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Okay campers, rise and shine!
Another week has passed, with yet another price tag of $64,000. I’m not sure of today’s date anymore. Today could be April 2021, November 2021, pick almost any day of 2024, or somewhere during the summer of 2026.
We’ve shown you this before, and we’re not doing it to rub salt in the wounds. It just shows perfectly how recent investors feel. The index on performance since the halving is at 99.6. After 851 days, the current price is beneath the price at the most recent halving. Yes, the halving got front-run by the Spot ETF approvals, but that doesn’t matter for people who bought in around $60,000.
This cycle has not been about price pain (heavy drawdowns); it’s been about time pain. Absolutely brutal. The promise was something like the blue, green, or purple line…instead we got the orange line.
This week’s shorter letter is about contradicting headlines versus our own data, in two places at once: the derivatives market and institutional adoption through 13F filings.
