https://www.firinnecapital.com/monthly-musings daily 0.75 2026-03-26 https://www.firinnecapital.com/monthly-musings/what-the-derivatives-are-saying monthly 0.5 2026-03-26 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/6655b344-6f75-4dc4-b0bb-3afc8d46e7b9/Prcs_1mth.png Monthly Musings - What the Derivatives Are Saying - Make it stand out Risk asset ETF price behaviours post 28-Feb-2026. IBIT (iShares BTC Trust) is dark blue, ACWI (iShares MSCI ACWI , i.e., global equities) is light blue, and GLD (SPDR Gold Trust) is red. Source: Schwab. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/68ef9b94-f133-4cb2-97b5-12de6f79dda0/Prcs_1yr.png Monthly Musings - What the Derivatives Are Saying - Make it stand out Risk asset ETF price behaviours since March 2025. IBIT is dark blue, ACWI is light blue, and GLD is red. Source: Schwab. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/7d23aab9-578f-4eb7-b85e-01594c8727ec/SpotFutsVolumes.png Monthly Musings - What the Derivatives Are Saying - Make it stand out Crypto market spot and futures volumes over the past 12 months. Source: Coinglass. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/3dbcca75-73a4-4b9d-ae68-fb1e0adafb8a/FundingRates.png Monthly Musings - What the Derivatives Are Saying - Make it stand out Perp funding rates at major centralized exchanges over the past 6 months. Source: Coinglass, Coinperps. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/9d52935b-55f2-45d8-968e-efd006defb45/BTCVol.png Monthly Musings - What the Derivatives Are Saying - Make it stand out Deribit’s DVOL over the past 2 years. Source: Deribit. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/3fee8eb3-cba2-434a-8463-0198b1f1eee3/OptFutsOI.png Monthly Musings - What the Derivatives Are Saying - Make it stand out Crypto options to futures open interest. Source: Coinglass. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/89df5f5f-e463-4769-9cd2-8bfb981bb5e3/OptionsOIbyStrike.png Monthly Musings - What the Derivatives Are Saying - Make it stand out BTC options open interest by strike price. Source: Coinglass, Deribit. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/fe04b12c-1ebd-4b78-aae9-4ddf3b1465a3/CLARITYprobability.png Monthly Musings - What the Derivatives Are Saying - Make it stand out Expectations of the CLARITY Act becoming law. Source: Kalshi. https://www.firinnecapital.com/monthly-musings/consider-fat-tails-for-setting-guardrails monthly 0.5 2026-02-11 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/a38641bb-60ac-408d-8640-1c93e6ab4e96/btc_weekly_fat_tails_2017-01-01_to_2026-02-07_W-SAT.png Monthly Musings - Consider Fat Tails for Setting Guardrails - Make it stand out Empirical vs. normal distribution of weekly returns. Sources: CoinGecko, Firinne Capital https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/dcd27d93-525d-40e8-befd-3c7c95e711d9/CryptoLiquidation.png Monthly Musings - Consider Fat Tails for Setting Guardrails - Make it stand out Liquidation history with green bars indicating liquidation of long leveraged positions and red of short leveraged positions. Source: CoinGlass https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/672cce05-c519-4dd7-a55e-741117d3e3a7/rwa.png Monthly Musings - Consider Fat Tails for Setting Guardrails - Make it stand out Source: rwa.xyz https://www.firinnecapital.com/monthly-musings/it-was-the-best-of-times- monthly 0.5 2026-01-13 https://www.firinnecapital.com/monthly-musings/know-yourself monthly 0.5 2025-12-12 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/e4720683-8e39-4314-921d-7d28101dc9b0/FearGreed.png Monthly Musings - Know Yourself - Make it stand out Source: CoinMarketCap https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/0b45d293-1a7b-48cd-b2cb-86298161697e/RollingCorrel.png Monthly Musings - Know Yourself - Make it stand out XAUT is Tether-Gold, a token pegged to gold prices and is used in this analysis as a proxy for the underlying commodity. Sources: Nasdaq, Coingecko, Firinne Capital. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/d13c1b2a-4fb4-4841-bc86-7f90fe1fd11b/SOFRvFF.png Monthly Musings - Know Yourself - Make it stand out Source: FRED, Firinne Capital https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/62701b57-cd1b-4551-84e2-475e4dfa3fbf/JGB10y.png Monthly Musings - Know Yourself - Make it stand out Source: OECD, FRED https://www.firinnecapital.com/monthly-musings/winds-of-change monthly 0.5 2025-11-11 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/0a0d3c2e-e987-48d3-818c-8f8d24fb2a3c/BTCprc.png Monthly Musings - Winds of Change - Make it stand out Source: CoinGecko https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/e28581ba-c0f5-4ebf-a188-ad79a970d42f/MidTerms2026.png Monthly Musings - Winds of Change - Make it stand out Source: Kalshi https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/e7fc021f-4469-4f42-997b-66e809f85783/BTCVol.png Monthly Musings - Winds of Change - Make it stand out Source: Deribit https://www.firinnecapital.com/monthly-musings/walled-gardens-20 monthly 0.5 2025-10-14 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/d4249fb6-007b-41a2-93c9-2592c29b586f/L1CompTable2.png Monthly Musings - Walled Gardens 2.0 - Make it stand out Sources: Firinne Capital, documentation from Circle, Stripe, Paradigm, Circle and Google, chainspect.app, cryptosettlementtime.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/432e5072-13a4-4fba-82a9-bbba9fee829d/L2txns.png Monthly Musings - Walled Gardens 2.0 - Make it stand out Stacked Daily Transactions on Top 10 Ethereum L2 networks Source: Growthepie.com https://www.firinnecapital.com/monthly-musings/the-fed-the-president-and-the-stablecoins monthly 0.5 2025-09-17 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/3c3e01a2-9b34-4268-83d9-821b4d775614/TurkeysEcon.png Monthly Musings - The Fed, The President, and The Stablecoins - Make it stand out Source: Trading Economics https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/46d6dc44-4ec8-4b01-bb66-a591b51b3702/DXY.png Monthly Musings - The Fed, The President, and The Stablecoins - Make it stand out Source: Trading Economics https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/ba5ff065-c3d8-44c9-868f-ef427f1852c2/20-30yields.png Monthly Musings - The Fed, The President, and The Stablecoins - Make it stand out Source: Trading Economics https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/384f4be5-19d1-4b4c-b412-dccc0eaed6ba/MOVEindex.png Monthly Musings - The Fed, The President, and The Stablecoins - Make it stand out Source: Trading View https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/7723c7c1-fd1c-4811-b5ee-e95ddd2e2907/TokenizedRWAs.png Monthly Musings - The Fed, The President, and The Stablecoins - Make it stand out Source: rwa.xyz https://www.firinnecapital.com/monthly-musings/americas-crypto-manifest monthly 0.5 2025-08-14 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/6fc00619-68b9-4033-b15c-5edcfa4650b9/RWAbyNetwork.png Monthly Musings - America's Crypto Manifest - Make it stand out Tokenized US Treasuries, bonds, and cash-equivalents by network Source: RWA.xyz https://www.firinnecapital.com/monthly-musings/summer-of-institutional-adoption monthly 0.5 2025-07-14 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/94fbaa40-b5fc-47d4-a2d6-70be0dbbcb7a/BTCTsys.png Monthly Musings - Summer of Institutional Adoption - Make it stand out Source: bitcointreasuries.net https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/685a5341-1fc0-4470-9b88-a15b24cfca63/Sharplink.png Monthly Musings - Summer of Institutional Adoption - Make it stand out SBET, source: Nasdaq.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/8a4fcc02-3680-4f73-ae8e-6e71baa4015b/rwa.png Monthly Musings - Summer of Institutional Adoption - Make it stand out Source: rwa.xyz https://www.firinnecapital.com/monthly-musings/theageofthehypercorn monthly 0.5 2025-06-12 https://www.firinnecapital.com/monthly-musings/tariff-thy-neighbor monthly 0.5 2025-04-10 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/12981919-1689-4aae-ac78-e4dc72b9b7ba/DJT_TariffSheet.png Monthly Musings - Tariff Thy Neighbor - Make it stand out Source: CNN https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/d9e7752b-d185-467c-9266-229f0f4a3362/Worst2DRetsHistory.png Monthly Musings - Tariff Thy Neighbor - Make it stand out Worst 2-day returns for the S&P 500 since 1975. Source: Yahoo Finance, Firinne Capital https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/8de93d6b-95dd-4578-b82b-65b85ec9e6d5/VIXplot.png Monthly Musings - Tariff Thy Neighbor - Make it stand out Source: CBOE https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/6a78ca7b-b24e-4c1a-9ea4-13473dd8e4ab/CMCGreedFear.png Monthly Musings - Tariff Thy Neighbor - Make it stand out Source: CoinMarketCap https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/c4f807ba-a632-46e0-afc5-c4ad53fcddb8/4x3x3Correls.jpg Monthly Musings - Tariff Thy Neighbor - Make it stand out Historical correlations. Source: Coingecko, Yahoo Finance, Firinne Capital https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/8a30f7a3-9436-41f4-b10e-77872655b7cd/GrowthInflationTradeoff.png Monthly Musings - Tariff Thy Neighbor - Make it stand out Source: Firinne Capital https://www.firinnecapital.com/monthly-musings/attention-deficit monthly 0.5 2025-02-21 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/9f1815da-4516-4988-94d0-529877364af7/CMC_FearGreed.png Monthly Musings - Attention Deficit - Make it stand out Source: CryptoMarketCap.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/eb29a565-5e37-4076-b7fd-06a1948b20b2/30dSectorPerf.png Monthly Musings - Attention Deficit - Make it stand out Source: The Tie, Firinne Capital https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/388990c5-8224-473d-afc9-08b939d2c6bf/L2_Txns.png Monthly Musings - Attention Deficit - Make it stand out Source: Transaction Count - growthepie https://www.firinnecapital.com/monthly-musings/crypto-comes-in-from-the-cold monthly 0.5 2025-01-20 https://www.firinnecapital.com/monthly-musings/bangkok-meets-ethereum-my-devcon-7-experience monthly 0.5 2024-12-13 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/49b3d2fd-17b5-486d-8505-b08f82079308/Buterin.jpg Monthly Musings - Bangkok Meets Ethereum: My DEVCON 7 Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/c0d0b328-75a2-4a50-b253-e5713200e17a/Miyaguchi.jpg Monthly Musings - Bangkok Meets Ethereum: My DEVCON 7 Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/2d8ce95b-84fa-4658-b3c0-c593436cef28/JDrake.jpg Monthly Musings - Bangkok Meets Ethereum: My DEVCON 7 Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/02b7fac2-ff97-4a19-a9f5-393460a8ec1f/gubsheep.jpg Monthly Musings - Bangkok Meets Ethereum: My DEVCON 7 Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/monthly-musings/a-step-change monthly 0.5 2024-11-15 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/06240a04-9a5b-4d76-9f90-19e185370098/sosovalue_ETHETF.png Monthly Musings - A Step Change - Make it stand out US Spot ETH ETFs Flows (source: SoSoValue) https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/54cdde3d-93c0-4a79-ba44-304dfcb87207/CoinglassFundingRates_HeatMap.png Monthly Musings - A Step Change - Make it stand out Source: CoinGlass https://www.firinnecapital.com/monthly-musings/bulls-and-bears-face-off monthly 0.5 2024-08-13 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/50519f03-b826-44a7-9425-9825e358cafd/ETHETFflows_Farside.png Monthly Musings - Bulls and Bears Face Off - Make it stand out Source: Farside Investors https://www.firinnecapital.com/monthly-musings/cryptos-dog-days-of-summer monthly 0.5 2024-08-13 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/d8da15d9-c151-43b1-88d2-a7c18e619fb9/20240627_RuairiAwardsCeremony.jpg Monthly Musings - Crypto’s Dog Days of Summer - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/0a368cb0-374d-4156-8af8-7e0259309a1f/PolymarketETHETF.png Monthly Musings - Crypto’s Dog Days of Summer - Make it stand out Source: Polymarket https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/912bc0f9-76ff-4b14-a7d0-5b8d106e02d4/RWAs.png Monthly Musings - Crypto’s Dog Days of Summer - Make it stand out Source: rwa.xyz https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/9524d062-120a-4c54-89a4-708cdd88629d/Txns_n_fees.png Monthly Musings - Crypto’s Dog Days of Summer - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/dd65f984-0f6b-4064-b9ff-98d0e8945f5f/ScalingTxns.png Monthly Musings - Crypto’s Dog Days of Summer - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/monthly-musings/celebrating-two-years-of-a-crypto-odyssey-7sb6e monthly 0.5 2024-07-25 https://www.firinnecapital.com/monthly-musings/btc-halving-half-the-rewards-but-much-more-in-return-j32p2 monthly 0.5 2024-05-14 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811353-5DRJX0US60S5DN86T67H/ETFflows.png Monthly Musings - BTC Halving – Half the Rewards but Much More in Return - Make it stand out Source: sosovalue.xyz https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811361-CGXPNK5ZLONKIQP1P0RB/MinerRevs.png Monthly Musings - BTC Halving – Half the Rewards but Much More in Return - Make it stand out Source: look into bitcoin https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811364-WGFWIKAD3JXYFXHECCNH/HashrateAfterHalving.png Monthly Musings - BTC Halving – Half the Rewards but Much More in Return - Make it stand out Source: CoinDesk, Hashlabs Mining https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811367-UKBN405CL883H9OXNFO2/MinerProfitability.png Monthly Musings - BTC Halving – Half the Rewards but Much More in Return - Make it stand out Source: Hashrate Index https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811371-8QDMJKEHJZS31F8MOWFN/NFTtypes.png Monthly Musings - BTC Halving – Half the Rewards but Much More in Return - Make it stand out Source: Dune Analytics, h/t @ilemi https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811374-N5ZHBDZN89SQGMK13PYA/OrdinalFees.png Monthly Musings - BTC Halving – Half the Rewards but Much More in Return - Make it stand out Source: Dune Analytics, h/t @dgtl_assets https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811379-RVC8FM6QCATKUOY73EU7/RunesFees.png Monthly Musings - BTC Halving – Half the Rewards but Much More in Return - Make it stand out Source: Hashrate Index https://www.firinnecapital.com/monthly-musings/eth-unlikely-a-security-8c9ej monthly 0.5 2024-04-10 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811346-BUE7BU8K4KRXPWYEKBPR/ETHETFApprovalProb.png Monthly Musings - ETH Unlikely a Security - Make it stand out Source: Polymarket https://www.firinnecapital.com/monthly-musings/hedgeweekglobaldigitalassetsawards2024-bg5el monthly 0.5 2024-03-19 https://www.firinnecapital.com/monthly-musings/moral-imperative-for-blockchain-aehd7 monthly 0.5 2024-02-26 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811335-XTQCF20TPF3DIJ911M87/Galaxy_RWAmktshare.png Monthly Musings - Moral Imperative for Blockchain - Make it stand out Source: Galaxy Research https://www.firinnecapital.com/monthly-musings/looking-beyond-the-etfs-p9l7y monthly 0.5 2024-02-07 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811320-10K2KBQR96GUGQDLQJK8/ETFMktShare.png Monthly Musings - Looking Beyond the ETFs - Make it stand out Source: Dune Analytics, h/t @hildobby https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811325-8Z3ERR9UTAE7ID4DLA0O/rwaUSTsy.png Monthly Musings - Looking Beyond the ETFs - Make it stand out Source rwa.xyz https://www.firinnecapital.com/monthly-musings/surviving-and-thriving-z3gj4 monthly 0.5 2024-01-09 https://www.firinnecapital.com/monthly-musings/the-comeback-kid-of-2023-336nj monthly 0.5 2023-12-27 https://www.firinnecapital.com/monthly-musings/firinne-capital-talks-portfolio-construction-gt9j6 monthly 0.5 2025-12-18 https://www.firinnecapital.com/monthly-musings/dont-forget-important-tradfi-lessons-mmwzr monthly 0.5 2023-11-06 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811287-4YK7UAR95HEADHE9ODYU/AssetRets_2023OctYTD.png Monthly Musings - Don’t Forget Important TradFi Lessons! - Make it stand out YTD as of 31-Oct-2023. Sources: Firinne Capital, Coingecko, Bitwise 10, S&P Dow Jones Indices https://www.firinnecapital.com/monthly-musings/sober-realities-of-tax-and-accounting-fa4g7 monthly 0.5 2023-10-12 https://www.firinnecapital.com/monthly-musings/stablecoins-cbdcs-or-both-jtjyl monthly 0.5 2023-09-12 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811270-0F5B4TK8U2UIJ8XHPBOX/StablecoinMktCap_05Sept.png Monthly Musings - Stablecoins, CBDCs or Both? - Make it stand out Source: CoinMarketCap, as of 05-Sept-2023 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811273-VLJVNOWCJ3SMS83SYVGU/StablecoinCharacteristics.png Monthly Musings - Stablecoins, CBDCs or Both? - Make it stand out Source: Firinne Capital https://www.firinnecapital.com/monthly-musings/correlations-the-long-and-short-of-it-dama6 monthly 0.5 2023-08-11 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811256-P5YZ2PZY1VIOQAI9CPGT/EstimationParameters.png Monthly Musings - Correlations, The Long and Short Of It - Make it stand out Source: CoinGecko, Yahoo Finance, Firinne Capital https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811262-DLUQHI4FIQSRGHA7CSMS/NewsAndCorrelations.png Monthly Musings - Correlations, The Long and Short Of It - Make it stand out Source: CoinGecko, Yahoo Finance, Firinne Capital https://www.firinnecapital.com/monthly-musings/distinguishing-xrp-from-ripple-sfxfn monthly 0.5 2023-07-24 https://www.firinnecapital.com/monthly-musings/an-exciting-june-etf-applications-and-eigenlayer-innovation-kc63h monthly 0.5 2023-07-12 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811246-FQO6H18C8FM5BC2EQM30/BTCExchFlow.png Monthly Musings - An Exciting June – ETF Applications and Eigenlayer Innovation - Make it stand out Source: Glassnode, as of June 23 https://www.firinnecapital.com/monthly-musings/one-year-wmnc9 monthly 0.5 2023-06-01 https://www.firinnecapital.com/monthly-musings/while-you-werent-paying-attention-crypto-beat-your-portfolio-ew2dz monthly 0.5 2023-04-12 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811227-54GFO7ZZ9FOJX22UCDEM/NYDIG_1Q23AssetRets.jpg Monthly Musings - While You Weren’t Paying Attention, Crypto Beat Your Portfolio - Make it stand out Source: NYDIG, “1Q23 Review and Look Ahead” https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811231-7DQ5LU1Y2O67NA1JZLK1/DispersionOfCrossSectionalCorrels.png Monthly Musings - While You Weren’t Paying Attention, Crypto Beat Your Portfolio - Make it stand out Source: Firinne Capital, CoinGecko https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811235-U2D0ZQ1S2NGDY45AQ3UK/BTC_IYWcorrel.png Monthly Musings - While You Weren’t Paying Attention, Crypto Beat Your Portfolio - Make it stand out Sources: Firinne Capital, Yahoo Finance https://www.firinnecapital.com/monthly-musings/complexity-and-unknown-unknowns-jybmm monthly 0.5 2023-03-22 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811214-5Z1RADF3ZITVM8G2SE90/Economist_UninsuredDepVHTM.png Monthly Musings - Complexity and Unknown Unknowns - Make it stand out Source: “How deep is the rot in America’s banking industry?”, The Economist, 2023-Mar-18 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811217-9OOS34ORXAG2G59XKW3L/FRED_MktDepth.png Monthly Musings - Complexity and Unknown Unknowns - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811221-0Z3T6O18FPULXHHDLY82/Fred_RunnableMoney.png Monthly Musings - Complexity and Unknown Unknowns - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/monthly-musings/regs-regs-and-more-regs-4kmk7 monthly 0.5 2023-03-07 https://www.firinnecapital.com/monthly-musings/decentralized-dev-and-shanghai-upgrade-rabsd monthly 0.5 2023-02-08 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811195-4ABZ2OLKZXTUP10BU5I9/FTDevs_BubbleChart.png Monthly Musings - Decentralized Dev and Shanghai Upgrade - Make it stand out Full Time Developer Count and Growth. Bubble size indicates the number of developers at the end of 2022. Source: Electric Capital, Firinne Capital. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811199-5TJHZBQJ4028VCB0E1P3/StakedETH.png Monthly Musings - Decentralized Dev and Shanghai Upgrade - Make it stand out Over 16 million staked ETH (~ 14% of ETH supply) with a staking APY of 4.9%. Source: Dune Analytics https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811202-429T619K7KXJUGCHPUYE/stETH_PricedInETH.png Monthly Musings - Decentralized Dev and Shanghai Upgrade - Make it stand out Source: CoinGecko https://www.firinnecapital.com/monthly-musings/scaling-with-lightning-ppxkh monthly 0.5 2023-01-06 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811185-0315CPETK2W5OZZI4C79/LNcapacity.png Monthly Musings - Scaling with Lightning - Make it stand out Source: amboss.space. Note that the capacity is measured in satoshis or 0.00000001 BTCs. https://www.firinnecapital.com/monthly-musings/a-patchwork-of-global-regulations-684ra monthly 0.5 2022-12-07 https://www.firinnecapital.com/monthly-musings/firinne-capitals-statement-on-ftx-g2tjb monthly 0.5 2022-11-14 https://www.firinnecapital.com/monthly-musings/the-development-must-go-on-6f3ns monthly 0.5 2022-11-08 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811108-K9OJAKTOXM9JE7SAPH8A/ETHDevcon202210_flags.png Monthly Musings - The Development Must Go On - Make it stand out Figure 1. Devcon VI in Bogota, Columbia https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811115-D2O4CA8LQHNCT0PZ3W7A/ETHDevcon202210_feepricing.png Monthly Musings - The Development Must Go On - Make it stand out Figure 2. Theo Diamandis, a MIT PhD student and researcher at Bain Capital Crypto, discusses a mechanism for pricing non-fungible resources in fee markets. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811133-BF4UWI909NJEP4ODZUV5/DeveloperActivity.png Monthly Musings - The Development Must Go On - Make it stand out Figure 3. Indicators of developer activities. Source: https://www.gokustats.xyz/ https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811147-1SJYMWU0KT8B6N0CCAMQ/EthereumGasUsage.png Monthly Musings - The Development Must Go On - Make it stand out Figure 4. Ethereum gas usage. Source: https://ultrasound.money/#burn https://www.firinnecapital.com/monthly-musings/merge-shines-amidst-regulatory-clouds-wl4r2 monthly 0.5 2022-10-06 https://www.firinnecapital.com/monthly-musings/tornadocash-investorfriendliness-493ts monthly 0.5 2022-09-14 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811072-O6XSL8ELTS7GBIMO0S56/TornCashUsers.png Monthly Musings - Tornado Cash Caught in a Maelstrom, Plus a Step Towards Investor-Friendliness - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563811077-9WDQZS5VBE1ZOUCN6DIF/TornPrice.png Monthly Musings - Tornado Cash Caught in a Maelstrom, Plus a Step Towards Investor-Friendliness - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/monthly-musings/themerge-lklxx monthly 0.5 2022-09-07 https://www.firinnecapital.com/monthly-musings/wheredidallthatvaluego-2022jun-s6c2l monthly 0.5 2022-09-07 https://www.firinnecapital.com/blog daily 0.75 2025-05-12 https://www.firinnecapital.com/blog/bitcoins-shifting-motif monthly 0.5 2025-05-12 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/dd3b10a7-17e4-4a86-91c3-33e5047ba39b/btc_gold_xy.png Firinne Institute of Research Excellence (FIRE) - Bitcoin’s Shifting Motif - Make it stand out Source: Firinne Capital, CoinGecko, Yahoo Finance https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1e7e6b6f-ad3b-45c1-95fe-781fc72702e9/btc_nasdaq_xy.png Firinne Institute of Research Excellence (FIRE) - Bitcoin’s Shifting Motif - Make it stand out Source: Firinne Capital, CoinGecko, Yahoo Finance https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/f21582bd-debd-429e-bca6-4eaca1ecb07a/btc_m2_series.png Firinne Institute of Research Excellence (FIRE) - Bitcoin’s Shifting Motif - Make it stand out Global M2 vs BTC Price, 2020 - 1Q 2025. Source: bitcoinisdata.com https://www.firinnecapital.com/blog/digital-assets-investing-with-an-institutional-risk-management-mindset monthly 0.5 2025-03-24 https://www.firinnecapital.com/blog/ethereum-and-the-l2-offsprings monthly 0.5 2025-02-27 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/bf9db491-85ed-4c69-aaf3-8dc460fe144e/TotalActvAddresses.png Firinne Institute of Research Excellence (FIRE) - Ethereum and the L2 Offsprings - Make it stand out Total active addresses on Ethereum L2’s vs Ethereum (source: growthepie.xyz) https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/155f9f6d-ba50-45c5-8e77-323f3f0c54d1/TxnCosts.png Firinne Institute of Research Excellence (FIRE) - Ethereum and the L2 Offsprings - Make it stand out Transaction costs have plummeted since the Dencun upgrade (source: growthepie.xyz) https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/12364f61-41ad-4a68-ae07-a69588eae906/FeesPaiidToETH.png Firinne Institute of Research Excellence (FIRE) - Ethereum and the L2 Offsprings - Make it stand out … as have fees paid to Ethereum (source: growthepie.xyz) https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/4eb45988-a091-44b2-9e2c-de77c6618f8b/TxnCounts.png Firinne Institute of Research Excellence (FIRE) - Ethereum and the L2 Offsprings - Make it stand out Even as transactions count has roughly quadrupled (source: growthepie.xyz) https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/5f4aa41b-d693-42f9-8b6f-f2a7e933ef14/ETHtokeInflation.png Firinne Institute of Research Excellence (FIRE) - Ethereum and the L2 Offsprings - Make it stand out Meanwhile, ETH token supply has turned slightly inflationary (source: Ultrasound.money) https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/273f17cc-a081-4a66-834a-ee4431150502/ActvUsersByChain.png Firinne Institute of Research Excellence (FIRE) - Ethereum and the L2 Offsprings - Make it stand out Active users, by major chains (source: Token Terminal) https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/44e706dd-8199-4d49-8aa8-02aea3866a49/TPS_L2Beat.png Firinne Institute of Research Excellence (FIRE) - Ethereum and the L2 Offsprings - Make it stand out Transactions per second on L2 improves by a factor of 15 (source: L2Beat.com) https://www.firinnecapital.com/blog/prediction-markets-and-the-age-of-disinformation monthly 0.5 2024-09-19 https://www.firinnecapital.com/blog/the-state-of-knowledge-of-zero-knowledge-ee4ea monthly 0.5 2023-12-15 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820691-QPOIRO5N8V6FP9LM1N0R/L2beat_TVL_inL2s_20231214.png Firinne Institute of Research Excellence (FIRE) - The State of Knowledge of Zero-Knowledge - Make it stand out Source: L2beat.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820698-VUMA8TR4DZJ8QXIA6IF1/PolygonID_TriangleOfTrust.png Firinne Institute of Research Excellence (FIRE) - The State of Knowledge of Zero-Knowledge - Make it stand out Polygon ID: Triangle of Trust https://www.firinnecapital.com/blog/tokenizing-rwa-back-to-the-future-93cma monthly 0.5 2023-08-24 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820654-3DBWGVSBJ5VRD3QNEKJK/RWA_xyz_Tsys.png Firinne Institute of Research Excellence (FIRE) - Tokenizing RWA – Back to the Future - Make it stand out Source: rwa.xyz | Treasuries https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820658-H2B0NSPDGRK9V9DRZPWE/RWA_xyz_PrivateCredit.png Firinne Institute of Research Excellence (FIRE) - Tokenizing RWA – Back to the Future - Make it stand out Source: https://app.rwa.xyz/#private-credit https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820661-MF4ZVGB30W5DQTBHP3Z0/Centrifuge_OnOffChain.png Firinne Institute of Research Excellence (FIRE) - Tokenizing RWA – Back to the Future - Make it stand out Source: Linked to the real world, Centrifuge Documentation https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820666-ZNY9K0BFECBJ8N3KKO2V/RealT_whitebkgrnd.png Firinne Institute of Research Excellence (FIRE) - Tokenizing RWA – Back to the Future - Make it stand out Source: RealT https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820669-BZE3Y1YLR6G0107D5Q5V/RealT_DetroitPptyPrice.png Firinne Institute of Research Excellence (FIRE) - Tokenizing RWA – Back to the Future - Make it stand out Source: CoinGecko https://www.firinnecapital.com/blog/digital-assets-and-esg-42b43 monthly 0.5 2024-06-16 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820623-3SYB4DP2VTDHJNSSEFFI/EnergyUsageRankedByCountrywBTC.png Firinne Institute of Research Excellence (FIRE) - Digital Assets and ESG - Make it stand out Source: University of Cambridge https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820633-J1T0JNGB4FLQOOQFWUBW/ESGconsiderations_June2022.png Firinne Institute of Research Excellence (FIRE) - Digital Assets and ESG - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/blog/could-god-make-it-in-crypto-saht2 monthly 0.5 2023-05-22 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820550-ZYR1ABA41STT6665XKJ8/BTC_BullMktDrawdowns.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out BTC’s history of severe drawdowns amidst great price appreciation during bull markets. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820557-R8WQYJO65WRMESMAGWVR/Wealth_nthtileAsset.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820568-CNDFTCM6LBYBMU3WCS0J/Wealth_nthtileAsset_byYear.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820575-OEIZS5YM0R05R1CL9T4O/3yrs_SingleLookahead.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820580-1SJD9ANO4ZCXO0XD9GI1/AssetsWgts_NoRebal.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820590-Y5GNH5SMUN2Z98397EZE/AssetsWgts_AnnRebal.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820594-OJ1HFTNQ5OG9CFG8SJB4/MetricsByRebalFreq.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820597-1O6K8ES2P89HILOPCLRY/AllMetricsbyYear_WhiteBkgrd.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820601-GQCIUO2JZA9G17B3DIVQ/2022_90Dlookahead.png Firinne Institute of Research Excellence (FIRE) - Could God Make It In Crypto? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/blog/sources-of-yield-with-digital-assets-jb98t monthly 0.5 2023-02-21 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820519-PZD5SPJA4TQQ9K8AC6TU/DeFiTVLplot.png Firinne Institute of Research Excellence (FIRE) - Sources of Yield with Digital Assets - Make it stand out Source: Defi Llama https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820526-5HI6NG5HOH0RLT4GCF2K/AaveLendingMarket.png Firinne Institute of Research Excellence (FIRE) - Sources of Yield with Digital Assets - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820529-LNDB2K2LH6PGNIFXG6G6/CLOB_btc.png Firinne Institute of Research Excellence (FIRE) - Sources of Yield with Digital Assets - Make it stand out CLOB example for btc-usd https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820532-84UHFSWIVJXVXHCW2DDJ/StakingYields_202302.png Firinne Institute of Research Excellence (FIRE) - Sources of Yield with Digital Assets - Make it stand out Source: Stakingrewards.com, as of February 17, 2023 https://www.firinnecapital.com/blog/scaling-the-theme-of-2023-f6zwf monthly 0.5 2023-01-24 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820493-EEACCHOXH1K650A5Z7JM/BlockchainTrilemma.png Firinne Institute of Research Excellence (FIRE) - Scaling: The Theme of 2023 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820495-U4N6U0KNIYY3X3J1E0P4/TPS2022.png Firinne Institute of Research Excellence (FIRE) - Scaling: The Theme of 2023 - Make it stand out Source: l2Beat.com. Light blue is Ethereum transactions/second. Red is all L2 transactions/second https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820499-YEL6TS8HMG3VHF5JJ0HP/TVLtable.png Firinne Institute of Research Excellence (FIRE) - Scaling: The Theme of 2023 - Make it stand out Source: Defi Llama https://www.firinnecapital.com/blog/slaying-cryptos-mythical-beasts-7nkhe monthly 0.5 2022-12-23 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820460-BUX15DS8X90BIYP1MMOI/IllicitCryptoTxns.png Firinne Institute of Research Excellence (FIRE) - Slaying Crypto’s Mythical Beasts - Make it stand out Source: Chainalysis https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820463-NO6ULXXA0POAYAX2W2CV/BTCActiveAddresses.png Firinne Institute of Research Excellence (FIRE) - Slaying Crypto’s Mythical Beasts - Make it stand out Sources: coinmarketcap.com, bitinfocharts.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820467-GI609WJ90P4M7JN3N7LI/BTCElectricityConsumption.png Firinne Institute of Research Excellence (FIRE) - Slaying Crypto’s Mythical Beasts - Make it stand out Source: Cambridge Bitcoin Electricity Consumption Index https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820472-AAZQVWVV6ANME6SYA7JL/ETHElectricityConsumption.jpg Firinne Institute of Research Excellence (FIRE) - Slaying Crypto’s Mythical Beasts - Make it stand out Source: EthereumEnergyConsumption.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820475-9YQ7R8Z2BFMGR0VRZGLM/BTCPowerMix.png Firinne Institute of Research Excellence (FIRE) - Slaying Crypto’s Mythical Beasts - Make it stand out Source: Bitcoin Mining Council, Q2, 2021 https://www.firinnecapital.com/blog/illusions-of-grandeur-mkl3h monthly 0.5 2022-11-22 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820445-EKHJQQ0E4SGX0POOLV9A/ftxFunding_TheBlock.png Firinne Institute of Research Excellence (FIRE) - Illusions of Grandeur - Make it stand out Source: The Block https://www.firinnecapital.com/blog/the-merge-part-ii-sbtf9 monthly 0.5 2022-10-21 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820418-GMM2VGEJHR6DIJ1DU3IT/Fig1_ethIssuance.png Firinne Institute of Research Excellence (FIRE) - The Merge, Part II - Make it stand out Fig 1. Comparison between total ether created since The Merge in September, ~6,000 eth versus 400,000 eth had The Merge never taken place. Actual bitcoin issuance is also shown. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820421-R0Q8O7SHVN0A5GZ4CZQN/Fig2_ethCumul.png Firinne Institute of Research Excellence (FIRE) - The Merge, Part II - Make it stand out Fig 2. The cumulative amount of ether in existence and the change of ether issuance per block over time. Theoretically post merge the total amount of ether existing may decline over time, depending upon network usage. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820424-8ELS17QTVLRKKWBHVI8N/Fig3_ethPrice.png Firinne Institute of Research Excellence (FIRE) - The Merge, Part II - Make it stand out Fig 3. Ether priced in USD and in bitcoin. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820428-I4EQF52KUL86SGTLAL1H/Fig4_ethStakingMachine.png Firinne Institute of Research Excellence (FIRE) - The Merge, Part II - Make it stand out Fig 4. Custom built staking machine. A reliable power supply, internet connection and cooling device are important. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820434-FHAUOQBWTL5OEKSKTLMU/Fig5_ethStakingRewardFigment.png Firinne Institute of Research Excellence (FIRE) - The Merge, Part II - Make it stand out Fig 5. Ethereum staking rewards. Source: Figment https://www.firinnecapital.com/blog/layers-and-bridges-a-fundamental-discussion-59tj5 monthly 0.5 2022-09-21 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820397-TWL139LJNJNAP07LQ7E7/ETHTxnFee_BitInfochart.png Firinne Institute of Research Excellence (FIRE) - Layers and Bridges: A Fundamental Discussion - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820400-HQL4ZUMQVATT5M0CUIUI/SolanaTPS_DelphiDigital.png Firinne Institute of Research Excellence (FIRE) - Layers and Bridges: A Fundamental Discussion - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820403-3CJCXM1OWOW9FJLZCJJB/TVL_DefiLlama.png Firinne Institute of Research Excellence (FIRE) - Layers and Bridges: A Fundamental Discussion - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/blog/valuing-a-cryptocurrency-network-w3tp2 monthly 0.5 2022-08-15 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820326-MK9S37TLLM6SSY0TOKNE/metacalfe_formula_resized.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820329-OL1245UNOXK8AL28GI1B/metacalfe_formula_2.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820337-RA060G2RK8532NCM8TWG/metacalfe_formula_3.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820343-YMRF1TJQX8DW47J34X00/metacalfe_img1.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Figure 1 - Log of market cap vs. log of daily active addresses https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820348-ZPMHAAAZQPV1OIJFSJH2/metacalfe_t1.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820352-PA4L7VM1SKEALVDJIGTJ/metcalfe_img2.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Figure 2 - Ratio of actual market cap to market cap as predicted by Generalized Metcalfe’s Law https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820357-78V3TJFLDZB83A7XODMN/metcalfe_img3.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Figure 3 - True market cap data graphed alongside GML projected market cap using a smoothed curve and a curve using raw user data. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820361-HQVKQIDVYZMTN8I7GX6P/metcalfe_img4.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Figure 4 - The same curve as Figure 3 on a log scale on the y-axis. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820364-VVVO32GOJ5ARU5P6WKY4/metcalfe_img5.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Figure 5. The slope of the regression using a rolling 500-day window plotted over time https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820367-CMTWX4BWLZLRJSC02DUP/metcalfe_img6.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Figure 6. Rolling R-squared of the regression from Figure 5. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820370-1HXHZBVIWSWX34D88D6I/metcalfe_img7.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Figure 7 - Stock to Flow https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820374-FC7VMPMMBTVR3HVRYTY9/metcalfe_img8.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820382-8U8Z4FA21LGQU3DBT5KS/metcalfe_img9.png Firinne Institute of Research Excellence (FIRE) - Valuing a Cryptocurrency Network - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/blog/theinflationhedgethatwasnt-a58aw monthly 0.5 2022-07-01 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820303-3O00IYUYKNEJHF4TZPNW/inflation_fig_1.png Firinne Institute of Research Excellence (FIRE) - The Inflation Hedge That Wasn’t - Make it stand out Source: FRED, Interactive Brokers https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820308-TM9WRI1VGOFKT1TQXHZL/inflation_fig_2.png Firinne Institute of Research Excellence (FIRE) - The Inflation Hedge That Wasn’t - Make it stand out Source: FRED https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820312-1L13R3QNNVEQS5GTV46K/inflation_fig_3.png Firinne Institute of Research Excellence (FIRE) - The Inflation Hedge That Wasn’t - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/blog/terralunacrashing-lrjw7 monthly 0.5 2022-05-18 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820270-FVODW5SOM201P7CGK10Y/terra_1.jpg Firinne Institute of Research Excellence (FIRE) - Terra’s Luna Comes Crashing Back To Earth - Make it stand out Recent photo of Do Kwon, founder of Terra. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820273-YWKCAU2XBB41ONXVLF7Y/terra_2.jpg Firinne Institute of Research Excellence (FIRE) - Terra’s Luna Comes Crashing Back To Earth - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820276-2WH8QKXPSVSO90XD6YG9/terra_3.jpg Firinne Institute of Research Excellence (FIRE) - Terra’s Luna Comes Crashing Back To Earth - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820283-5P9SSKNDVT5LT193F4K2/terra_4.jpg Firinne Institute of Research Excellence (FIRE) - Terra’s Luna Comes Crashing Back To Earth - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820288-NUXSDDOOFAD2BW7QM9WO/terra_5.jpg Firinne Institute of Research Excellence (FIRE) - Terra’s Luna Comes Crashing Back To Earth - Make it stand out Yes, that is a log scale https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820292-AKTUDWRDPFCBL1ZPE72F/terra_6.png Firinne Institute of Research Excellence (FIRE) - Terra’s Luna Comes Crashing Back To Earth - Make it stand out Do “Ozymandius” Kwon surveys the wreckage of Terra Luna https://www.firinnecapital.com/blog/bitcoin-as-digital-gold-ar9gh monthly 0.5 2024-07-25 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820131-A6GKVK9DY5146DMP4625/figure_1_gold_btc_vol.png Firinne Institute of Research Excellence (FIRE) - Bitcoin as Digital Gold - Make it stand out Historical Volatility - Bitcoin vs. Gold. Source: Interactive Brokers, CoinGecko https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820134-24J7V5LXCOHUAJS5DHZR/Picture1.png Firinne Institute of Research Excellence (FIRE) - Bitcoin as Digital Gold - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.firinnecapital.com/blog/introducing-firinne-capital monthly 0.5 2024-07-25 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820151-IPYJRKVGQJLTUBBH9IN9/annual-returns-1-1.png Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out 10 years of asset class performance. Source: Interactive Brokers, coingecko.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820156-JTTE3D06Q2FCLA18N21F/fees-impact-1-4.png Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out Top: Value generated by different fee structures. Bottom: Breakdown of the fee discrepancy. The effect of early fee extract by the competitor compounds over time to dramatic effect. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820164-YKDFLJ42AV24MT8VDEPV/dominance.JPG Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out The decline of bitcoin dominance in digital assets marketcap. Source: coinmarketcap.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820170-ZNRS09UEG2NDQP9ABIIT/rank-counts-1-3.jpg Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out Number of digital assets achieving a given market cap rank https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820173-E2T5Q1HDPJDFQZLLU0B8/top-coins-1-2.jpg Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out Names of digital assets attaining a first, second or third rank by market cap https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820176-1Z3CP3V2LPM7YUKOAX9R/c_ranks.png Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out Change in marketcap rank (relative to bitcoin) of prominent early projects over time https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820179-08BN2MP5FXAYWFUK6NUW/hodlwave.JPG Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out Bitcoin ”Hodl” waves. Source glassnode.com https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820182-4CYWGKU20ICHTJ37074X/eth_classic.png Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out Ratio of Ethereum Classic marketcap to Ethereum https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820185-ZOEBOL6THRV2J7ZR4YM9/btc_classic.png Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out Ratio of prominent bitcoin forks marketcap to bitcoin https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820187-DSWWE76RJQF2SF8HLEHS/elon_doge.png Firinne Institute of Research Excellence (FIRE) - Introducing Firinne Liquid Digital Assets Fund - Make it stand out https://www.r-bloggers.com/2021/07/the-elon-musk-tweet-effect-on-dogecoin-doge/ https://www.firinnecapital.com/blog/building-a-bridge-between-worlds-3acs5 monthly 0.5 2022-02-11 https://www.firinnecapital.com/blog/hodling-is-so-hard-fnkyh monthly 0.5 2024-07-25 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820213-X2VAIMJS7ELLYCZGMBQU/fig_1_stats.png Firinne Institute of Research Excellence (FIRE) - Why #hodling is So Hard - Make it stand out Return Profile of Select Risk Assets. Source: Interactive Brokers, FRED, Yahoo Finance. Notes: WTI excludes April 2021 market anomaly where prices went negative. We do not consider fiat currencies risk assets and believe the long-term real return to fiat currencies is zero. They are included in this document for illustrative purposes only. https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820216-7MIIQ0MTXZUINGTAB3YA/fig_2_corr.png Firinne Institute of Research Excellence (FIRE) - Why #hodling is So Hard - Make it stand out Correlations of Major Assets. Source Interactive Brokers, FRED, Yahoo Finance. Note: Weekly Returns 2015-08-06 to 2021-12-20 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820220-O5ZJGE80RKSQFKQ0PT5W/fig_3_underwater.png Firinne Institute of Research Excellence (FIRE) - Why #hodling is So Hard - Make it stand out Percentage of Days Below Previous Peak https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820223-RMXEVB2CR6Q840M56Z2P/fig_4a_spx_drawdown.png Firinne Institute of Research Excellence (FIRE) - Why #hodling is So Hard - Make it stand out S&P 500 Top 10 Drawdown Periods https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820226-WZGNAAI3KWQ11AVDFK6R/fig_4b_spx_underwater.png Firinne Institute of Research Excellence (FIRE) - Why #hodling is So Hard - Make it stand out S&P 500 Underwater Profile https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820231-L0X4LO4YMJVOLJADRV8D/fig_5a_btc_drawdown.png Firinne Institute of Research Excellence (FIRE) - Why #hodling is So Hard - Make it stand out Bitcoin’s Top 10 Drawdown Periods https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820238-JPUES3NIFSSUH0H3DKSV/fig_5b_btc_underwater.png Firinne Institute of Research Excellence (FIRE) - Why #hodling is So Hard - Make it stand out Bitcoin’s Underwater Profile https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563820245-OZKJFO93IYQ8P6GQ31Q5/fig_6_hodl_saves.png Firinne Institute of Research Excellence (FIRE) - Why #hodling is So Hard - Make it stand out Bitcoin’s HODL waves https://www.firinnecapital.com/blog/category/firinne monthly 0.5 https://www.firinnecapital.com/blog/tag/gold monthly 0.5 https://www.firinnecapital.com/blog/tag/buy+and+hold monthly 0.5 https://www.firinnecapital.com/blog/tag/ethereum monthly 0.5 https://www.firinnecapital.com/blog/tag/tradfi monthly 0.5 https://www.firinnecapital.com/blog/tag/hedgefunds monthly 0.5 https://www.firinnecapital.com/blog/tag/hodling monthly 0.5 https://www.firinnecapital.com/blog/tag/defi monthly 0.5 https://www.firinnecapital.com/blog/tag/firinne monthly 0.5 https://www.firinnecapital.com/blog/tag/inflation monthly 0.5 https://www.firinnecapital.com/blog/tag/bitcoin monthly 0.5 https://www.firinnecapital.com/blog/tag/crypto monthly 0.5 https://www.firinnecapital.com/contact-us daily 0.75 2024-07-25 https://www.firinnecapital.com/about daily 0.75 2024-06-16 https://www.firinnecapital.com/home daily 1.0 2024-08-13 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/c63055c4-b20b-4ec8-9801-333197a3247c/Tokens_Charts.jpg https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/5d701490-d57d-4a7e-bd6d-502cd092780b/20240627_RuairiAwardsCeremony.jpg https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718564847859-6B5QFFW68WJ9VSMIQ8GQ/nav-logo-250x400.png Home https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718564847859-Z2R8ZQRNBMGO1JIJ0S52/richey-may-logo-400x250.png Home https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718564904231-7KMX8R94QDK615CKV8B6/tta-logo-400x250.jpg Home https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718564984296-165983AT870JAXPZWTA1/riveles-logo-400x250.jpg Home https://www.firinnecapital.com/about-us daily 0.75 2025-04-25 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563830707-8LHAIRM2RPHKUA3F5X9F/211210__Firinne_Ruairi_254-4x3_base_f.png https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/407725e5-338c-4847-a643-7a20ed2946cf/JHwang202406_IndoorsJacket_bw.jpg https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563830713-MEMO62AG5VSTA97OETRG/211210__Firinne_Jay_249-4x3.JPG https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563830723-U1ZXE6VFIYAKPNQWTQ5H/211210__Firinne_Victor_245-4x3+%282%29.JPG https://www.firinnecapital.com/legal daily 0.75 2024-06-16 https://www.firinnecapital.com/privacy-policy daily 0.75 2024-06-16 https://www.firinnecapital.com/home-2 daily 0.75 2024-06-17 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/847cba33-883b-4069-b398-8b78f2fd0ed3/iStock-1146417905.jpg https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/d991c27b-580d-4102-8d4f-7156c1ea523f/iStock-942607194.jpg https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718564847859-6B5QFFW68WJ9VSMIQ8GQ/nav-logo-250x400.png Home 2 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718564847859-Z2R8ZQRNBMGO1JIJ0S52/richey-may-logo-400x250.png Home 2 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718564904231-7KMX8R94QDK615CKV8B6/tta-logo-400x250.jpg Home 2 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718564984296-165983AT870JAXPZWTA1/riveles-logo-400x250.jpg Home 2 https://www.firinnecapital.com/our-funds daily 0.75 2024-08-13 https://www.firinnecapital.com/about-us-1 daily 0.75 2024-07-26 https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563830707-8LHAIRM2RPHKUA3F5X9F/211210__Firinne_Ruairi_254-4x3_base_f.png https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/407725e5-338c-4847-a643-7a20ed2946cf/JHwang202406_IndoorsJacket_bw.jpg https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563830713-MEMO62AG5VSTA97OETRG/211210__Firinne_Jay_249-4x3.JPG https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563830717-T0866HSPCX00CR4UDY5R/211210__Firinne_Jeff_201-4x3.JPG https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563830723-U1ZXE6VFIYAKPNQWTQ5H/211210__Firinne_Victor_245-4x3+%282%29.JPG https://images.squarespace-cdn.com/content/v1/666f33e20ff3a55ff0a588a2/1718563830726-OSWHVOUTP239BHLU26MX/BoZhou_headshot_right_bw3.png