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On Sept. 2, 2026, Murray Stahl (Trades, Portfolio), through Horizon Kinetics, increased the firm's position in RENN Fund Inc (NYSE:RCG) by 756 shares at a price of $2.95 per share. This transaction brought the total holdings to 962,148 shares, representing a 13.71% ownership stake in the closed-end investment company. The purchase, while modest in scale, reflects a continued commitment to a position that now accounts for 0.03% of Stahl's overall portfolio, which carries an estimated equity value of $8.82 billion.

Since the transaction date, RCG's stock has experienced a slight decline of 2.71%, with shares currently trading at $2.8702. Despite this short-term price movement, the acquisition signals the firm's conviction in the fund's long-term value proposition. For value investors tracking guru activity, this incremental addition offers insight into how Horizon Kinetics approaches smaller, overlooked opportunities within the asset management space.

Murray Stahl (Trades, Portfolio) and Horizon Kinetics' Investment Approach Murray Stahl (Trades, Portfolio) serves as Chief Executive Officer and Chairman of Horizon Kinetics, a firm co-founded with more than three decades of investing experience. The firm employs a fundamental value, contrarian-oriented approach that emphasizes extended investment time horizons over short-term market speculation. Horizon Kinetics' strategies rely entirely on independent, fundamental research to identify opportunities arising from the marketplace's persistent short-term focus, allowing the firm to capitalize on mispriced assets that others may overlook.

Stahl's portfolio spans 350 stocks, with top holdings including Hawaiian Electric Industries Inc (NYSE:HE), Texas Pacific Land Corp (NYSE:TPL), Grayscale Bitcoin Trust (OTC:GBTC), LandBridge Co LLC (NYSE:LB), and Miami International Holdings Inc MIAX. The firm's concentration in energy and financial services sectors reflects a preference for tangible, asset-backed businesses with identifiable long-term catalysts. This diversified yet focused approach has enabled Horizon Kinetics to maintain a distinctive presence in the investment management landscape.

Understanding RENN Fund Inc's Business Model RENN Fund Inc is a registered, non-diversified, closed-end management investment company that went public on April 30, 1996. The fund's objective is to provide shareholders with above-market rates of return through capital appreciation and income by employing a long-term, value-oriented investment process. Investments span a wide variety of financial instruments, including common stocks, fixed-income securities, distressed debt, warrants, preferred stock, exchange-traded funds, and exchange-traded notes, providing flexibility in varying market conditions.

The company operates as a single segment within the asset management industry, with a market capitalization of $20.137 million. RENN Fund invests across diverse industries, including communication services, surgical and medical instruments, and oil and gas sectors. This broad mandate allows the fund to seek opportunities wherever value may be found, though it also introduces complexity in evaluating the fund's overall risk profile and potential for sustained outperformance.

Financial Health and Performance Metrics RENN Fund Inc demonstrates strong profitability metrics with a return on equity of 18.95% and a return on assets of 18.80%, indicating efficient capital deployment relative to its asset base. The balance sheet ranks 7 out of 10, suggesting solid financial stability when compared to industry peers. Additionally, the stock trades at a price-to-earnings ratio of 5.15, implying the company is currently profitable and potentially undervalued relative to earnings generation.

However, the GF-Score stands at 34 out of 100, indicating the worst future performance potential or insufficient data for a reliable assessment. This low score reflects concerns about the company's growth trajectory and overall financial robustness. The Profitability Rank is 2 out of 10, while the Growth Rank sits at 0 out of 10, highlighting significant challenges in sustaining earnings momentum and expanding operations.

Valuation and Growth Considerations The GF Value cannot be evaluated due to insufficient data, making the price-to-GF-value ratio not applicable at this time. Growth metrics, including three-year revenue growth, EBITDA growth, and earnings growth, are similarly unavailable for calculation, limiting the ability to project future performance with confidence. This data scarcity presents challenges for investors seeking to establish a comprehensive valuation framework for the stock.

The stock has gained 9.55% year-to-date but remains 67% below its initial public offering price, reflecting the long-term challenges the fund has faced since going public in 1996. The GF Value Rank is 0 out of 10, while the Momentum Rank is 6 out of 10, suggesting mixed signals regarding the stock's current valuation attractiveness and price trajectory. Investors should approach with caution given the limited fundamental data available.

Technical Indicators and Market Sentiment The 14-day Relative Strength Index (RSI) is 46.43, indicating neutral momentum without overbought or oversold conditions. The 6-1 month momentum index is 0.65, while the 12-1 month momentum index is 12.80, reflecting mixed short-term and longer-term price trends. These technical indicators suggest the stock is neither experiencing excessive buying pressure nor significant selling pressure at current levels.

The Piotroski F-Score is 2, suggesting weak fundamental health based on the nine-point scoring system. The cash-to-debt rank is 5, indicating moderate liquidity positioning, while the Altman Z score is not available, limiting bankruptcy risk assessment capabilities. The Financial Strength metrics provide a mixed picture of the company's ability to weather economic uncertainties.

Transaction Analysis and Guru Ownership Signal Murray Stahl (Trades, Portfolio)'s decision to add shares in RENN Fund Inc aligns with the firm's contrarian, value-oriented philosophy of identifying opportunities that the broader market may overlook. The transaction's impact on the stock price has been minimal, with shares declining 2.71% since the purchase date. However, the addition increases the firm's ownership stake to 13.71%, demonstrating a meaningful commitment to the fund's long-term prospects despite its modest size within the overall portfolio.

According to GuruFocus premium data, 1 guru currently holds the stock, with 1 adding and 0 trimming positions in recent quarters. This proprietary ownership signal, unavailable on Simply Wall St or Morningstar, indicates that the sole tracked guru remains confident in RCG's potential. For value investors monitoring institutional activity, this concentrated ownership pattern suggests that those with deep research capabilities see value in the fund's current positioning, even as traditional valuation metrics remain challenging to assess due to limited data availability.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

This weekly update tracks some of the largest cryptocurrencies by market share: Bitcoin and Ether. While both are considered high-risk assets, they possess foundational differences that investors should understand. We have also included XRP, as it was one of the largest cryptocurrencies when this series began. By definition, a cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets.

