Bitcoin Marketcap

$1.07T

Gold Marketcap

$10.78T

BTC Settlement Volume (24hr)

$30.61B

BTC Inflation Rate (next 1yr)

1.78%

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KEY MARKETS

24hr change

Bitcoin

$56,659  📈

+$117.17

+0.21%


S&P 500

4,571  📈

+45.97

+1.02%


Gold

$1,772  📉

-$6.45

-0.36%


Silver

$22.38  📈

+$0.00

+0.02%


Euro

$1.1296  📉

-$0

-0.33%


Yen

¥113.17  📈

+¥0.11

+0.10%


Renminbi (CNY)

¥6.3718   

+¥0.00

+0.03%


Oil (WTI)

$67.64  📈

+$1.19

+1.79%


BITCOIN STATS

Bitcoin Marketcap

$1.07T


BTC Inflation Rate (next 1yr)

1.78%


% Supply Issued

89.94%


BTC Settlement Volume (24hr)

$30.61B


Real Exchange Volume (24hr)

$5.48B


Active Addresses

1.06M


Mining Reward Value (24hr)

$51.6M


GBTC Premium

-18.50%


MSTR Premium

11.41%


BTC Down From ATH

17.59%


BTC Up From Cycle Low

93.59%


RATES & YIELDS

24hr change

UST 3mo

0.06%  📈

+0.01

+20.00%


UST 2yr

0.52%  📈

+0.01

+1.96%


UST 10yr

1.43%  📉

-0.09

-5.92%


UST 30yr

1.78%  📉

-0.09

-4.81%


Fed Funds (EFFR)

0.08%  📈

+0.01

+14.29%


US 10yr Breakeven Inflation

2.47%  📈

+0.03

+1.23%


Real Rate (10yr)

-1.01%  📈

-0.03

-3.06%


RATIOS

24hr change

Gold:BTC (marketcap)

10.08x   

-0.06

-0.55%


M2:BTC (marketcap)

19.81x   

-0.03

-0.17%


BTC:Oil (price)

836.81x   

-13.62

-1.6%


Gold:Oil (price)

26.20x   

-0.57

-2.12%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.65T  📈

+$94.22B

+1.10%


M1 Money Supply

$20.08T  📈

+$221B

+1.11%


M2 Money Supply

$21.19T  📈

+$204B

+0.97%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+195%

-4%

+24%

2 year:

+677%

+20%

+47%

3 year:

+1,384%

+43%

+71%

4 year:

+383%

+39%

+73%

5 year:

+7,273%

+50%

+108%

6 year:

+14,916%

+65%

+121%

7 year:

+14,907%

+48%

+121%

8 year:

+5,094%

+44%

+156%

9 year:

+421,881%

+4%

+225%

10 year:

+1,898,899%

+2%

+263%

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

$60,000

40

0.85%

$56,622

86

1.82%

$50,000

135

2.86%

$40,000

229

4.86%

$30,000

334

7.08%

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

Hundreds of Banks to Support Bitcoin Via NYDIG


 

CNBC is reporting that NYDIG has partnered with hundreds of banks in the US to provide customers with bitcoin buy/sell/hold services from within their existing bank accounts. CNBC elaborates:

Hundreds of banks are already enrolled in the program, according to Patrick Sells, head of bank solutions at NYDIG. While the firm is in discussions with some of the biggest U.S. banks, many of the lenders that have agreed to participate are smaller institutions like Suncrest, a California-based community bank with seven branches.

This comes on the heels of major investment banks such as Goldman Sachs, JP Morgan, and Morgan Stanley announcing bitcoin-investment services for wealthy clients. This move by NYDIG will expand convenient access to bitcoin far beyond that clientele.

CNBC also notes that banks can no longer ignore demand for bitcoin:

But banks are now asking for bitcoin because they can see their customers sending dollars to Coinbase and other crypto exchanges, according to Yan Zhao, president of NYDIG. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data,’” Zhao said. “They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.”

tldr

  • Strong client demand is a frequently-cited motivation for traditional institutions adding bitcoin services
  • Fintech platforms like Robinhood and PayPal already offer access to bitcoin, but bitcoin services within traditional bank accounts stands to open up access to a new demographic
  • NYDIG has been involved in a number of institutional bitcoin partnerships recently, including JP Morgan's new Bitcoin fund and Mass Mutual's bitcoin investment last year.
  • NYDIG spun out of Stoneridge Asset Management - see CEO Ross Stevens excellent 2020 shareholder letter

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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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