Crypto Macro Weekly 09-04-2024

Global Liquidity

Below we see Global Liquidity (red) and BTC (blue). Global liquidity has been rising since July 24, 2024. We also see Bitcoin's moving down to the 50 day moving average. 

US Money Supply: M2

Below we see M2 still on the rise since November 2023

As per the St. Louis Fed: M2 consists of M1 plus (1) small-denomination time deposits (time deposits in amounts of less than $100,000) less IRA and Keogh balances at depository institutions; and (2) balances in retail MMFs less IRA and Keogh balances at MMFs. Seasonally adjusted M2 is constructed by summing savings deposits (before May 2020), small-denomination time deposits, and retail MMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

Best Performing Crypto Sectors (7 Days)

Below we see the best performing sectors by marketcap in crypto over the last 7 days. DePIN is up with almost everything else down. 

Active Addresses By Sector

Pricing dropping. Users rising: Solana is on top with the most daily active addresses. Meanwhile, Near beating Tron for the #2 spot.

Take Aways

September has been a bad month for digital assets in recent years. However, global liquidity is rising, the US money supply is increasing. More users are using blockchain and cryptocurrency on a daily basis. 

Experts take:

• Raoul Pal: "Moar Cowbell incoming." = Increasing Global Liquidity & More Currency Debasement

• Michael Howell: "Global Liquidity is on the rise. The liquidity view argues that asset prices are determined by the capacity of financial sector balance sheets, Central Bank injections of cash and by the price of government bonds, rather than by corporate profits and policy interest rates."

• Lyn Alden: "Nuthin stops this train." = There is no other choice but to print our way out of debt. 

• Joseph Wang: "Septembers have been bad months is recent years"

As of today I am holding strong. 

On-chain data source: https://www.artemis.xyz/

Happy Investing!