WistCap Flagship Long

To put this $BTC move into context, it's worth looking at its performance versus previous cycles. This is shown in the charts and the similarities are freakish.

The question we're all asking is, "Why should this repeat?" My answer would be that everything has changed from a demand perspective.

This is going to be the "Institutional Cycle".

For the first time, the world's largest pools of capital can contemplate an allocation to the world's dominant digital currency (see "Macro" section in our latest research letter here for evidence).

While Bitcoin has gone up a lot in value, its market cap of ~US$1.8 trillion remains insignificant compared to gold (~US$20 trillion), Global Fixed Income Markets (~US$141 trillion) and Global Equities ~(US$115 trillion)*.

This is a mammoth pool of capital which effectively has a zero allocation to bitcoin, the supply of which increases by only 0.8% per year.

Meanwhile, US debt increases by US$1 trillion every 100 days. There has never been a more pressing need for sound money.

Institutional investors are smart, and they know this. But they haven't been able to move because of the regulatory and reputational risks.

That just changed with the election of Donald Trump and JD Vance.

"Magnificent And Terrifying" is the title of our latest crypto letter. You can read it HERE.

Technical     Small break-out, gold and DXY say “something has changed”, ETF inflows

On-Chain      Pick-up in activity, Total Value Locked leaps, valuation update

Macro           Magnificent and Terrifying – what the gold price is telling us and why bitcoin will follow

Cryptoverse       Decentralised Exchanges examined, a look at SUI, has blockchain gaming finally found a winner, Helium numbers continue to impress

Despite these interesting developments it remains a tough time for altcoins, but the stars are aligning for a big move in $BTC.

Our latest CHAINLETTER ("Poised For Action") is out and can be found here. It's a free fortnightly publication and you're warmly invited to sign up to receive it directly.

CHAINLETTER is aimed at the longer term investor rather than the short term trader (although we hope both will extract some value from it). We examine technical, on-chain and macro factors, as well as look at new and interesting projects in the eco-system.

In today's issue:

Technical Support at the 365-day moving average. $ETH halves relative to $BTC in two years

On-Chain  Pick up in value transacted, higher velocity and fair value

Macro Gold vs bitcoin price anomaly, the value of hard assets

Cryptoverse Maple Finance, Velo and SuperVerse

As relative newcomers to ICONOMI we have been quietly putting together our strategy, which is all about doing proper research and trying to find high quality longer term investments. Perhaps strangely for such a volatile asset class, we expect the slow and steady approach to win out in the longer run. It's a lesson from 25 years as an Emerging Asia Fund Manager.

While it's disappointing to lose money on any timeframe, if we assume this is a sector with a fantastic future it's very dangerous to time markets. It might work once or twice, but consistent success is almost impossible. That's why we are long-only. Our investors can then be absolutely sure of what they are getting.

So far so good. What we want is to be consistently in the "Above Average" buckets, much more so for the longer than the shorter term.

This is a tough moment for the crypto market. $BTC has dropped through obvious trendlines. We can argue over the reasons why - Government and Mt Gox sell-downs, regulatory choke, global liquidity air-pocket - but it doesn't much matter.

We are where we are. And as the chart shows, we have returned to the mid-point of a long term, structural uptrend.

More important is to step back, take a deep breath, look at the bigger picture and remind ourselves why we're here.

1. We own $BTC as a debasement-proof option on the continued mismanagement of public finances. With no major government calling for any sort of fiscal retrenchment, That Hasn't Changed.
2. We own other cryptocurrencies like $ETH , $SOL , $NEAR, $UNI , $PENDLE to gain exposure to a revolution in value transfer on the global internet. That Hasn't Changed.

Our belief in a high level consolidation before an autumn break-out have been dashed, but that doesn't mean that from here to year end we should be despondent. Far from it. There are likely to be upside catalysts once this storm abates. The markets always give you a chance.

Good luck, invest carefully and in a size that enables you to stomach the volatility. In other words, a small, manageable part of your overall financial portfolio.

Our latest newsletter, out yesterday, can be found here.

THIS IS NOT INVESTMENT ADVICE.

Another edition of CHAINLETTER hits the planet's inboxes. Entitled "Bitcoin Is Poised To Break Out Again" we tackle the most critical technical, on-chain, macro and crypto specific issues of the fortnight.

$BTC $NEAR $FET $AR $ETH $LINK

Enjoy it and sign up on our website to receive it directly.