Bitcoin Marketcap

$815B

Gold Marketcap

$11.19T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.77%

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KEY MARKETS

24hr change

Bitcoin

$43,156  πŸ“ˆ

+$1,330

+3.18%


S&P 500

4,555  πŸ“ˆ

+31.30

+0.69%


Gold

$1,841  πŸ“ˆ

+$0.81

+0.04%


Silver

$24.59  πŸ“ˆ

+$0.49

+2.01%


Euro

$1.1318  πŸ“‰

-$0

-0.29%


Yen

Β₯114.19  πŸ“‰

-Β₯0.07

-0.06%


Renminbi (CNY)

Β₯6.3410   

-Β₯0

-0.06%


Oil (WTI)

$85.61  πŸ“‰

-$0.57

-0.66%


BITCOIN STATS

Bitcoin Marketcap

$815B


BTC Inflation Rate (next 1yr)

1.77%


% Supply Issued

90.03%


BTC Settlement Volume (24hr)

$12.90B


Real Exchange Volume (24hr)

$3.52B


Active Addresses

1.02M


Mining Reward Value (24hr)

$39.4M


GBTC Premium

-22.16%


MSTR Premium

-1.75%


BTC Down From ATH

37.33%


BTC Up From Cycle Low

8.00%


RATES & YIELDS

24hr change

UST 3mo

0.16%  πŸ“ˆ

+0.03

+23.08%


UST 2yr

1.06%  πŸ“ˆ

+0.07

+7.07%


UST 10yr

1.87%  πŸ“ˆ

+0.09

+5.06%


UST 30yr

2.18%  πŸ“ˆ

+0.06

+2.83%


Fed Funds (EFFR)

0.08%  πŸ“ˆ

+0

0%


US 10yr Breakeven Inflation

2.40%  πŸ“‰

-0.06

-2.44%


Real Rate (10yr)

-0.62%  πŸ“‰

+0.14

+-18.42%


RATIOS

24hr change

Gold:BTC (marketcap)

13.72x   

-0.43

-3.03%


M2:BTC (marketcap)

26.30x   

-0.81

-2.98%


BTC:Oil (price)

503.77x   

+18.61

+3.83%


Gold:Oil (price)

21.40x   

+0.14

+0.64%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.79T  πŸ“ˆ

+$124B

+1.43%


M1 Money Supply

$20.34T  πŸ“ˆ

+$262B

+1.30%


M2 Money Supply

$21.44T  πŸ“ˆ

+$250B

+1.18%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+29%

-1%

+19%

2 year:

+394%

+18%

+37%

3 year:

+1,115%

+44%

+73%

4 year:

+254%

+38%

+62%

5 year:

+4,553%

+53%

+101%

6 year:

+10,736%

+68%

+141%

7 year:

+18,514%

+42%

+122%

8 year:

+5,170%

+49%

+147%

9 year:

+246,890%

+9%

+206%

10 year:

+677,128%

+10%

+247%

Data Source: Messari.io, bitcoincharts.com

What is it: This shows bitcoin's ROI vs other potential inflation hedge assets.

Why it matters: As with the historical bitcoin price table, we see bitcoin's extreme outperformance vs other assets here as well. Bitcoin's relatively small size, plus fundamental properties, yield extreme outperformance when even relatively small funds-flows find their way to BTC.

BTC DAYS ABOVE PRICE

Bitcoin Price Closing History by Level

Days Bitcoin Closed Above:

Price

Days Above

% of Bitcoin's Life

$50,000

145

3.04%

$43,133

239

5.02%

$40,000

271

5.69%

$30,000

376

7.89%

$20,000

394

8.27%

$10,000

699

14.67%

Data Sources: Messari.io, bitcoincharts.com

What is it: This the number of days in which bitcoin "closed" (trading level at midnight UTC) above various price levels.

Why it matters: This can give a sense of where bitcoin is currently trading relative to past cycles.

SHARPE 5yr

DOUBLING TIME

Bitcoin is an Asymmetric Investment

theme image

Bitcoin is a gold-like (see "digital gold") monetary asset. Is is a burgeoning asset class, rapidly maturing. With a market capitalization in the low $100B range, it is still very small from a global monetary perspective. As such, the return profile is extremely asymmetric. If you believe there's a non-trivial chance that bitcoin will stick around and fulfill even just some of its potential, the upside is likely hundreds to thousands of percent while the max downside is capped at 100%. This asymmetric profile means single-digit % allocations (or less) could return the entire portfolio in the success case.

Pieces About Bitcoin as an Asymmetric Investment