A Fee Spike Hits the Mempool: What Actually Drives It
Fee spikes are reported as congestion or as distress. They are an auction for a fixed quantity of block space, and the bidders are not always who the…
on-chain
Bitcoin on-chain from Bitcoin Logical, reasoned from evidence and never presented as financial advice.
A Large Holder Moves Coins: What On-Chain Movement Does Not Tell You
Whale-movement alerts are among the most-shared and least-informative on-chain stories. A transfer shows that coins moved. It does not show who moved…
A Lightning Capacity Milestone: What the Metric Can Support
Public Lightning capacity is a measure of how much Bitcoin is committed to visible channels. It is not payment volume, and it is not the whole…
On-Chain Metrics
reasoned, not hyped
Active Addresses Are Rising. Does That Mean More People Are Using Bitcoin?
Active addresses is one of the most-cited on-chain metrics, and one of the most routinely over-interpreted. Here is what it can support as evidence…
What Realized Cap Can and Can’t Tell You
Realized cap is a genuinely clever idea — valuing each coin at the price it last moved, not at current spot. It is also built on assumptions that…