Bitcoin's Off-Chain Velocity is at an All Time High

Fiat currency with high velocity is normally a bad sign, but does that rule apply to crypto?

Dear Crypto Asset Investors,

One of the most common ways to estimate the price of a cryptocurrency is via the “equation of exchange”. This model comes from the 20th century economist Irving Fisher. The main idea of the model is that the more often a coin changes hands, the less the coin’s value is. Money changes hands more frequently when people believe…