Bitcoin Marketcap

$784B

Gold Marketcap

$11.02T

BTC Settlement Volume (24hr)

$4.39B

BTC Inflation Rate (next 1yr)

1.79%

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KEY MARKETS

24hr change

Bitcoin

$41,781  📈

+$186.79

+0.45%


S&P 500

4,396  📉

-2.8

-0.06%


Gold

$1,813  📉

-$0.62

-0.03%


Silver

$25.47  📈

+$0.00

+0.01%


Euro

$1.1867  📈

+$0.00

0.00%


Yen

¥109.69  📈

+¥0

0%


Renminbi (CNY)

¥6.4615   

+¥0

0%


Oil (WTI)

$73.81  📈

+$0.35

+0.48%


BITCOIN STATS

Bitcoin Marketcap

$784B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.39%


BTC Settlement Volume (24hr)

$4.39B


Real Exchange Volume (24hr)

$4.14B


Active Addresses

720,022


Mining Reward Value (24hr)

$38.3M


GBTC Premium

-6.72%


MSTR Premium

39.08%


BTC Down From ATH

35.38%


BTC Up From Cycle Low

42.86%


RATES & YIELDS

24hr change

UST 3mo

0.06%  📈

+0.01

+20.00%


UST 2yr

0.20%  📈

+0

0%


UST 10yr

1.26%  📈

+0.01

+0.80%


UST 30yr

1.90%  📈

+0.01

+0.53%


Fed Funds (EFFR)

0.10%  📈

+0

0%


US 10yr Breakeven Inflation

2.40%  📉

-0.03

-1.23%


Real Rate (10yr)

-1.14%  📉

+0.03

+-2.56%


RATIOS

24hr change

Gold:BTC (marketcap)

14.06x   

-0.05

-0.39%


M2:BTC (marketcap)

25.99x   

-0.1

-0.37%


BTC:Oil (price)

566.04x   

-0.72

-0.13%


Gold:Oil (price)

24.57x   

-0.13

-0.51%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.22T  📈

+$143B

+1.77%


M1 Money Supply

$19.27T  📈

+$46.40B

+0.24%


M2 Money Supply

$20.39T  📈

+$18.80B

+0.09%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+260%

-9%

+34%

2 year:

+292%

+25%

+53%

3 year:

+452%

+49%

+55%

4 year:

+1,421%

+42%

+77%

5 year:

+7,467%

+33%

+104%

6 year:

+14,760%

+67%

+109%

7 year:

+7,012%

+40%

+127%

8 year:

+43,550%

+38%

+157%

9 year:

+386,606%

+13%

+219%

10 year:

+416,672%

+10%

+266%

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

73

1.59%

$41,779

101

2.20%

$40,000

109

2.37%

$30,000

210

4.57%

$20,000

228

4.97%

$10,000

533

11.61%

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

Fidelity Says Over 25% of Big Institutions Own Bitcoin


 

Fidelity surveyed 774 "large institutional investors" and found that over 25% reported that they hold bitcoin.


Tom Jessop, President of Fidelity Digital Assets, noted: “Europe is perhaps more supportive and accommodating.....[that could] be just things going on in Europe right now, you got negative interest rates in many countries. Bitcoin may look more attractive because there are other assets that aren’t paying return.”

tldr

We would like to see how the survey was constructed, as these numbers seem high. While it's clear institutional involvement has been accelerating, we are very surprised to see 25% ownership of bitcoin. In any event, the report indicates further legitimization for institutional ownership of bitcoin following Paul Tudor Jones' bullish macro letter identifying bitcoin as the best way to play coming inflationary macro pressures.

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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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