The Bitcoin market has broken above $30k in recent weeks, posting the strongest Quarterly returns (+70%) since the Oct 2021 all-time-high. This has also been the second time weekly returns have reached +36%, firmly placing Bitcoin as the best performing asset class YTD, once again.
The strong market performance in 2023 is a stark contrast to 2022, and suggests a favorable regime shift is under way. In this report, we will explore several on-chain indicators which support this notion, and help to assess whether a robust recovery from a bear market is in play, and if the bear market may well be behind us.
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