Bitcoin Marketcap

$775B

Gold Marketcap

$11.03T

BTC Settlement Volume (24hr)

$10.38B

BTC Inflation Rate (next 1yr)

1.79%

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KEY MARKETS

24hr change

Bitcoin

$41,288  📈

+$2,041

+5.20%


S&P 500

4,396  📉

-2.8

-0.06%


Gold

$1,814  📈

+$2.82

+0.16%


Silver

$25.48  📈

+$0.08

+0.31%


Euro

$1.1867  📈

+$0.00

+0.06%


Yen

¥109.69  📉

-¥0.11

-0.1%


Renminbi (CNY)

¥6.4615   

+¥0

0%


Oil (WTI)

$73.64  📉

-$0.12

-0.16%


BITCOIN STATS

Bitcoin Marketcap

$775B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.39%


BTC Settlement Volume (24hr)

$10.38B


Real Exchange Volume (24hr)

$6.77B


Active Addresses

841,162


Mining Reward Value (24hr)

$37.9M


GBTC Premium

-6.72%


MSTR Premium

39.08%


BTC Down From ATH

36.00%


BTC Up From Cycle Low

41.36%


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)

14.23x   

-0.7

-4.7%


M2:BTC (marketcap)

26.31x   

-1.41

-5.09%


BTC:Oil (price)

560.80x   

+28.51

+5.36%


Gold:Oil (price)

24.64x   

+0.05

+0.19%


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:

+269%

-8%

+34%

2 year:

+295%

+24%

+48%

3 year:

+440%

+48%

+56%

4 year:

+1,423%

+42%

+77%

5 year:

+6,647%

+34%

+102%

6 year:

+14,623%

+66%

+109%

7 year:

+6,947%

+41%

+127%

8 year:

+43,147%

+39%

+157%

9 year:

+383,038%

+14%

+219%

10 year:

+413,875%

+9%

+250%

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%

$41,297

101

2.20%

$40,000

108

2.35%

$30,000

209

4.55%

$20,000

227

4.94%

$10,000

532

11.59%

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

Sky Bridge and NYDIG Say Institutional Crypto Interest Focused Fully on BTC


 

Anthony Scaramucci, Founder of SkyBridge Capital, reiterated recent statements from NYDIG CEO Robert Gutmann noting that the high-dollar institutional interest in 'crypto' is exclusively limited to Bitcoin, in his experience. Mr Gutmann explained:

100 out of 100 of the last conversations I’ve had with investors seriously looking to allocate, let's say over 50 million dollars, 100% of those conversations have been about Bitcoin and 0% of them have been about any other crypto asset


Scaramucci added:

We [at] SkyBridge are also focused exclusively on #Bitcoin and feel it will be the big winner. FWIW most institutions we talk to have a similar view.

tldr

  • This reflects a key thesis at CaseBitcoin - specifically that bitcoin is maturing as a global investable asset class and emerging store of value, driven by recent macro-economic shifts
  • The institutional bid being limited to BTC makes sense; their demand is driven by desire to hedge negative interest rates and currency debasement, and bitcoin uniquely offers a credibly fixed monetary policy, and strong history of being focused on reliability and robustness.
  • Sky Bridge recently released their Bitcoin Fund investment deck, which succinctly covers the investment case for bitcoin heading into 2021
  • NYDIG spun out of Stone Ridge Asset Management, whose 2020 shareholder letter expertly covers the philosophical underpinnings of bitcoin as an asset and a long-term macro shift

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

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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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