Digital Assets Weekly: June 23rd

Market Analysis

Closing at $9,304 on Tuesday evening, Bitcoin remains firmly within its $9,000 - $10,000 trading range that has persisted since the May halving. Heading into the back half of the week, all eyes are on the options market as an estimated $930M worth of bitcoin options, accounting for about 70% of total open interest are set to expire on June 26^th.

Bitcoin remains firmly ahead of gold as the best performing asset class on a YTD basis.

Ethereum led all major crypto assets over the past week by ~3% and finished the week up 5.2%.  

FS Crypto FX 40 was the best performing index last week, finishing the week up 4.8% and outperforming all other indices by ~2%. Major contributors to this outperformance were Chainlink (+14%), Cypto.com Coin (+12.2%) and Ontology (+18.9%).

The table below shows the returns of the largest assets and the FS Size Indexes over the year. 

Fundamental Valuations

Bitcoin’s P/CMR valuation stood at 9.6x as of 6/22 vs 9.4x as of last week. This value remains slightly below the levels from Mar-19 through present.

Bitcoin’s market cap to realized value (MV/RV) multiple was 1.7x as of 6/22 vs 1.6x last week.

The comp table for major crypto asset prices and fundamental valuations is shown below.

Valuation Methodology