Bitcoin Records $107 Trillion Transactions In Q1: Bull Run Around The Corner? 

According to Reflexivity Research’s latest report, Bitcoin made a massive impact in Q1, reaching an incredible cumulative transaction value of over $107 trillion. This achievement is even more impressive when considering that Bitcoin is a fully decentralized protocol that has only been around for just over 13 years. 

To shed more light on this topic, crypto analyst and Reflexivity Research founder Will Clemente recently joined forces with Anthony Pompliano in a YouTube video. In it, he discussed several on-chain indicators pointing to the potential start of the next bull run. 

Active Addresses Continue to Grow

Bitcoin’s active addresses, which look at sending and receiving transactions, have continued to make higher lows, indicating a real sign of adoption when people stick around despite prices going down during bear markets, said Will. Even in the current bear market, active addresses are continually making higher lows. This trend has been ongoing for over ten years, which shows real signal of adoption. As he pointed out, there is nothing better than adoption for cryptos!

Also read: Bitcoin Whales Gearing Up: Transferred 2000 BTC Again-What’s Next for BTC Price?

Bitcoin Supply Distribution Improves

Bitcoin critics often cite the fact that a very large amount of Bitcoin supply is held by a small number of individuals on the network, Will proceeded to say, but the real data shows otherwise. When looking at the percentage of Bitcoin’s overall supply held by entities that hold less than 10 Bitcoin, which at a $30k Bitcoin price is roughly $300,000, that total value of the amount of supply held by those individuals with less than 10 BTC has continued to climb throughout all of Bitcoin’s history. 

This trend has accelerated over the last six to eight months, and that value is now over 17%. This means that Bitcoin supply distribution is continually becoming more favorable over time.

The Puell Multiple: What Does It Indicate? 

The Puell Multiple, which measures the ratio of daily issuance to daily fees, is a crucial metric for the sustainability of the Bitcoin network. When the value of daily issuance goes up, it increases the US dollar-denominated value of revenue for miners.

When paired with the increase in the value of transactions and the increasing value of daily issuance for Bitcoin, overall, there is a higher USD-denominated value of revenue for miners. This is a very positive thing for the security of the network. 

Related: Is This The Start of Bitcoin Bull Run? CryptoQuant Predicts BTC Price For 2024 – Coinpedia Fintech News

Will said the Puell Multiple has hit the green zone, indicating that we have seen the bottom of the bear market, and we are now in the early days of the next bull market. Bitcoin was worth $30,134.