What is Bitcoin?

Since Bitcoin peaked last October, cumulative ETF outflows hit $10.4B peak, with $9.3B (nearly 90%) concentrated in the final two-month stretch.

“Since Bitcoin peaked last October, cumulative ETF outflows have reached $10.4 billion at their maximum, but 9.3 billion of that or nearly 90% of the entire draw down in ETF flows occurred during that final two-month stretch alone.”

Ray Dalio holds approximately 1% of his personal portfolio in Bitcoin, framing it as money that cannot be printed.

“I have about 1% of my portfolio in Bitcoin because there's different kinds of money and the money that you can't print, that's one kind.”

Michael Saylor on the logic of Strategy's Bitcoin accumulation model.

“You cannot sell Bitcoin. If you are selling Bitcoin, the whole system breaks.”

Dan Held on Bitcoin resisting institutional capture.

“From Bitcoin's code perspective, it didn't bend the knee. The institutions bent the knee to bring Bitcoin into it.”

18.5% of American adults own Bitcoin, compared to only 10.8% who own gold.

“What percentage of adults in the United States own Bitcoin? The answer is 18.5%.”

Coinbase users hold large unrealized Bitcoin and ETH gains, making Base a uniquely strong market for borrow-lend protocols like Morpho. Robinhood users lack the same long-dated cost basis, so the two chains will attract structurally different DeFi activity.

“One thing that Coinbase has that Robin Hood doesn't is a lot of users who sit on unrealized cap gains on Bitcoin and ETH. And what this actually does, the dynamic here is it makes it makes the coin ba it makes Coinbase and actually base a really great market for borrow lend protocols like Morpho where users who don't want to sell can borrow against their assets.”

Michael Saylor's debt and preferred equity service burden equals 6% annual dilution on MSTR common shares if Bitcoin stays flat.

“At these current levels he's his debt and pref service burden is 6% annual dilution on MSTR common. So is if Bitcoin just stays flat he's diluting MSTR holders by 6%.”

Onshore CFTC-regulated Bitcoin perpetuals will cap leverage at 5 to 10x, well below offshore norms.

“We work with the clearing houses and with the Bitcoin perpetuals and some of these products, expect to see 5 to 7, maybe getting up to 10x leverage, but nothing like you're getting offshore.”

Bitcoin ETF investors since the January 2024 launch lost an average of 5.8% annually due to poor timing from jumping in and out of the funds.

“People who started out in the Bitcoin funds lost an average of 5.8% annually jumping in and out of these funds.”

Dan Held contends the Bitcoin community failed to deliver trustless Layer 2 solutions, ceding that ground to Ethereum and Solana.

“I do think Bitcoin, the Bitcoin community has failed in that regard.”