The Bitcoin dormancy flow chart, according to Jurrien Timmer, Director of Global Macro at investment giant Fidelity, “shows how technically oversold Bitcoin is.”
In fact, Trimmer acknowledged in a series of tweets on June 15 that Glassnode dormancy flow indicator has reached levels not seen since 2011.
Is Bitcoin really cheaper than it appears?
The Director of Global Macro raised the question of whether Bitcoin is cheaper than it appears, pointing out that the price/network ratio has reverted to levels last seen in 2017 and 2013, despite the fact that Bitcoin has only returned to levels last seen in late 2020.
He also stated:
“Another way to highlight this is by overlaying Bitcoin’s non-zero addresses against its price. Price is now below the network curve.”
Fidelity CEO says bear markets are a good time to ‘double down.’
Notably, Abigail Johnson, Chief Executive Officer and Chairman of Fidelity Investments, is unconcerned about the recent decline in the cryptocurrency market; she stated on June 9 that the current bear market is her “third crypto winter.”
She went on to say:
“The fundamentals of a long-term case are really strong when everybody else is dipping [out], that’s the time to double down and go extra hard into it.”
Furthermore, it was announced on June 7 in one of the most recent such developments that three financial giants – Citadel Securities, Fidelity Investments, and Charles Schab Corp – are teaming up to create a cryptocurrency offering that would broaden access to digital assets, allowing “retail brokerages to offer crypto-executions to their customers.”
Fidelity is also planning a crypto hiring spree. This would allow the company to increase the number of employees in its crypto division, Fidelity Digital Assets, from 200 to 210.