Bitwise: Bitcoin and gold work better together

Figure Technology (which, remember had a very successful IPO in Sept of last year), today launched the On-Chain Public Equity Network (aka OPEN), allowing companies to list their equity native on blockchain. Note, unlike other tokenization efforts, these tokens will represent actual equity ownership that shareholders can lend or borrow against.

Figure also released it’s Q4 earnings on Monday and seems to be executing quite well. Maybe that’s why Druckenmiller likes it so much. The stock is now up more than 70% since it’s IPO. Read more →

US spot bitcoin ETFs just logged their biggest one-day intake since early October. Yesterday, net inflows topped out at ~$759 million, led by Fidelity’s FBTC ($351 million), Bitwise’s BITB ($159 million), and BlackRock’s IBIT ($126 million). Main street says its institutional money rotating back in after year-end caution, helped by a CPI print that bolsters the case for more interest rate cuts, and a sense that Washington is inching toward clearer rules. The next few days will probably matter more than today’s headline but it sure is nice to see some momentum again. Read more →

In a new client note from Bitwise, researchers found a portfolio combining bitcoin and gold significantly improved risk-adjusted returns compared to a traditional allocation. Not only that, but in their testing they found that in every case, “gold and bitcoin worked better together than individually.”

The analysis found that a 15% combined allocation to the two assets produced a Sharpe ratio nearly three times higher than a standard 60/40 portfolio over the past decade. Read more →

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