Chart #2 —
Bitcoin's annual performance since launch
Highly volatile performance, but as Michael Saylor says: "I prefer a volatile appreciating asset over a stable depreciating one."
Source: Brew Markets
Chart #3 —
Bitcoin ETFs continue to record massive inflows
Do you recall the comments that prevailed at the time of the launch of bitcoin spot ETFs back in January? Many observers predicted an initial rush, followed by a rapid decline. The exact opposite is happening, as buying flows are accelerating massively.
Source: @EricBalchunas, Fred Krueger @dotkrueger
Chart #4 —
Bitcoin's market capitalisation accounts for just 0.2% of global assets
Here’s the latest update to the chart featured in presentations by Michael Saylor, CEO of MicroStrategy.
With Bitcoin trading around $100,000 and a market value of $2 trillion, it represents only a tiny fraction of global assets.
Source: Jesse Myer (@Croesus_BTC)
Chart #5 —
Global debt reaches a new record
Global debt has reached $322.9 trillion this year, marking a new all-time high. Over the past two decades, global debt has tripled.
The debt-to-GDP ratio has fallen to 326%, 30 percentage points lower than the 2021 peak, but it remains above the 2019 level.
Source: Global Markets Investor @GlobalMktObserv
Chart #6 —
Cash now represents 30% of Berkshire Hathaway's total assets
Berkshire Hathaway’s cash reserves have reached $325 billion, accounting for nearly 30% of the company’s total assets. Such a high allocation to cash has NEVER been seen before.
Warren Buffett, Berkshire Hathaway’s CEO, appears to be struggling to find sufficiently attractive investment opportunities.
Source: Bravos Research
Chart #7 —
The dominance of US equities
The market capitalisation of US equities now represents 74% of the MSCI World Index, a new all-time high. Since the end of the 2008 financial crisis, this percentage has increased by about 25 points.
In contrast, Europe’s and Japan’s shares have declined by 15% and 5%, respectively.
As a result, the U share of global market capitalisation is now four times greater than that of Europe and Japan combined.
This shift comes as the S&P 500 has surged by 450% over the past 15 years, compared to 70% for the Euro Stoxx 50 and 310% for the Nikkei 225. The US stock market has never been this dominant.
Source: The Kobeissi Letter, SG Cross Asset Research, Factset
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