COC#8: Bitcoin’s 2021 Review Using On-Chain And Price Related Data


Cycling On-Chain is a monthly column that uses on-chain and price-related data to better understand recent bitcoin market movements. This eighth edition provides a year in review for 2021 and then assesses what current trends look like going into 2022.

A Year Of Modest Growth

The bitcoin price opened the year at $27,346 (on Kraken) and actually never looked back. Hopes were very high, which was largely driven by the institutional fear of missing out (FOMO) that Michael Saylor and MicroStrategy triggered, in combination with PlanB’s Stock-to-Flow (S2F) and S2F Cross Asset (S2FX) models that predicted a price of around $100,000 and $288,000, respectively.



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