What's up, everyone? This is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp podcast, simply the best podcast out there. Now let's kick this thing off.

Will Clemente is the lead insights analyst at Blockware. He has quickly become one of my favorite writers in all things Bitcoin, including deep dives on various on-chain analytics.

In this conversation, we discussed the Bitcoin fundamentals, the on-chain metrics,

what happened this past week, and what the on-chain data is telling us to be prepared for moving forward.

I really hope that you enjoyed this conversation with Will, as I always do.

All right, let's get this episode with Will. I hope you guys enjoy this one.

Anthony Pompliano runs Pomp Investments.

All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments.

You should not treat any opinion expressed by Pomp or his guest as a specific inducement to make a particular investment or follow a particular strategy,

but only as an expression of his personal...

All right, let's run through this real quick.

We've got a couple of charts we're going to pull up here.

The first one is the on-chain cost basis.

Explain to us what's going on with the on-chain cost basis.

I don't think a lot of people know what this is.

Yeah, so what we're looking at here is just the average cost basis or the average price

that short-term holders have bought in.

Or another way to look at this for technical traders is this is an on-chain VWOP or volume-weighted

average price.

And so essentially this is kind of served as like this bull market support band, if you

will, from an on-chain perspective.

Yeah, so if you see 2017, this is kind of served as like this bull market support band, if you will, from an on-chain perspective. Yeah, so if you see 2017, this is kind of served as support. Once we broke below that,

...