Blockware Intelligence Newsletter: Week 200

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 1/26/26 - 1/30/26

Precious metals stole the show this week. If you’ve been tuned into the finance world at all recently, you’re probably sick of hearing about it. Nevertheless, we’re going to break it down.

The price action in precious metals is signaling trouble in the world of sovereign debt and fiat currency. Alongside extreme price appreciation (YTD: Gold +25%, Silver +54%), each has an intraday swing of more than 10% yesterday. While not necessarily out of the ordinary for silver, for an asset with a market cap as large as Gold, which now sits at a staggering $38 Trillion, this is an insane amount of volatility. The issue likely rests in the denominator; the “USD” part of the price equation.