Blockware Intelligence Newsletter: Week 198

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 1/5/26 - 1/9/26

Bitcoin officially closed 2025 with a negative performance. With that, the once consensus view of a “4 year cycle” has been finally put to rest. Bitcoin is officially entering uncharted territory where past performance will provide little to no impact on future expectations.

Back in September we published an in-depth report on Bitcoin’s shift from a “boom and bust” asset into a macro asset with a higher correlation to risk appetite and liquidity. Many trends were documented in this report (you can read it for free here) with the most noteworthy being the dramatic shift in profit-taking behaviors. The growing cohort of institutional investors are much quicker to realize profits and buy dips; limiting Bitcoin’s volatility to the up or downside.