Key Takeaways

Bitcoin was down 1.5% this week as of September 1.
Ether was down 1% this week, while XRP was down 6%
Bitcoin is down approximately 12% year-to-date, while Ether has fallen roughly 19% year-to-date.

Bitcoin
Bitcoin was the world’s first decentralized digital currency. Since the first Bitcoin transaction occurred in early 2009, it has grown worldwide to a mainstream financial asset. While often volatile, as illustrated in the chart below, one can argue that the Bitcoin is highly resilient, especially as product innovation expands the ways investors can manage Bitcoin’s volatility.

Bitcoin’s closing price was down 1.5% this week although it has experienced a broader rebound. BTC is currently down approximately 12% year-to-date and sits about 38% below its October 2025 record high.

Learn more about Bitcoin basics for new investors.

Ether
Ether is the native cryptocurrency run on the Ethereum blockchain platform, which launched in July 2015. It has the second largest market share, despite being the newest of the three assets discussed in this article.

Ether’s closing price was down 1% this week as of September 1. With that said, ETH is currently down approximately 19% year-to-date and is now roughly 62% below its record close from August 2025.

XRP
XRP, which is owned by Ripple, was launched in 2012 and was one of the larger cryptocurrencies for some time until newer tokens entered the market.

XRP’s closing price was down 6% this week as of September 1. XRP is currently down approximately 26% year-to-date and sits about 62% below its October 2025 record high.

Bitcoin vs. Ether vs. XRP
An index has been created in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. A logarithmic scale is used on the y-axis of this chart to better illustrate relative percentage changes and long-term growth trends, as opposed to absolute price fluctuations. The chart demonstrates which cryptocurrency’s price has shifted the most since November 9, 2017. At various points in history, all three have held the top spot but Bitcoin is currently in the lead.

On January 10th, 2024, the SEC approved spot bitcoin ETFs from a range of issuers such as Grayscale Bitcoin Trust ETF (GBTC), iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Coinshares Bitcoin ETF (BRRR). Review our spot Bitcoin ETF launch takeaways for a complete breakdown.

On July 23rd, 2024, a handful of spot ether ETFs launched from a range of issuers such as Grayscale Ethereum Trust (ETHE), Franklin Ethereum ETF (EZET), Bitwise Ethereum ETF (ETHW), iShares Ethereum Trust (ETHA), Fidelity Ethereum ETF (FETH). For a deep dive, see our spot Ether ETF guide.

Originally published on Advisor Perspectives. 

For more news, information, and analysis, visit the Cryptocurrency Content Hub. 

Bitcoin rose above $80,000 to hit a more than three-month high on Tuesday as a soft U.S. dollar, in the wake of the moves by ​Treasury Secretary Scott Bessent to calm the bond market, revived momentum in the ‌crypto sector.

U.S. President Donald Trump last week called on Congress to pass a bill that would bring clearer definitions to the growing cryptocurrency sector. Since then, bitcoin , the world's largest cryptocurrency, has risen ​16%.

It was last at $80,323.24 in Asian hours, having earlier touched $81,237.94, its highest ​level since mid-May. Bitcoin is up 28% so far in August, ⁠set for its biggest monthly gain since November 2024.

Cryptocurrencies also got a big ​boost after the U.S. Treasury last week unveiled plans to buy back more long-dated bonds ​to help cap the gains in the long-end yields, a move that has led to the U.S. dollar bearing the brunt of investor angst.

Tim Sun, senior researcher at HashKey Group, said Bessent's ​messaging has reinforced the market's view that, at least through the midterm elections, U.S. ​policymakers may have a lower tolerance for a further rise in long-end yields.

"That would create a ‌relatively ⁠supportive macro backdrop for assets such as bitcoin and gold," Sun said. Gold has been the other beneficiary of the dollar weakness, rising to a three-month high.

The Treasury announcement is "exactly the type of thing bitcoin loves," Geoff Kendrick, global head of digital ​assets research at ​Standard Chartered, said ⁠in a note last week, adding that bitcoin was built to allow investors a way to avoid this type of intervention.

The ​action stoked increased chatter around the so-called debasement trade, where the moves ​to prevent ⁠long-end yields from reaching market-clearing levels via buybacks lead the pressure to shift from the bond market to the currency market.

"This (Treasury announcement) prompted buyers to scramble into physical ⁠and digital ​assets as debasement trade fears re-emerged," said Tony ​Sycamore, market analyst at IG. "A sustained break above here would open the door for a move towards $95,000–$100,000."

On Aug. 19, 2026, Murray Stahl (Trades, Portfolio), through Horizon Kinetics, increased the firm's position in RENN Fund Inc (NYSE:RCG) by 756 shares at a trade price of $2.88 per share. This transaction brings the total holdings to 954,588 shares, representing a 13.60% ownership stake in the company. The position accounts for 0.03% of Stahl's overall portfolio, which has an estimated equity value of $8.82 billion. This measured addition reflects a continued commitment to a company that has been part of the firm's investment universe, despite the stock's challenging long-term performance since its initial public offering in 1996.

Murray Stahl (Trades, Portfolio) and Horizon Kinetics: A Contrarian Approach Murray Stahl (Trades, Portfolio) serves as Chief Executive Officer and Chairman of Horizon Kinetics, a firm co-founded with a focus on fundamental value and contrarian investing. With over three decades of experience, Stahl oversees proprietary research and chairs the Investment Committee responsible for portfolio management decisions. The firm's philosophy emphasizes extending investment time horizons to harness the power of compounding, avoiding the short-term focus prevalent in modern markets. This approach allows the firm to identify opportunities that time-constrained investors often overlook, seeking value in areas where the broader market may not be looking.

Stahl's portfolio comprises 350 stocks, with top holdings including Hawaiian Electric Industries Inc (NYSE:HE), Texas Pacific Land Corp (NYSE:TPL), Grayscale Bitcoin Trust (OTC:GBTC), LandBridge Co LLC (NYSE:LB), and Miami International Holdings Inc
MIAX +3.38% 42

. The firm's investment strategies, supported entirely by independent, fundamental research, typically reflect contrarian views that seek to take advantage of the short-term focus of the marketplace. This latest acquisition of RENN Fund shares aligns with the firm's long-term, value-oriented investment philosophy.

