1/ One of the most common mistakes I see crypto skeptics making these days is underestimating the size of the markets crypto is going after. A thread on why market sizing is everything. 2/ Bitcoin is a $2.3 trillion asset. When people hear that, they’re surprised. There are few things worth $2.3 trillion. Most are household names. Amazon is worth $2.3 trillion, for example. But Amazon is a service many people use every day, while bitcoin is not.

1/ Airdrops -- valuable airdrops -- are going to be a defining feature of 2026.

A thread on why. 2/ Earlier today, I was reading the excellent report from @JustDeauIt on $HYPE. One thing that struck me: Finally, someone used airdrops to build a sustainable business.

The Ethereum Demand Shock

A thread on why ETH's price is rising and why it will continue to rise in the months ahead.

🧵 2/ ETH is on a tear. After trading steadily downward for the first four months of the year, it has rebounded strongly. It's up 50%+ in the past month and more than 150% since its lows in April.

The reason? Overwhelming demand from ETPs and Corporate Treasuries.

1/The traditional four-year cycle is over in crypto.

A thread on what's changing.🧵 2/ Bitcoin has historically moved in a four-year cycle, with three big up years followed by a pullback.

1/ A brief thread on today’s move in crypto and why I don't think it alters the bullish trend. 2/ Obviously, the big catalyst today was the Fed announcement. The Fed cut rates by 25 basis points as expected, but lowered expectations for next year from 4 cuts to 2 cuts.

1/ Bitcoin and gold have historically had very different impacts on portfolios. Over the long-term, one has boosted returns without increasing risk, while the other has lowered risk without lowering returns.

A thread inspired by my latest CIO Memo. 2/ Note: Not investment advice. This is a historical study. Past performance is no guarantee of future returns. Please see the disclaimers below the tables.

1/ Bitcoin ETFs are being adopted by institutional investors faster than any other ETF in history. Don't believe the "it's just retail" story. The data prove otherwise.

A thread. 2/ Bitcoin ETFs are the fastest-growing ETFs of all-time. They've pulled in $17.5 billion in net flows since launching in January. This is on pace to smash the previous ETF record, held by the Nasdaq-100 QQQs, which gathered ~$5 billion in their first year. It's not even close.

1/ Every day, a professional investor asks me how bitcoin can have value when it doesn't produce cash flows. Here is what I say... 2/ Bitcoin offers a service: The ability to store wealth securely in a digital format without relying on a bank, company, or a government.

1/ Ethereum ETPs will attract $15 billion in net flows in their first 18 months on the market.

A thread on how I get to this estimate. 2/ A starting point for estimating flows is the relative size of BTC and ETH. Absent other information, I’d expect investors to allocate to BTC and ETH ETPs roughly in-line with their market caps:

* BTC: $1,266 billion (74% of the market)
* ETH: $432 billion (26% of the market)

I just read the 43-page International Monetary Fund paper on cross border flows in bitcoin.

Thought I'd share three interesting takeaways to crystallize my thoughts.

A quick thread.

imf.org/en/Publication… Takeaway #1: Countries that have limited access to the broader global economy are big users of bitcoin on a relative basis.

The paper notes: “The magnitudes of the estimated Bitcoin cross-border flows are sizeable with respect to several countries’ GDP, especially in those which experience relatively small capital flows.”

This finding is repeated throughout the paper. It makes sense: People in countries facing either capital controls or limited access to the global economy are using bitcoin as a release valve.

People have called bitcoin a tool for economic freedom. The data in this paper provides a proof point that it's being used exactly for that.

1/ Everyone wants to know if the bitcoin halving is priced in or not. IMO you can overthink this — of course cutting new supply in half is good for price. But if you need to delve into economic theory and the Efficient Markets Hypothesis on this, here goes. 2/ The Efficient Markets Hypothesis (EMH) says that the current price of bitcoin reflects all known information about the asset. The halving is well known, so today’s price reflects the fact that it will occur. I think this is broadly true.

