1/ a few thoughts on current sentiment re: bitcoin
i see a lot of talk about a coming 🐻 bear 🐻 market, but let's look at data to help clarify where things might be headed through the end of Q4 and into Q1
sentiment -> demand -> market structure -> flows
i see a lot of talk about a coming 🐻 bear 🐻 market, but let's look at data to help clarify where things might be headed through the end of Q4 and into Q1
sentiment -> demand -> market structure -> flows
2/ sentiment has been mixed - lots of positive news and catalysts but also the looming threat of max regulatory pain in the US and Europe
however, there is now significant support for a bitcoin allocation from macro investors and institutions
however, there is now significant support for a bitcoin allocation from macro investors and institutions
3/ demand - we track weekly investment flows via our @CoinSharesCo report
in the last 11 weeks, we've seen $2.7B of inflows into bitcoin ETPs alone. demand continues unabated, and w $5.5T of dry powder on the sidelines, there's plenty of capacity
medium.com/coinshares/vol…
in the last 11 weeks, we've seen $2.7B of inflows into bitcoin ETPs alone. demand continues unabated, and w $5.5T of dry powder on the sidelines, there's plenty of capacity
medium.com/coinshares/vol…
4/ market structure - there are more channels than ever to access bitcoin!
u can buy on crypto exchanges, on FinTech platforms like @sqcrypto @RobinhoodApp, @sofi, via structure products like our @xbtprovider and others, via cash-settled futures on @CMEGroup, and so many more
u can buy on crypto exchanges, on FinTech platforms like @sqcrypto @RobinhoodApp, @sofi, via structure products like our @xbtprovider and others, via cash-settled futures on @CMEGroup, and so many more
5/ the growing financialization of bitcoin through a variety of derivatives and new products opens up new channels and new allocations
for ex, the el salvador volcano bond makes BTC accessible to EM debt investors. microstrategy makes BTC accessible to equity investors.
for ex, the el salvador volcano bond makes BTC accessible to EM debt investors. microstrategy makes BTC accessible to equity investors.
6/ and the resulting flows tell the story
this year alone, we've seen nearly $10B of inflows into crypto ETPs. crypto pure-play equities are a $110B market. crypto derivatives volumes are growing *exponentially* via both BTC settled perps and cash settled futures and options.
this year alone, we've seen nearly $10B of inflows into crypto ETPs. crypto pure-play equities are a $110B market. crypto derivatives volumes are growing *exponentially* via both BTC settled perps and cash settled futures and options.
7/ with more cash in the market than ever, and all asset classes at all time highs, investors are willing to accept higher risk to find returns that will outpace inflation.
despite macro uncertainty, we know money printing can't and won't stop.
draw your own conclusions 😉
despite macro uncertainty, we know money printing can't and won't stop.
draw your own conclusions 😉
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