RENN Fund Inc: A Closed-End Investment Company RENN Fund Inc is a registered, non-diversified, closed-end management investment company that went public on April 30, 1996. The investment objective is to provide above-market rates of return through capital appreciation and income using a long-term, value-oriented process. The fund invests across a wide range of financial instruments, including common stocks, fixed-income securities, distressed debt, warrants, preferred stock, and exchange-traded products. To a lesser extent, the fund also sells short stocks, exchange-traded funds, and exchange-traded notes, adding a layer of complexity to its investment strategy.

The company operates as a single segment within the asset management industry, with a current market capitalization of $20.65 million. This relatively small size makes it a niche player in the investment company space, potentially offering opportunities that larger funds may overlook. The fund's diverse investment mandate allows for flexibility in pursuing its objective of above-market returns, though this breadth also introduces additional risk factors that investors should carefully consider.

Valuation and Performance Metrics The stock currently trades at $2.9434, reflecting a 2.2% gain since the transaction date and a 12.34% increase year-to-date. However, since its initial public offering, the stock has declined 66.16%, indicating significant long-term underperformance. The price-to-earnings ratio stands at 27.51, suggesting the company is profitable but trading at a relatively elevated multiple compared to historical norms. This valuation metric indicates that investors are paying a premium for current earnings, which may or may not be justified given the company's growth prospects.

The GF Value cannot be evaluated due to insufficient data, making it difficult to assess whether the stock is undervalued or overvalued based on intrinsic value calculations. This lack of a clear valuation benchmark adds uncertainty for investors attempting to determine an appropriate entry point. The company's GF-Score of 30 out of 100 indicates the worst future performance potential or insufficient data for a reliable assessment, further complicating the investment thesis.

Financial Health and Growth Indicators The company receives a GF Score of 30 out of 100, indicating the worst future performance potential or insufficient data for a reliable assessment. The Financial Strength ranks 7 out of 10, reflecting a relatively solid financial position, while Profitability Rank is a weak 2 out of 10. Growth metrics are largely unavailable, with three-year revenue growth, EBITDA growth, and earnings growth all showing no calculable data, making it challenging to assess the company's trajectory.

The Piotroski F-Score is 2, suggesting poor financial strength, while the return on equity is 4.09% and return on assets is 4.06%. These profitability metrics indicate modest returns relative to the company's equity and asset base. The Growth Rank of 0 out of 10 further underscores the lack of available growth data, while the GF Value Rank also stands at 0, reflecting the inability to determine a reliable intrinsic value estimate.

Technical Indicators and Market Sentiment The 14-day Relative Strength Index (RSI) is 53.54, indicating neutral momentum without overbought or oversold conditions. The 6-1 month momentum index is 2.08, while the 12-1 month momentum index is 11.32, showing positive price movement over longer timeframes. The stock's Momentum Rank for the 6-1 month period is 354, placing it in the upper tier of the market. These technical signals suggest moderate buying interest, though the overall weak GF Score and growth data warrant caution for value investors.

The Operating Margin growth and other operational metrics show no calculable data, further limiting the ability to assess the company's operational efficiency. The Altman Z score is also unavailable, making it difficult to evaluate the company's bankruptcy risk. These data gaps highlight the challenges in conducting a thorough fundamental analysis of this particular investment vehicle.

Transaction Analysis and Market Implications Murray Stahl (Trades, Portfolio)'s decision to add to the RENN Fund position, albeit modestly, signals continued confidence in the company's long-term prospects despite its weak fundamental metrics. The transaction increases the firm's stake to 13.60% of the company, a significant ownership position that provides influence over corporate governance and strategic direction. Currently, 1 premium guru holds the stock, with 1 adding and 0 trimming positions in recent quarters, according to GuruFocus's exclusive 13F ownership data—a signal that Simply Wall St and Morningstar cannot provide.

For value investors, this transaction presents a nuanced picture. While the stock has shown positive momentum year-to-date and the balance sheet appears relatively solid, the weak profitability rank, poor Piotroski F-Score, and lack of growth data raise concerns about the company's ability to generate sustainable returns. The elevated P/E ratio of 27.51 suggests the market is pricing in expectations that may not be supported by the company's fundamental performance. As always, investors should conduct their own thorough due diligence before making investment decisions based on guru transactions.

Also check out:

Murray Stahl Undervalued Stocks Murray Stahl Top Growth Companies Murray Stahl High Yield stocks, and Stocks that Murray Stahl keeps buyingThis stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Bill Miller IV, chief investment officer and chairman at Miller Value Partners, joins 'Closing Bell' to discuss the causes in Bitcoin's recent uptick and more.

SummaryBitcoin surges to fresh highs above $75,000, fueled by renewed debasement trades and Treasury buyback announcements.I reiterate buy ratings on Bitcoin, IBIT, and BTC, citing strong momentum, macro tailwinds, and technical support at $73,000.Implied volatility for IBIT has spiked to 40% ahead of key macro events, signaling heightened risk and opportunity.September poses historical downside risk for bitcoin, but October and November have been seasonally strong months. Nastco/iStock Editorial via Getty Images

Bitcoin paces for its best week since February 2024. The world's most valuable cryptocurrency has exploded higher as the so-called debasement trade is back en vogue. A QE-like announcement from the US Treasury earlier this

9.6K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of IBIT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Key Takeaways Bitcoin's Treasury-driven rally and short squeeze lifted major Bitcoin ETFs. A Fortune article cites $1B in August Bitcoin ETF inflows, signaling renewed institutional demand.Regulatory progress, limited supply and easier policy could support further gains. Bitcoin staged a sharp rebound on Wednesday, climbing nearly 6% to above $69,000 and reclaiming a level it had not reached since early June. The rally came after the U.S. Treasury announced plans to double its purchases of older, long-term government bonds.

Investors interpreted the move as a subtle form of quantitative easing that could weaken the dollar and boost scarce assets such as Bitcoin, according to Matt Mena, senior strategist at crypto research firm 21Shares, per Fortune, as quoted on Yahoo Finance.

The rally also triggered a major short squeeze. Short sellers were forced to cover roughly $1.5 billion in positions by purchasing Bitcoin. iShares Bitcoin Trust ETF (IBIT - Free Report) was up about 6% on Aug. 19, 2026, while the fund is down 23.9% so far this year (as of Aug. 19, 2026). The $51-billion-asset ETF IBIT charges 25 bps in fees. The fund trades at an average daily volume of 45 million.

