With several narratives at stake, data suggests that Bitcoin is yet to mature.
Owing to the historic inflation, Q3 has been painful for Bitcoin. The largest cryptocurrency by market cap appears to have largely lost its inflation hedge and store-of-value narratives in the market. According to Messari’s new report, the demand for block space fell, resulting in a decline in Bitcoin’s transaction count and fees by roughly 3% and 23%, respectively. The average daily value settled also plunged 44% QoQ.
Bitcoin price action has been swayed similarly to that of a high-beta US tech equity instead of serving as a “store of value.” Potential hints of an uptrend were also damaged as the Federal Reserve resorted to a more conservative regime with lower liquidity and higher rates. Amidst a risk-off macro environment, Bitcoin was down by over 70% since hitting a peak a year ago.
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