Bitcoin Marketcap

$661B

Gold Marketcap

$10.72T

BTC Settlement Volume (24hr)

$5.66B

BTC Inflation Rate (next 1yr)

1.79%

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KEY MARKETS

24hr change

Bitcoin

$35,326  📉

-$379.83

-1.06%


S&P 500

4,143  📉

-84.63

-2%


Gold

$1,763  📈

-$0.04

-0%


Silver

$25.79  📉

-$0

-0.01%


Euro

$1.1864  📈

+$0

0%


Yen

¥110.24  📈

+¥0

0%


Renminbi (CNY)

¥6.4531   

+¥0

0%


Oil (WTI)

$71.24  📉

-$0.09

-0.13%


BITCOIN STATS

Bitcoin Marketcap

$661B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.23%


BTC Settlement Volume (24hr)

$5.66B


Real Exchange Volume (24hr)

$5.58B


Active Addresses

688,095


Mining Reward Value (24hr)

$32.2M


GBTC Premium

-12.72%


MSTR Premium

58.62%


BTC Down From ATH

45.55%


BTC Up From Cycle Low

2.98%


RATES & YIELDS

24hr change

UST 3mo

0.04%  📈

+0.01

+33.33%


UST 2yr

0.21%  📈

+0.05

+31.25%


UST 10yr

1.57%  📈

+0.06

+3.97%


UST 30yr

2.20%  📈

+0

0%


Fed Funds (EFFR)

0.10%  📈

+0.04

+66.67%


US 10yr Breakeven Inflation

2.24%  📉

-0.03

-1.32%


Real Rate (10yr)

-0.67%  📉

+0.03

+-4.29%


RATIOS

24hr change

Gold:BTC (marketcap)

16.21x   

+0.19

+1.17%


M2:BTC (marketcap)

30.40x   

+0.36

+1.18%


BTC:Oil (price)

495.87x   

-4.73

-0.94%


Gold:Oil (price)

24.74x   

+0.03

+0.12%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.06T  📈

+$141B

+1.78%


M1 Money Supply

$18.94T  📈

+$252B

+1.35%


M2 Money Supply

$20.11T  📈

+$212B

+1.07%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+280%

-0.09%

+33%

2 year:

+258%

+26%

+40%

3 year:

+423%

+39%

+50%

4 year:

+1,214%

+42%

+70%

5 year:

+5,496%

+37%

+98%

6 year:

+14,295%

+49%

+96%

7 year:

+5,806%

+34%

+111%

8 year:

+34,816%

+37%

+162%

9 year:

+542,689%

+13%

+213%

10 year:

+208,731%

+17%

+225%

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

$40,000

105

2.31%

$35,291

148

3.25%

$30,000

169

3.71%

$20,000

186

4.09%

$10,000

491

10.79%

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

Coinbase Files Draft S-1 With the SEC - Precursor to IPO


 

Coinbase - one of the most popular 'on ramps' for Bitcoin in the US - today announced that it has filed a draft form S-1 with the SEC, typically a precursor to an Initial Public Offering. A Coinbase IPO has been anticipated for some time.


With both bitcoin and US equity markets making all-time-highs, there could be significant excitement for Coinbase's IPO. As a recent example of exuberance for tech IPOs, AirBnB popped to more than double its IPO price on the first day of public trading last week.

tldr

  • One interesting benchmark for Coinbase may be whether its earliest investors will see a return vs BTC over their holding period.
  • The Coinbase seed investment was Sept 12, 2012, when BTC was trading around $11.
  • Assuming a seed valuation of ~$10mm, Coinbase would have to IPO with a valuation in excess of $47B to exceed bitcoin's 205,000% return since Sept 12, 2012.

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THE INVESTMENT CASE FOR BITCOIN

All you need to read to understand the investment case for bitcoin.

Bitcoin reminds me of gold when I first got into the business in 1976

- Paul Tudor Jones, Hedge Fund Manager

Frankly, if the gold bet works, the bitcoin bet will probably work better

- Stanley Druckenmiller - hedge fund manager

Bitcoin is a technological tour de force

- Bill Gates, Founder - Microsoft

[people] use [bitcoin] more as an alternative to gold. It’s a speculative store of value.

- Jerome Powell, Federal Reserve Chairman

There are 3 eras of currency: commodity based, politically based, and now, math based.

- Chris Dixon - Tech Investor, A16Z

Bitcoin may be the TCP/IP of money.

- Paul Buchheit - Gmail Creator

If they become widely accepted, virtual currencies could have a substitution effect on central bank money.

- European Central Bank - 2012

Bitcoin is Gold 2.0, a huge, huge deal.

- Chamath Palihapitiya - Founder & CEO Social Capital

I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it

- Bill Miller - Former Chainman & CIO, Legg Mason Capital

Bitcoin is money, everything else is credit.

- JP Morgan - 1912

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