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October Recap: Six Scintillating Charts to Get Your Juices Flowing
Key visuals from last month's updates, quickly summarized
Mark Helfman
November 01, 2024
Every month, I post market updates, weekly rundowns, and a monthly post in addition to special reports.
That's a lot of content! “Value,” as they say.
To help you digest that information, check out some key charts below. Read and watch my market updates for analysis, discussion, and other information (and charts!) that can boost your returns.
Chart 1: The dead have risen
After breaking its downtrend in September, the number of new addresses increased.
We want to see this metric continue to rise because it signals new interest in the Bitcoin network, not traditional investors buying ETFs or existing users messing around with ordinals. People who engage directly with the blockchain tend to stick around more.
Chart 2: Stablecoins in smart contracts
Near the beginning of September, I laid out some scenarios for stablecoins and the percentage of stablecoins in smart contracts. See the September 5, 2024 update for the scenarios and explanation of why this matters.
My ideal scenario: stablecoins grow while the portion in smart contracts drops, suggesting interest in buying crypto and less risk of the market getting zapped from a smart contract or protocol failure.
Since that update, stablecoins grew while the percentage in smart contracts dropped.
Some portion of this activity comes from people who want stablecoins. The rest comes from people trading their stablecoins for crypto.
So far, so good.
Chart 3: Return of the gringos
Since April, usage of North American (i.e., US) exchanges has outpaced foreign exchanges.
(Note, this chart is from the October 9, 2024 update, early in the month, so the October bars look short. At the end of the month, the October bars went slightly higher for Asia and Europe, but much higher for the US and South America.)
Is this the Trump effect? Are US markets playing catch-up after missing the 2023 run-up? Is this a behavior that changes easily or a trend that should continue?
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