The 10 spot bitcoin ETFs and Strategy, the largest digital asset treasury company, collectively hold about 10% of all bitcoin outstanding with an average purchase price of $85,400. They are now collectively holding an unrealized loss.
Bitcoin ETFs currently own almost 7% of all circulating bitcoin. While they offer exposure to crypto's price action, they might be a source of concern for real adoption of a decentralized, censorship-resistant currency.
For the last few decades the U.S. has been in a low interest rate environment where deficit spending would not cause major issues. A 40-year high in inflation and the higher rates that followed are stressing the country's finances.
A long-term look at the S&P 500's real earnings yield
A review of our recently published research
Commentary & analysis of selected stories on January 29, 2026
Commentary & analysis of selected stories on January 28, 2026
69 S&P 500 companies have reported earnings. Q4 is off to a slower start with mixed results from early reporting companies.
Commentary & analysis of selected stories on January 27, 2026