Bitcoin Report: Opportunities and Challenges
Network, mining, and derivatives metrics are strongly bullish in 2023, powered largely by Bitcoin ETF expectations and trend lines.
In the short term, the Bitcoin ETF spot is a “news selling” event due to selling pressure from Grayscale and pre-halving miners. In the medium and long term, Spot ETF is expected to improve the legal environment and bring in cash flow from the media system.
The 4th halving is an opportunity for Bitcoin to demonstrate the distinctive nature of this asset class to the school financial media system. Miners will face revenue pressure as block rewards are reduced and navigate sustainable strategies post-halving.
The Bitcoin ecosystem is predicted to fall in the coming years along with NFT, DeFi and Layer 2 pieces.
2024 will be the year of the Bitcoin “identity” battle as the settlement issues become clear.
Network index 03 Bitcoin Report
The number of transactions performed on the Bitcoin network in 2023 reached an outstandingly high level compared to previous years, even though the market is only in a mild recovery stage. However, the number of wallet addresses
Bitcoin's daily operations have not changed significantly.
On-chain transaction volume on Bitcoin remains stable, while network transaction fees do
often increases strongly following the Ordinals and BRC-20 trends. This contributes to increasing revenueminer along with the block reward.
On-chain indicators show that the Bitcoin network has seen sustained growth in 2023. Here
This was also the year the Bitcoin network had many technological breakthroughs, bringing Bitcoin to the center of attention
The average revenue of miners has also increased sharply (up 81.73% compared to the beginning of 2023). Currently,
The main source of miner revenue comes not only from block rewards, rewards
from network transaction fees also increased significantly (currently accounting for 13.88% of miners' total revenue
Q4/2023 compared to only 2.3% at the beginning of the year).