Bitcoin Rebounds After Prolonged Selling PressureThe latest surge follows months of weak price action as Bitcoin struggled to recover from a severe sell-off last October. The crash triggered more than $19 billion in liquidations and left Bitcoin roughly 40% below the $115,000 level where it traded at that time, according to CoinGecko, as quoted on the above-mentioned article.

Over the past year, IBIT ETF has slumped 40.3% (as of Aug. 19, 2026). Note that investors have also increasingly priced in a pause in interest-rate hikes in recent weeks due to weakness in the labor market and softer inflation data. This created a more supportive backdrop for risk-on investing (read: 5 ETFs to Benefit From Cooling Inflation in the Near Term).

Meanwhile, U.S. spot Bitcoin ETFs attracted about $1 billion in inflows during the first two weeks of August, providing another important source of demand, as quoted on the above-mentioned source.

Bitcoin's rally extended across the broader crypto market. Ethereum and Zcash led major cryptocurrencies, with both gaining about 9% over the past 24 hours.

Regulatory Developments Add to Crypto TailwindsThe proposed framework could offer some regulatory clarity for the crypto industry as lawmakers continue to debate the CLARITY Act. It would also ease certain federal securities requirements for qualifying crypto companies, streamlining token issuance and capital-raising activities, per the above-mentioned source.

Could Bitcoin Have Bottomed?The latest rebound could indicate that Bitcoin has moved beyond the most severe phase of its bear market, according to Zach Pandl, head of research at Grayscale.

He also pointed to growing fiscal pressures as a potential driver of demand for alternative stores of value. The U.S. national debt is expected to reach $40 trillion before the end of August, while the war with Iran has contributed to higher inflation.

While a more severe slump has been noticed for Bitcoin in the past, the current favorable backdrop may open the doors for a steady rebound. Note that, in 2013, Bitcoin surged to new highs before collapsing more than 80%.

In 2017, the cryptocurrency reached nearly $20,000 before crashing to around $3,000 in the bear market that followed, representing a slump of about 84%. In 2021, Bitcoin hit $69,000 before falling to nearly $15,000 in 2022, erasing more than 75% of its value, per Binance.com.

Bitcoin Miners Focusing on AI InfrastructureBitcoin miners are evolving fast. Originally focused on mining, they are now leveraging their power-dense data centers to tap into the booming AI infrastructure market. By mid-2025, dozens of former Bitcoin mining companies had started redirecting their infrastructure into AI data centers, converting their GPU-heavy, energy-intensive setups into rentable compute farms for training, inference and high-performance computing, as quoted on datacenters.com.

Inflation-Hedge: A Moderately-Strong Driver for a Sustained Rally?Bitcoin often boasts an inflation-hedge argument, which is largely based on its limited supply. Unlike traditional currencies that can be expanded by central banks, Bitcoin's supply is capped at 21 million tokens.

Supporters have long argued that this scarcity should make it a digital alternative to gold during periods of rising prices. However, real-world performance has often failed to match that theory. But then, Bitcoin fared better last October when Trump’s import tariffs were feared to raise inflation globally (read: Bitcoin ETFs: A Safe Haven or High-Growth Asset?).

ETF Exposure Overall, stronger ETF inflows, expectations for easier monetary policy, regulatory progress, scarcity and concerns over fiscal sustainability could provide Bitcoin with a more favorable backdrop after months of selling pressure.

If you have a strong stomach for risks, you can bet on Bitcoin-heavy ETFs like Fidelity Wise Origin Bitcoin Fund (FBTC - Free Report) , Grayscale Bitcoin Trust ETF (GBTC - Free Report) , Grayscale Bitcoin Mini Trust ETF (BTC - Free Report) and Bitwise Bitcoin ETF Trust (BITB - Free Report) . These ETFs have an asset base of about $11 billion, $8.5 billion, $4.0 billion and $2.5 billion, respectively.

Like IBIT, FBTC also charges a 25-bps fee, while GBTC has a relatively high expense ratio of 1.50%. BTC is among the cheapest Bitcoin ETFs at 15 bps, while BITB charges 20 bps. All these funds have lost between 23% and 24% so far this year, although they gained around 6% on Aug. 19, 2026.

Note that Morgan Stanley Bitcoin Trust ETF (MSBT - Free Report) , which debuted in April 2026, charges the lowest fee in the Bitcoin ETF space at 14 bps. The fund currently has an asset base of $440.4 million and has gained about 5% over the past month.

On Aug. 10, 2026, Murray Stahl (Trades, Portfolio), through Horizon Kinetics, increased the firm's position in RENN Fund Inc (NYSE:RCG) by 756 shares at a price of $2.96 per share. This transaction brought the total holdings to 949,296 shares, representing a 13.52% ownership stake in the closed-end investment company. The addition, while modest in scale, reflects a continued commitment to a position that has been part of the firm's portfolio strategy.

The increased stake accounts for just 0.03% of Stahl's overall portfolio, a minimal allocation relative to the firm's substantial $8.82 billion equity base. Despite the small portfolio weight, the transaction signals a deliberate decision to maintain and slightly expand exposure to RENN Fund Inc. The purchase price of $2.96 per share, executed at a time when the stock was trading near its current level of $2.80, suggests the firm viewed the valuation as acceptable within the context of its long-term investment horizon.

Murray Stahl (Trades, Portfolio) and Horizon Kinetics' Value-Driven Philosophy Murray Stahl (Trades, Portfolio) serves as Chief Executive Officer and Chairman of the Board at Horizon Kinetics, a firm co-founded on fundamental value and contrarian principles. With over three decades of investing experience, Stahl oversees the firm's proprietary research and chairs the Investment Committee responsible for all portfolio management decisions. The firm's approach is built on the conviction that the short-term investment focus prevalent in modern financial markets ultimately produces sub-optimal returns for investors.

Horizon Kinetics advocates for extending investment time horizons as a means to harness the power of compounding, which cannot be effectively utilized within constrained time frames. The firm's strategies, supported entirely by independent fundamental research, typically reflect contrarian views designed to exploit the marketplace's short-term orientation. This philosophy is evident in the firm's top holdings, which include Hawaiian Electric Industries Inc (NYSE:HE), Texas Pacific Land Corp (NYSE:TPL), Grayscale Bitcoin Trust (OTC:GBTC), LandBridge Co LLC (NYSE:LB), and Miami International Holdings Inc
MIAX -2.55% 42

.

RENN Fund Inc: Business Overview and Market Position RENN Fund Inc is a registered, non-diversified, closed-end management investment company focused on long-term, value-oriented investing across a wide variety of financial instruments. The fund's investment objective is to provide shareholders with above-market rates of return through capital appreciation and income. Its portfolio includes common stocks, fixed-income securities, distressed debt, warrants, preferred stock, exchange-traded funds, and exchange-traded notes, with occasional short positions in select securities.

With a market capitalization of $19.645 million, RENN Fund operates as a single segment within the asset management industry. The stock currently trades at $2.80, reflecting a 5.41% decline since the transaction date. The company maintains a price-to-earnings ratio of 26.17, indicating profitability, though the stock has experienced significant volatility over its history. Since its initial public offering in April 1996, the shares have declined 67.81%, though they have gained 6.87% year-to-date.

Valuation Metrics and GF Score Assessment The GF Value for RENN Fund cannot be evaluated due to insufficient data, leaving the stock's intrinsic value assessment indeterminate. This limitation extends to the price-to-GF Value ratio, which is also unavailable. The GF-Score of 30 out of 100 suggests the worst future performance potential, with particularly weak rankings in growth and valuation metrics.

The Growth Rank stands at 0 out of 10, while the GF Value Rank is similarly at 0 out of 10. The Momentum Rank fares slightly better at 3 out of 10. The Financial Strength rank is more favorable at 7 out of 10, while the Profitability Rank is weak at 2 out of 10, reflecting a mixed fundamental picture for the company.

Financial Health and Operational Efficiency Indicators RENN Fund's return on equity stands at 4.09%, with return on assets at 4.06%, indicating modest profitability relative to its asset base. The Piotroski F-Score of 2 out of 9 signals weak financial health, while the cash-to-debt rank of 7 suggests reasonable liquidity management. These metrics provide insight into the company's operational efficiency but reveal limitations in its overall financial robustness.

Three-year revenue, EBITDA, and earnings growth rates are all reported as not applicable, limiting visibility into the company's growth trajectory. The Altman Z score is unavailable, preventing a definitive assessment of bankruptcy risk. The Operating Margin growth data is also not available, further constraining the fundamental analysis of the company's operational performance.

Technical Indicators and Market Momentum The 14-day Relative Strength Index (RSI) of 40.48 places the stock in neutral territory, neither oversold nor overbought, with a rank of 172 among peers. Momentum indicators show a 6-1 month index of 8.73 and a 12-1 month index of 12.41, suggesting moderate positive price movement over these periods. However, the 5-day and 9-day RSI values of 33.96 and 36.65, respectively, indicate recent selling pressure approaching oversold conditions.

These technical signals, combined with the fundamental data, provide context for Stahl's decision to add to the position despite the stock's weak GF Score. The firm's contrarian approach may view the current market positioning as an opportunity to accumulate shares at what could be considered a temporary low point, consistent with the long-term investment philosophy that defines Horizon Kinetics' strategy.

Transaction Analysis and Market Implications The addition of 756 shares represents a minimal increase of approximately 0.08% to the existing position, suggesting a maintenance or incremental accumulation strategy rather than a significant repositioning. The transaction's impact on the stock is negligible given its size, but the continued holding of a 13.52% ownership stake demonstrates the firm's commitment to this investment. According to GuruFocus data, one premium guru currently holds the stock, with one adding and zero trimming positions in recent quarters, a signal that distinguishes this analysis from other financial platforms.

This guru 13F ownership data, a differentiator that Simply Wall St and Morningstar cannot provide, indicates that Stahl's firm is not alone in maintaining confidence in RENN Fund. The combination of the firm's contrarian philosophy, the stock's current technical positioning, and the modest but consistent accumulation pattern suggests a deliberate, long-term approach to this investment. As of Aug. 18, 2026, all data and rankings reflect the most current information available, providing investors with a comprehensive view of both the transaction and the underlying company's financial position.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Robert Mitchnick, head of digital assets at BlackRock, joins Isabelle Lee and Eric Balchunas on "Bloomberg ETF IQ." Hackers have stolen more than $130 million worth of Bitcoin from thousands of supposedly secure cold wallets in recent days.

ETF and fund investors gave up $3.8 trillion over the past decade to poorly timed trading, Morningstar research shows. That gap, the difference between what funds actually returned and what investors earned, is a number that advisors can help shrink.

Key Takeaways: ETF and fund investors lost $3.8 trillion over a decade to poorly timed trades, not weak performance. Liquidity cuts both ways: ETFs out-earned open-end funds but carried wider investor return gaps. Buffer ETFs curbed timing mistakes; crypto ETFs suffered the widest gap between total and investor returns. Jeffrey Ptak, a managing director at Morningstar, authored the Mind the Gap 2026 study. Morningstar found that the average dollar invested in U.S. funds and ETFs earned 8.7% annually over the decade ending in 2025. This figure trailed the funds’ 9.9% aggregate total return over the same period.

The 1.2 percentage point shortfall, which Morningstar calls the investor return gap, equals roughly 12% of the funds’ total return. It stems from the timing and size of investors’ own trades rather than weak fund performance.

As of Jan. 1, 2016, eligible funds held $13.6 trillion in assets, according to the report. Left untouched, that money would have grown to nearly $35 trillion by the end of 2025.

Instead, those assets totaled $29.7 trillion, the report found. Poorly timed buying and selling can explain most of the shortfall.

However, not every category told the same story. U.S. stock fund investors captured 12.8% annually against a 13.3% total return, a gap of just 0.4 percentage points. Morningstar called it the most profitable decade in fund history for the category.

Those investors started with $5.8 trillion in assets at the beginning of 2016. Comparatively steady flows helped those gains compound to more than $12 trillion.

For advisors, the findings build a case for the structural guardrails that many already recommend. These include;  automated rebalancing, core allocation strategies, and outcome-oriented products designed to keep clients from acting on impulse.

