Checkonchain Bitcoin Newsletter

Checkonchain Bitcoin Newsletter

We Know What We Own

There is something very special about Bitcoin, and breaking the conviction of HODLers is no easy feat. There is a measurable threshold of pain they can weather, so let's see how far off we are.

James Check (Checkmatey)'s avatar
James Check (Checkmatey)
Apr 14, 2025
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Hola Folks from Barcelona!

I’ve just wrapped up at the CheatCode conference in Bedford, and what an incredible event it was. The project Pete is building to revitalise a forgotten English town is remarkable, and incredibly inspiring. I will almost certainly be back next year.

Attending smaller scale Bitcoin conferences (~400ppl) like CheatCode and Bitcoin Alive are the best, in that they remind you of the high quality of the people we’re working with.

The depth and quality of conversation I had with Bitcoiners over the last week was so good, I couldn’t help but walk away with an even higher conviction and confidence in Bitcoin. We’re in the trenches with brilliant and honest people who have done the proof-of-work understanding how the world works.

I also want to give a shout out to all the checkonchain subscribers who I met (and to those I missed) at the event, it was such a pleasure to meet each and every one of you. For the folks who I got a photo with, I’d also love a copy, so feel free to send one through if you wish.

The CheatCode, in my opinion, is Bitcoiners we’re in this asset alongside.

Ok, onto business. It’s been a couple of posts since we assessed the status quo of market conditions, so today we will resolve that gap. This post will cover three key dynamics:

  • My read on the key price models, and how the market is trading around them.

  • What the supply and demand balance looks like within the prevailing drawdown.

  • How HODLers are responding, and whether the red candles have broken the spirit of the bulls.


📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.


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