Digital Assets Weekly: July 8th

Market Analysis

After briefly falling below its persistent $9,000 support level on Sunday, Bitcoin finished the 7 days ending 7/6 at $9,375; up 1.7% on the week. Volatility over the past 7 days has been exceptionally low with Bitcoin trading between a low of $8,977 and a high of $9,375.

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

Bitcoin Cash led all other major crypto assets this week by 3% - 6% with a 7.5% return on the week.  

FS Crypto FX 40 was the best performing index last week gaining 9.4% and outperforming all other size-based indices by 4% - 6%. Major contributors to the FS Crypto FX 40 index outperformance were Cardano (+26%), Chainlink (+16%) and Iota (+15%)

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 9.2x as of 7/6 vs 9.1x 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 unchanged week over week at 1.6x.

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

Valuation Methodology