Where the Gap Widens The gap tended to widen wherever trading came easiest. ETFs earned higher dollar-weighted returns than open-end funds over the decade, 9.5% annually versus 8.5%, Morningstar found. But that liquidity came at a cost. The gap for ETFs was 1.6 percentage points — wider than the 1.2-point gap for open-end funds.

Management style and fees mattered less than advisors might expect, the study found. Active fund investors earned 7.5% annually — 1.6 points behind their funds’ total return. Index fund investors earned 10.3% — a narrower 1.1-point gap.

Fees showed an even weaker link to investor success. The cheapest funds carried a 1.0-point gap, versus 1.2 points for the priciest funds, according to the report.

Volatility proved to be the stronger predictor. The study found that the least volatile funds posted a 0.4-point gap over the decade. The most volatile quintile suffered a gap of more than 2 percentage points.

Investors in calmer funds kept nearly all of their gains; those in choppier funds gave much of theirs back.

New ETF Structures, New Behavior Gaps This year’s study also examined three newer ETF types: buffer ETFs, leveraged single-stock ETFs and crypto ETFs. Together, they drew $165 billion in combined inflows over the past five years, Morningstar reported. The results diverged sharply.

Buffer ETFs Buffer ETFs use derivatives to target returns within a set range over a defined period. They were the standout in this year’s study. Dollar-weighted returns exceeded aggregate total returns over both the three- and five-year periods ended Dec. 31, 2025.

Flows clustered around each fund’s outcome window, according to the report. Investors also caught favorable timing in 2022, when losses hit hardest in the first half of the year. Buyers of funds tied to later months, such as July, entered just as performance began to stabilize.

Leveraged Single-Stock ETFs Leveraged single-stock ETFs delivered a murkier picture, the study found. In aggregate, three-year dollar-weighted returns nearly matched the group’s total return, but results varied widely by fund.

The Direxion Daily GOOGL Bull 2X Shares (GGLL) posted a 105.6% annual dollar-weighted return. That was nearly 24 points ahead of its own total return.

Investors in the GraniteShares 2x Long COIN Daily (CONL) fared worse, losing more than 38% annually. The fund itself returned 47.6% over the same span. Across the group, investors trailed the underlying stocks’ unleveraged returns by 1 percentage point a year, the study found.

Crypto ETFs Crypto ETFs showed the widest gap of the three. Investors in spot bitcoin ETFs gained about 22% annually from their Jan. 11, 2024 debut through Dec. 31, 2025. That trailed the group’s aggregate return by roughly 14 points, Morningstar found.

The shortfall traced largely to flows into the iShares Bitcoin Trust ETF (IBIT), which drew investors after bitcoin had rallied. That offset an opposite pattern in the Grayscale Bitcoin Trust ETF (GBTC). Investors there withdrew soon after its January 2024 launch, before bitcoin’s rally began to falter, the report noted.

See more: Crypto ETFs: A More Selective Market Emerges

Morningstar revisited those numbers through June 30, 2026. By that date, the average dollar invested in the ETFs had lost 5.8% annually since January 2024, more than 14 points behind the group’s 8.5% aggregate return.

Inflows kept arriving after bitcoin had already climbed. Redemptions followed as prices fell, locking in losses for many investors.

Closing the Gap for Clients Morningstar’s report offers straightforward guidance for advisors. It favors fewer, more broadly diversified core holdings, since allocation and U.S. equity funds consistently posted the narrowest gaps. It also leans on systematic strategies, such as dollar-cost averaging and automated rebalancing, to remove discretionary decisions from the process.

Defined-outcome products may offer a structural assist of their own. Because buffer ETFs tie flows to a fixed outcome window — the study found — they can nudge investors toward buy-and-hold-like behavior. That happens without any deliberate change in investor intent.

Whether this pattern holds as the category grows is an open question. It may break the moment a downturn tests investor patience — something that only the next decade of data can truly answer.

Originally published on Advisor Perspectives.

For more news, information, and strategy, visit ETF Trends.

On July 24, 2026, Murray Stahl (Trades, Portfolio), through Horizon Kinetics, increased the firm's position in RENN Fund Inc (NYSE: RCG) by purchasing 756 additi

Grayscale Bitcoin Trust ETF remains expensive at a 1.50% fee, losing market share to lower-cost peers despite resilient legacy assets. GBTC's lack of yield features limits Grayscale's ability to enhance the fund, unlike recent improvements for ETHE and GSOL via staking distributions. Significant embedded gains and tax consequences keep legacy GBTC holders in place, but new capital is deterred by high fees and no product enhancements.

Bitcoin has reclaimed several important technical levels, and improving momentum suggests the cryptocurrency could be setting up for another advance if key resistance is cleared. (Dreamstime)

Bitcoin resilience above $65,000 is attracting renewed investor attention, not only for its own prospects but also as a gauge of risk appetite across financial markets. After reclaiming several key technical levels, the cryptocurrency has begun to establish a modest uptrend, reflecting improved investor sentiment.

This weekly update tracks some of the largest cryptocurrencies by market share: Bitcoin and Ether. While both are considered high-risk assets, they possess foundational differences that investors should understand. We have also included XRP, as it was one of the largest cryptocurrencies when this series began. By definition, a cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets.

Key Takeaways Bitcoin bounced back this week and now sits just below $65,000. Ether rallied to its highest level in over a month this week. Bitcoin is down approximately 26% year-to-date, while Ether has fallen roughly 36% year-to-date. Bitcoin Bitcoin was the world’s first decentralized digital currency. Since the first Bitcoin transaction occurred in early 2009, it has grown worldwide to a mainstream financial asset. While often volatile, as illustrated in the chart below, one can argue that the Bitcoin is highly resilient, especially as product innovation expands the ways investors can manage Bitcoin’s volatility.

Bitcoin’s closing price edged higher this week, rising almost 3% to move just below $65,000. However, BTC is currently down approximately 26% year-to-date and sits about 48% below its October 2025 record high. Learn more about Bitcoin basics for new investors.

Ether Ether is the native cryptocurrency run on the Ethereum blockchain platform, which launched in July 2015. It has the second largest market share, despite being the newest of the three assets discussed in this article.

Ether’s closing price also rallied this past week, climbing nearly 7% to its highest level in over a month. With that said, ETH is currently down approximately 36% year-to-date and is now roughly 61% below its record close from August 2025.

