cash-settled, they do impact the Bitcoin price
  • what the appreciation of the Bitcoin price in other countries’ currencies such as Turkish lira means
  • what it means that the stablecoin free float has grown from $1.5 billion in the last bubble to $23 billion during this rally
  • what he makes of the theory that Chinese miners are having difficulty to sell their BTC being a driver of the price rise

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Episode links:

Nic Carter:

Castle Island VC:

Coin Metrics: 

Nic’s post:

Chinese miners unable to sell BTC: 

Dispute with this report:

CME Bitcoin open futures surpasses $1 billion:

Link to the Crypto News Recap: