Bitcoin treasury companies: Hedge or house of cards?Companies now hold over 5% of Bitcoin's supply, turning their balance sheets into high-stakes bets on digital gold.
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Bitcoin treasury companies: Hedge or house of cards?Companies now hold over 5% of Bitcoin's supply, turning their balance sheets into high-stakes bets on digital gold. 📖 α Weekly ResearchBitcoin SOPR shows consistent profit realization despite price pullbackSOPR data confirms spending has consistently occurred in profit, with short-term holders straddling the breakeven line. High betas, low correlations: miners break from Bitcoin patternsDespite explosive short-term rallies, most miners carry drawdowns far deeper than BTC. 📈 α Top Insights
📖 More α ResearchCoinbase held the majority of USD trading volume as BTC spiked to $122k55% liquidity concentration gives Coinbase an edge in USD price discovery. Record compression in implied volatility sets up next big move for BitcoinBitcoin’s implied volatility just touched its all-time low while it trades near $115,000, creating a rare moment of calm at the top. Tight price parity hides structural gaps in XRP liquidity on exchangesDespite near-perfect return correlations, XRP trading volume remains sharply divided between Binance’s USDT and Coinbase’s USD pairs.
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