1/ Skeptics like @andrewrsorkin wonder if speculation or utility is driving the price of bitcoin. The answer is both, and that’s just how it should be given bitcoin's stage of development.

A thread on speculation and bitcoin's growing real-world utility. 2/ I want you to imagine bitcoin in two settings. First, imagine it’s 2009 and bitcoin has just launched. Its creators talk about it one day being a store of value and medium of exchange. But right now, it’s neither.

1/ Lots of discussion out there about the early start of alts season, and some surprise that it’s happening given bitcoin is "only" up a few hundred percent from the lows.

Some thoughts. 2/ IMO the primary driver of alt season is a classic "wealth effect." Crypto natives make money in bitcoin, feel rich, and then look for more speculative assets to invest in.

1/ Lots of excitement and media coverage today around the ETH futures ETF launch. But so far, very little coverage of Ethereum (ETH) itself.

I think ETH is one of the most compelling investor opportunities in the world today, for five reasons. Reason 1: Ethereum is targeting the largest investment opportunity in crypto; bigger, even, than bitcoin (and I love bitcoin).

Ethereum is a new global computing platform that could rewire how the entire financial industry and much of the creative world works.

1/ NEW: Bitwise Spot Bitcoin ETF Update

NYSE today filed an amended application to list the Bitwise Bitcoin ETF Trust, complete with 40+ pages of new research from Bitwise.

The research addresses key concerns the SEC has raised around spot bitcoin ETFs.

Here’s why it matters — 2/ Given the Grayscale ruling, every spot bitcoin ETF filing is essentially in a waiting pattern hoping the SEC reacts to the court ruling by approving spot bitcoin ETFs.

That's the happy case. The question is, what happens if the SEC appeals the court decision?

1/ ETH is up 20% over the past few days, and crypto stocks are up 15%.

You might be wondering, why?

A helpful analogy to explain these moves is to think about a wildfire. 2/ Note: This is not investment advice.

These tweets reflect my personal assessment of the market, and not the views of Bitwise Asset Management. They are not predictions.

1/ Today we’re launching the Bitwise Blue-Chip NFT Index Fund, the world’s 1st NFT index fund.

NFTs are a historic movement, and just getting started.

The fund holds the 10 most valuable NFT collections: CryptoPunks, Bored Apes, Fidenza, etc.

A thread w more details — 2/ First, the holdings.

The index selects & weights NFTs based on “market cap” (using "floor prices"). It rebalances quarterly.

The goal: Own the iconic blue-chips of today, & add those that emerge in the future.

The index also has eligibility rules that exclude some NFTs.

1/ “Contango”: What is it? Does it really matter? How much impact can it have?

With a futures-based bitcoin ETFs launching tomorrow, a lot of people are asking about contango. It’s a unique & important part of all futures-based ETFs.

Let’s run through it.

Thread — 2/ Contango is how you describe a market where the futures price is higher than the spot price.

For instance, right now, the “front month” bitcoin futures contract - which expires on October 29 at 11am ET - is trading for $61,900. But the spot price of BTC is only $61,743.

1/ Today @NYSE filed for a Bitwise Bitcoin ETF!

It would hold actual BTC, *not* futures.

There’s already a separate BTC futures-based Bitwise ETF filing. But actual BTC is better.

And we believe it’s finally possible.

We're sharing 100+ pages of analysis on why.

Thread— 2/ First, why do we think BTC is better than futures?

A. Costs: It could cost over 5-10% per year to roll the futures (“contango”). Plus another 1-2% in fees.

B. Dilution: ETFs can't hold 100% BTC futures due to rules. Most aim for 85%. So, 15% is other stuff, even bonds!

...

1/12 All of my friends who are reflexively skeptical of NFTs should spend a bit of time thinking about Damien Hirst’s project, The Currency. 2/12 Hirst is, of course, one of the most successful and important artists of this generation.

A lot of his work stands at the intersection of art & money. For example, he created a human skull encrusted in diamonds. It sold for $100m. Art? Money?