Bitcoin Marketcap

$869B

Gold Marketcap

$10.93T

BTC Settlement Volume (24hr)

$15.38B

BTC Inflation Rate (next 1yr)

1.80%

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KEY MARKETS

24hr change

Bitcoin

$46,475  📉

 

-9.86%


S&P 500

3,832  📉

-94.34

-2.4%


Gold

$1,798  📉

-$6.17

-0.34%


Silver

$27.66  📈

+$0.07

+0.27%


Euro

$1.2103  📉

-$0.01

-1.02%


Yen

¥106.38  📈

+¥0.23

+0.22%


Renminbi (CNY)

¥6.4664   

+¥0.01

+0.22%


Oil (WTI)

$62.38  📉

-$1.07

-1.69%


BITCOIN STATS

Bitcoin Marketcap

$869B


BTC Inflation Rate (next 1yr)

1.80%


% Supply Issued

88.75%


BTC Settlement Volume (24hr)

$15.38B


Real Exchange Volume (24hr)

$12.00B


Active Addresses

1.22M


Mining Reward Value (24hr)

$42.6M


GBTC Premium

-2.02%


BTC Down From ATH

19.96%


BTC Up From Cycle Low

4.06%


RATES & YIELDS

24hr change

UST 3mo

0.03%  📉

-0.01

-25%


UST 2yr

0.11%  📈

+0

0%


UST 10yr

1.37%  📈

+0

0%


UST 30yr

2.21%  📈

+0.02

+0.91%


Fed Funds (EFFR)

0.07%  📈

+0

0%


RATIOS

24hr change

Gold:BTC (marketcap)

12.60x   

+1.28

+11.27%


M2:BTC (marketcap)

22.41x   

+2.34

+11.65%


BTC:Oil (price)

745.03x   

-68.62

-8.43%


Gold:Oil (price)

28.82x   

+0.49

+1.73%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$7.59T  📈

+$185B

+2.50%


M1 Money Supply

$6.81T  📈

+$13.80B

+0.20%


M2 Money Supply

$19.41T  📉

 

-0.68%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+435%

+9%

+31%

2 year:

+1,131%

+36%

+38%

3 year:

+345%

+36%

+40%

4 year:

+3,839%

+43%

+62%

5 year:

+10,809%

+47%

+96%

6 year:

+18,205%

+48%

+82%

7 year:

+8,126%

+36%

+106%

8 year:

+137,594%

+14%

+153%

9 year:

+955,735%

+5%

+180%

10 year:

+5,282,146%

+25%

+193%

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

6

0.14%

$46,622

15

0.34%

$40,000

20

0.45%

$30,000

55

1.24%

$20,000

72

1.62%

$10,000

377

8.50%

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

JPMorgan Sees Evidence of BTC as an Alternative to Gold


 

In a recent report on the Grayscale Bitcoin Trust, JPMorgan took a look at flows into BTC products vs Gold ETFs, and concluded:

What makes the October flow trajectory for the Grayscale Bitcoin Trust even more impressive is its contrast with the equivalent flow trajectory for gold ETFs, which overall saw modest outflows since mid-October. This contrast lends support to the idea that some investors that previously invested in gold ETFs such as family offices, may be looking at Bitcoin as an alternative to gold.

story image

tldr

  • Grayscale has had record inflows for several consecutive quarters
  • Gold ETF inflows appear to be trailing off, while BTC inflows are strong and steady
  • Bitcoin is starting from a much smaller base than gold, and could therefore run a lot farther in % terms.
  • These dynamics led Paul Tudor Jones to observe earlier this year that bitcoin is the "fastest horse" among inflation hedges.

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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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