Bitcoin Marketcap

$1.84T

Gold Marketcap

$16.23T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.17%

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KEY MARKETS

24hr change

Bitcoin

$97,521  📈

+$3,963

+4.24%


S&P 500

5,911  📈

+1.30

+0.02%


Gold

$2,669  📈

+$40.98

+1.56%


Silver

$31.23  📈

+$0.28

+0.89%


Euro

$1.0531  📉

-$0

-0.34%


Yen

¥154.19  📉

-¥1.49

-0.96%


Renminbi (CNY)

¥7.2381   

-¥0.01

-0.1%


Oil (WTI)

$69.61  📈

+$0.18

+0.26%


BITCOIN STATS

Bitcoin Marketcap

$1.84T


BTC Inflation Rate (next 1yr)

1.17%


% Supply Issued

90.03%


BTC Settlement Volume (24hr)

$12.90B


Real Exchange Volume (24hr)

$48.52B


Active Addresses

1.02M


Mining Reward Value (24hr)

$89.2M


GBTC Premium

200.86%


MSTR Premium

-80.49%


BTC Down From ATH

-0.99%


BTC Up From Cycle Low

3.11%


RATES & YIELDS

24hr change

UST 3mo

4.62%  📉

-0.01

-0.22%


UST 2yr

4.29%  📉

-0.02

-0.46%


UST 10yr

4.42%  📉

-0.01

-0.23%


UST 30yr

4.61%  📈

+0.01

+0.22%


Fed Funds (EFFR)

4.58%  📈

+0

0%


US 10yr Breakeven Inflation

2.35%  📈

+0.01

+0.43%


Real Rate (10yr)

2.08%  📉

-0.01

-0.48%


RATIOS

24hr change

Gold:BTC (marketcap)

8.80x   

-0.23

-2.59%


M2:BTC (marketcap)

11.51x   

-0.49

-4.09%


BTC:Oil (price)

1,401x   

+53.34

+3.96%


Gold:Oil (price)

38.34x   

+0.49

+1.30%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$6.97T  📉

 

-1.03%


M1 Money Supply

$18.15T  📈

+$33.90B

+0.19%


M2 Money Supply

$21.22T  📈

+$46.30B

+0.22%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+160%

+34%

+30%

2 year:

+507%

+53%

+47%

3 year:

+69%

+48%

+26%

4 year:

+428%

+43%

+65%

5 year:

+1,263%

+82%

+89%

6 year:

+2,304%

+118%

+124%

7 year:

+1,096%

+107%

+127%

8 year:

+12,932%

+126%

+167%

9 year:

+29,808%

+149%

+183%

10 year:

+26,023%

+122%

+186%

11 year:

+11,852%

+115%

+228%

12 year:

+782,654%

+54%

+322%

13 year:

+3.9 million%

+58%

+410%

14 year:

+34 million%

+94%

+396%

https://casebitcoin.com

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

$100,000

0

0

$97,521

0

0

$90,000

6

0.10%

$80,000

11

0.19%

$50,000

420

7.24%

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

Some Ivy League Colleges Reportedly Buying BTC for Endowments


 

Coindesk is reporting that Harvard, Yale, Brown, and some other colleges & universities, have been purchasing BTC for their endowments, possibly dating as far back as 2019. Coindesk quoted one of their two sources as saying:


It could be since mid-2019. Most have been in at least a year. I would think they will probably discuss it publicly at some point this year. I suspect they would be sitting on some pretty nice chunks of return.”

Yale's CIO, David Swenson, made headlines in 2018 by investing in 2 crypto funds, though those likely had large equity components at the time, and weren't bitcoin specific. The move was widely regarded as reducing career risk for other managers who may have sought to make similar moves. If Coindesk's sources are accurate, that appears to have paved the way for several CIOs to directly add BTC itself to their organizations' endowments.

tldr

  • The story of late 2020 and early 2021 has been of new institutional support for BTC.
  • Earlier classes of institutional adoption included family offices and more nimble hedge funds, with more recent allocators including more diversified and larger capital managers, and now endowments

Are we missing a recent story that makes the case for bitcoin?

Tell us about it!


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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