Blockware Intelligence Newsletter: Week 169

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 3/8/25 - 3/14/25

Chart of the Week: Analog Gold, a Leading Indicator for Digital Gold

Ever since the 2017 run, when Bitcoin progressed from “infancy” to “somewhat well known”, it has roughly followed the path of gold; albeit with a lag and with much more aggressive movements (up and down). The chart below shows the price of gold in black, and the price of Bitcoin with a 6-month lag in orange (BTC axis is in log scale). Over the past year, and specifically the past few months, gold has embarked on a jaw-dropping (relatively speaking) bull run. Investors flocking to analog gold could yet again be the canary in the coal mine, signaling that digital gold is next to move.