Blockware Intelligence Newsletter: Week 170

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 3/29/25 - 4/4/25

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S&P 500 vs BTC

The S&P has taken its deepest dive since March 2020 and Bitcoin hasn’t even flinched. Over the past month the S&P 500 is down 11% while BTC remains flat around $84,000. Not to sound too dramatic, but this is unfathomably bullish. This price action is not indicative of a ‘highly volatile, risk-on asset’ as BTC is often characterized. What we’re seeing here is a strong, underlying demand for BTC that is agnostic to broader macroeconomic uncertainties.