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Bitcoin Is Being Bought, Not Used
For most of 
A regime shift, not a cycle
The final chart puts numbers behind what the earlier charts suggest.
By calculating a rolling 90-day correlation between the adoption index and spot price, it becomes possible to see how tightly price has tracked on-chain usage over time.
From 2020 through most of 2021, the correlation remained consistently positive. Price moved in step with adoption, reflecting organic network growth. In 2022, the correlation turned sharply negative…
