🚀 On-chain data is revolutionizing the way we analyze digital assets, and Bitcoin is no exception! By examining four key categories - on-chain activity, market profitability, spending behavior, and wealth distribution - we can identify inflection points and sustained periods of positive market momentum for Bitcoin. 📈

🟢 On-chain activity helps us spot growth and user-base expansion, while 🔵 market profitability shows us when unrealized profit held by investors is improving. 🔴 Spending behavior reveals periods when there's enough demand to absorb profit-taking, and 🟠 wealth distribution highlights the balance and transfer of wealth between old and new holders. 💰

By constructing a composite index using these indicators, we can assess the strength and direction of market momentum for Bitcoin. This level of transparency is truly unprecedented, and it's all thanks to the power of on-chain data! 🌐🔗