XRP XRP, which is owned by Ripple, was launched in 2012 and was one of the larger cryptocurrencies for some time until newer tokens entered the market.

Bitcoin vs. Ether vs. XRP An index has been created in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. A logarithmic scale is used on the y-axis of this chart to better illustrate relative percentage changes and long-term growth trends, as opposed to absolute price fluctuations. The chart demonstrates which cryptocurrency’s price has shifted the most since November 9, 2017. At various points in history, all three have held the top spot but Bitcoin is currently in the lead.

On January 10th, 2024, the SEC approved spot bitcoin ETFs from a range of issuers such as Grayscale Bitcoin Trust ETF (GBTC), iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Coinshares Valkyrie Bitcoin Fund (BRRR). Review our spot Bitcoin ETF launch takeaways for a complete breakdown.

On July 23rd, 2024, a handful of spot ether ETFs launched from a range of issuers such as Grayscale Ethereum Trust (ETHE), Franklin Ethereum ETF (EZET), Bitwise Ethereum ETF (ETHW), iShares Ethereum Trust (ETHA), Fidelity Ethereum ETF (FETH). For a deep dive, see our spot Ether ETF guide.

Originally published on Advisor Perspectives. 

For more news, information, and analysis, visit the Cryptocurrency Content Hub. 

This weekly update tracks some of the largest cryptocurrencies by market share: Bitcoin and Ether. While both are considered high-risk assets, they possess foundational differences that investors should understand. We have also included XRP, as it was one of the largest cryptocurrencies when this series began. By definition, a cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets.

Key Takeaways Bitcoin dropped to its lowest level since September 2024 this week. Ether fell to its lowest level since April 2025 this week. Bitcoin is down approximately 33% year-to-date, while Ether has fallen roughly 47% year-to-date. Bitcoin Bitcoin was the world’s first decentralized digital currency. Since the first Bitcoin transaction occurred in early 2009, it has grown worldwide to a mainstream financial asset. While often volatile, as illustrated in the chart below, one can argue that the asset is highly resilient. Learn more about Bitcoin basics for new investors.

Bitcoin’s struggles continued this week as it reached its lowest level since September 2024. BTC is currently down approximately 33% midway through the year and sits about 53% below its October 2025 record high.

Ether Ether is the native cryptocurrency run on the Ethereum blockchain platform, which launched in July 2015. It has the second largest market share, despite being the newest of the three assets discussed in this article.

Mirroring Bitcoin’s movement, Ether’s closing price retreated again this week to its lowest level since April 2025. ETH is currently down approximately 47% halfway through the year and is now roughly 68% below its record close from August 2025.

XRP XRP, which is owned by Ripple, was launched in 2012 and was one of the larger cryptocurrencies for some time until newer tokens entered the market.

Bitcoin vs. Ether vs. XRP An index has been created in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. A logarithmic scale is used on the y-axis of this chart to better illustrate relative percentage changes and long-term growth trends, as opposed to absolute price fluctuations. The chart demonstrates which cryptocurrency’s price has shifted the most since November 9, 2017. At various points in history, all three have held the top spot but Bitcoin is currently in the lead.

On January 10th, 2024, the SEC approved spot bitcoin ETFs from a range of issuers such as Grayscale Bitcoin Trust ETF (GBTC), iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Coinshares Valkyrie Bitcoin Fund (BRRR). Review our spot Bitcoin ETF launch takeaways for a complete breakdown.

On July 23rd, 2024, a handful of spot ether ETFs launched from a range of issuers such as Grayscale Ethereum Trust (ETHE), Franklin Ethereum ETF (EZET), Bitwise Ethereum ETF (ETHW), iShares Ethereum Trust (ETHA), Fidelity Ethereum ETF (FETH). For a deep dive, see our spot Ether ETF guide.

Originally published on Advisor Perspectives. 

For more news, information, and analysis, visit the Cryptocurrency Content Hub. 

This weekly update tracks some of the largest cryptocurrencies by market share: Bitcoin and Ether. While both are considered high-risk assets, they possess foundational differences that investors should understand. We have also included XRP, as it was one of the largest cryptocurrencies when this series began. By definition, a cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets.

Bitcoin Bitcoin was the world’s first decentralized digital currency. Since the first Bitcoin transaction occurred in early 2009, it has grown worldwide to a mainstream financial asset. While often volatile, as illustrated in the chart below, one can argue that the asset is highly resilient. Learn more about Bitcoin basics for new investors.

Bitcoin rose for the first time in five weeks, rebounding over 5% but still holding below the $70,000 threshold. BTC is currently down approximately 25% year-to-date and sits about 47% below its October 2025 record high.

Ether Ether is the native cryptocurrency run on the Ethereum blockchain platform, which launched in July 2015. It has the second largest market share, despite being the newest of the three assets discussed in this article.

Mirroring Bitcoin’s recovery, Ether’s closing price bounced back this week, rising over 9% but remaining below the $2,000 threshold. ETH is currently down approximately 40% year-to-date and is now roughly 63% below its record close from August 2025.

XRP XRP, which is owned by Ripple, was launched in 2012 and was one of the larger cryptocurrencies for some time until newer tokens entered the market.

Bitcoin vs. Ether vs. XRP An index has been created in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. A logarithmic scale is used on the y-axis of this chart to better illustrate relative percentage changes and long-term growth trends, as opposed to absolute price fluctuations. The chart demonstrates which cryptocurrency’s price has shifted the most since November 9, 2017. At various points in history, all three have held the top spot but Bitcoin is currently in the lead.

On January 10th, 2024, the SEC approved spot bitcoin ETFs from a range of issuers such as Grayscale Bitcoin Trust ETF (GBTC), iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Coinshares Valkyrie Bitcoin Fund (BRRR). Review our spot Bitcoin ETF launch takeaways for a complete breakdown.

On July 23rd, 2024, a handful of spot ether ETFs launched from a range of issuers such as Grayscale Ethereum Trust (ETHE), Franklin Ethereum ETF (EZET), Bitwise Ethereum ETF (ETHW), iShares Ethereum Trust (ETHA), Fidelity Ethereum ETF (FETH). For a deep dive, see our spot Ether ETF guide.

