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Relai Bitcoin Report

We’re excited to announce the first edition of the Relai Bitcoin Report, a quarterly research report covering the most significant developments in Bitcoin. With fundamentals looking more robust than ever, it’s the perfect time to delve into some data and learn about the driving factors behind Bitcoin’s strong performance in Q1 2023. Join us as we take you through the key findings of our first report and explore Bitcoin’s future!

In this blog post, you’ll learn about the most significant developments in Bitcoin as presented in the Relai Bitcoin Report.


The inaugural edition of the Relai Bitcoin Report shows that despite macroeconomic uncertainty, the fundamentals of Bitcoin have never looked better than in Q1 2023. Brand value, hash rate, the conviction of long-term holders, and overall adoption rate are all rising.

In the report, we show that brand value, hash rate, the conviction of long-term holders, and overall adoption are on the rise. Also, Bitcoin mining is increasingly perceived as a nascent industry that will be vital in transitioning to a more sustainable energy mix. We are more than ever convinced that the Bitcoin network and Bitcoin, the asset, have a bright future ahead of them.

Highlights and key findings from the report include:

  • Bitcoin’s price drawdowns become less severe
  • Bitcoin was the best-performing asset in Q1 2023. Outperforming everything from gold, to major global stock indices.
  • Bitcoin’s total market capitalization (41%) is more than double that of Ethereum’s (18.5%)
  • Bitcoin addresses with a non-zero balance, and bitcoin supply last active over one year ago are at an all-time high
  • The hashrate of the Bitcoin network is at an ATH, while emissions are trending downwards
  • The loss of trust in central banks coincides with an increased awareness of Bitcoin’s unique properties
  • The Bitcoin Halving still matters as a mechanism for making bitcoin the hardest asset in the world
  • Innovation on Bitcoin is happening at an increasing pace, from micropayments through Lightning to Nostr or Ordinals

Bottom line: The fundamentals have never looked better than in Q1 2023. We believe that Bitcoin’s future is bright with its growing dominance, innovation, and resilience in the face of volatility and challenges.


The best thing about our first quarterly research report? It’s entirely free, and you can download it straight away.

Head to our dedicated Relai Bitcoin Report page and enter your email address there. You will then receive the report directly in your inbox. 

The first edition of the Relai Bitcoin Report is available in English and German. We may add more languages in future editions, so stay tuned for updates.


To make it easier for users to buy and manage their Bitcoin investments, we recently overhauled the Relai app, featuring a simpler buy-flow and enhanced UX. We also added VISA, Mastercard, Apple Pay, and Google Pay support, allowing users to buy bitcoin in real-time, 24/7.

We aim to give you as much control over your money as possible. The Relai app offers a non-custodial wallet, which means you have complete sovereignty over your bitcoin.

To start buying bitcoin and experience our service, download the Relai app from the Google Play Store or Apple App Store (iOS app currently only available in Switzerland).

Information about the author

Raphael Schoen

Raphael Schoen

Raphael is a former journalist, content strategist, and author. He wrote a book about Bitcoin and regularly shares his thoughts on X. Follow Raphael on X


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