Research archive
Binance – The Everything Ecosystem
Executive Summary BNB, the native token of BNB Chain, has reinforced its position as one of the top-performing assets in crypto, reaching an all-time high of $1,210 on October 6th, 2025 with a fully diluted market cap of US$168.6 billion. Its growth is underpinned by...
Bitcoin US$650,000 – CHAINLETTER 66
A look at bitcoin valuation through the lens of inverse volatility. A look at the Inverse Volatility of bitcoin and gold suggests to us that in relative terms bitcoin is massively undervalued. With gold at US$3,881/oz, bitcoin should be around US$650,000, a five-fold increase from here. Even if you disagree with the detail, that’s a huge margin of safety. Take a look at the calculations and let us know what you think.
Crypto Consolidates as Macro Clouds Loom
Check out the latest edition of Chainletter, where we cover: Technical: bitcoin solid in a range, gold breaks out, Ethereum’s key test On-Chain: Ethereum mainnet strength, Layer 2s assistance Macro: rising debt and falling liquidity, inflation latest Decentralised...
Tron – Stablecoin Powerhouse Under Pressure
Tron looks to navigate this high-growth sector as new challenges arise in 2025. We remain impressed by the evolution of Tron as a stablecoin leader. Its track record is solid but could be under threat. In this note, Jake and Ali take a detailed look at this stablecoin...
Is Ethereum Money?
The debate will go some way to determining whether this rally continues In this note we will examine why ETH has underperformed BTC, what has changed and what the path forward might look like. We ask what constitutes “money” and consider whether ETH has the...
Too Quiet Out There – CHAINLETTER 63
In the short term there are a couple of things that urge us to tactically rein in our bullishness, not least that there is so much complacency in markets, at least as defined by volatility. Furthermore, the dollar has just sharply strengthened – should we be nervous about liquidity conditions?
Higher Price, Lower Volatility – CHAINLETTER 62
As predicted in the last edition, bitcoin has broken to a new high. The volcano erupted once again. For good reason: new regulation in the USA will enable wealth management and traditional finance to engage and invest in this new asset class. The importance of this...
The Bitcoin Volcano Is About To Blow…Again – CHAINLETTER 61
We’re getting to the end of a consolidation period that is similar to previous episodes in the current bitcoin bull market.
Bitcoin Holds Firm In A Nervous World – CHAINLETTER 60
It’s a nervy time in the crypto sphere, against an unsettled global political backdrop. We wonder whether regime change would deliver a path to reconciliation between China and Taiwan, and so imbue the former with the global respect to complement its size and...
Is Bitcoin Evil? – CHAINLETTER 59
Having long been dismissed as an irrelevant joke, bitcoin is getting a better hearing, but in many professional investment circles it remains grudging. What stage of acceptance are we at?
The Pause That Refreshes – CHAINLETTER 58
There are times to charge, and times to pull in one’s horns. We’re going through the latter stage at the moment. However, a pause for breath is healthy in a bull market. “Back and fill”, as they say.
The Great Repricing Begins – Digital Vision 18
Retail is getting smarter, America is charging ahead, and Maple hits $1B on-chain Last week, we flagged what could be a key moment in this cycle: crypto finally starting to break away from its old correlation with tech stocks. We covered it in more detail in our...