Jan 26, 2026 | Chainletter
We have radically altered our view of bitcoin. Events and developments over the last eight months have highlighted fragilities that we once considered ephemeral. The next few months could be highly problematic. Details are in this note. All is far from lost for...
Jan 26, 2026 | Chainletter
A discussion of why bitcoin’s incorrect categorisation as “digital gold” is turning out to be highly problematic. The recent, sudden and unexpected underperformance of bitcoin, not just relative to the broad world of other financial assets but also...
Jan 26, 2026 | Chainletter
We reiterate our view that we are scraping the lows of this bitcoin cycle. Regulatory structures are being put in place for a tokenisation revolution, and the smashed up altcoin world is finally offering up some bargains. Wishing you a wonderful 2026. Technical: Gold...
Dec 15, 2025 | Chainletter
A look at what has held crypto back in 2025, and what propels it forward in 2026 Bitcoin peaked in November 2024…against gold We examine the main fears and opportunities for bitcoin Ethereum looks promising on a relative basis A year of altcoin catastrophe, but...
Nov 17, 2025 | Chainletter
After a disappointing year for bitcoin we’re at a point where to be a buyer you need conviction in the long term story. Traders are heading for the door. We utterly retain that conviction. But we’re conscious that we have to unravel the reasons behind the recent...
Oct 29, 2025 | Chainletter
In this note, we consider the impact of the recent AWS outage and what it revealed about the balance between resilience and reliance in the digital age. Some parts of crypto held firm, while others faltered, offering a useful snapshot of how far the sector has come,...
