What metric gives the first real signal of recovery? There are hundreds of metrics you can use to track Bitcoin. But when it comes to spotting a real recovery, one of the most important is the share of new investors entering with new liquidity. If I asked what a real move higher needs, you’d probably say two things: 1. New money 2. New investors And the nice part is that this is actually very easy to track on-chain. 👇 After both the COVID crash and the FTX collapse, you can see this metric slowly starting to rise again. That’s important, because real recoveries usually do not begin with price alone. They begin with participation. And yes, I do think we’ll eventually see this kind of rise again. But for now, I think it’s still too early to say that signal is here.