I recently read an article about bitcoin analysis, but I haven't seen any articles describing where the purchasing power of Bitcoin comes from? If there is no purchasing power to support Bitcoin, will Bitcoin itself rise?
There is enough purchasing power, but it's not the spot market that benefits from it, but the OTC market.
I would love to see a proper Bitmex analysis breaking down how the on-chain volumes are related to OTC transfers more than most people could even imagine. It shouldn't come as a surprise that Bitcoin's on-chain value transfers are higher than all coins combined, and there doesn't seem to be a stop to these volumes.
The spot market is very much related to what retail traders and average joes are doing, and it's clear that the average joes have taken a couple of months off. They'll come back when green dildo season has started, and we might not be far away from that point.