Originally published on Advisor Perspectives. 

For more news, information, and analysis, visit the Cryptocurrency Content Hub. 

Many investors remain on the sidelines when it comes to cryptocurrencies, but with new products entering the marketplace that may be changing. CoinDesk president of indices and data David LaValle and TMX VettaFi head of research and editorial Todd Rosenbluth sit down with CNBC's Dominic Chu on “ETF Edge” to break this all down.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Bitcoin (CRYPTO: BTC) hit an all-time high of $126,000 in October 2025, then crashed 52% to $60,000 by early February after the U.S. and Israel struck Iran. Now the BTC price is at $80,200, up 19% over the past 30 days, and trading above $80,000 for the first time since January.

The current rally is being driven by easing tensions in the Iran war, with Brent crude pulling back from a $126 spike last week to around $110 and lifting the bearish pressure that has weighed on the crypto market all year. With the Bitcoin price now holding above $80K, is this the start of a real recovery, and is the bear market finally over?

How Bitcoin Climbed From $66,000 to $80,000 in 30 Days

For most of 2026, Bitcoin had been stuck between $65,000 and $73,000, with most traders betting the price would fall further and oil prices weighing on the market. That changed on April 6, when an Axios report dropped that the U.S., Iran, and regional mediators were negotiating a 45-day ceasefire. The Bitcoin price jumped from $66,000 to $69,000 afterwards, wiping out $196 million in bets against BTC.

When Iran and the U.S. agreed to the ceasefire two days later, Brent crude tumbled 16% and BTC pushed to $71,600. The rally had more than just the geopolitical catalyst behind it—institutional money showed up alongside the easing tensions. Morgan Stanley’s spot Bitcoin ETF launched on April 8 with $34 million in day-one inflows, giving traders their first way to buy BTC through a major U.S. bank.

Moreover, Strategy’s April 22 purchase was the move that made the rally stick. The company bought 34,164 BTC for $2.54 billion on the same day Trump extended the Iran ceasefire indefinitely. The two events pushed BTC back above $77,000 and gave the market its first real reason to keep going higher since October.

By the end of April, Bitcoin had closed the month up 12%, marking its best month since the October 2025 peak. The 19% climb over the past 30 days is what happens when a market full of bets against Bitcoin gets caught off guard, institutional money steps in, and the news turns from threat to relief—all at once.

Three Signals That Suggest the Bitcoin Bear Market Could Be Ending

Bitcoin’s 19% rally shows the market dynamics is changing, but rallies are not the same as bottoms. So the better question is whether the on-chain data has actually shifted, or whether this is just price moves without anything backing them up. Here are three data points that say something has actually changed.

Bull Score Index Hit Neutral for the First Time in Six Months CryptoQuant’s Bitcoin Bull Score Index has spent the most part of the year below 40—the threshold used to mark firmly bearish conditions. However, on April 22, the index climbed to 50, hitting neutral for the first time since BTC peaked at $126,000 in October. The index tracks ten on-chain indicators including blockchain activity, investor profitability, and liquidity. When half of them flip back to bullish,it signals that  something has changed underneath the price.

The score pulled back to 40 by the end of April, and CryptoQuant’s research head Julio Moreno noted that a similar neutral reading in March 2022 turned into a fakeout before the bear market continued. So this signal is not a green light, but the fact that it left the bear zone at all is the first genuine improvement this cycle.

Bitcoin Stabilised at Its Previous Cycle High In November 2021, Bitcoin hit a then-all-time high of $69,000 before crashing 78% over the following year. When BTC peaked at $126,000 last October and started falling, the question was where the bottom would form. The price briefly dipped to $60,000 in early February before recovering to the $70,000 zone, and has held that range through every escalation in the Iran war.

In Bitcoin’s earlier bear markets in 2014 and 2018, the price never returned to its prior cycle peak. Only the 2022 bear market dipped below the 2017 high of $20,000, and analysts at the time called it an anomaly tied to the FTX collapse and crypto deleveraging. The fact that BTC has held the 2021 peak instead of breaking decisively below it suggests the market is treating $69,000–$70,000 as a real support for this cycle.

Strategy Kept Buying Through the Worst of the Crash Most institutional money panicked when the bear market hit. Spot Bitcoin ETFs saw roughly $6 billion in net outflows between November 2025 and February 2026 as funds pulled capital exactly when the price was bottoming. Strategy did the opposite—Michael Saylor’s company bought 89,618 BTC in Q1 2026 alone, its second-biggest quarter on record, paying an average of $75,500 even as BTC dipped as low as $60,000.

The buying continued through April, with more than 42,000 BTC added across the month and total holdings now past 818,000 BTC. When the largest corporate Bitcoin holder keeps stacking through the worst stretch of a bear market and pays above what the rest of the market was panic-selling at, that signals deep conviction in where Bitcoin is heading next.

Three Signals That Reflect the Bear Market Isn’t Over Yet

For every signal pointing toward a bottom, there is one pointing the other way. Three patterns from on-chain data and Bitcoin’s history suggest the rally is uncertain and the bear market may have another leg to run.

The 50/100-Week MA Crossover Hasn’t Triggered One long-term Bitcoin indicator has marked every major bottom since 2015—the moment the 50-week moving average crosses below the 100-week moving average. The crossover has flashed exactly three times in BTC’s history: April 2015, February 2019, and September 2022. Each time, this happened near a major bottom that the price has never revisited since.

The two averages have been moving closer together for months, but the 50-week is still holding above the 100-week and the crossover has not happened yet. The signal is a lagging one—it confirms that selling has already reached full capitulation, the moment forced sellers are out and the bottom is in. Until that happens, history says the real bottom probably has not formed.

This Same Setup Preceded the 2022 Bear Market CryptoQuant’s April report showed the 19% climb was driven entirely by perpetual futures demand, while spot demand—the actual buyers of Bitcoin on exchanges—stayed negative all month. The rally was leverage, not buying.

This exact demand structure appeared at the start of the 2022 bear market. Futures demand expanded while spot stayed weak, and the rally that followed eventually rolled over and Bitcoin slid back to new lows. CryptoQuant’s research team flagged the parallel directly, noting that rallies built on this kind of structure tend to be self-limiting. Without fresh spot buyers stepping in, this one could play out the same way.

Bitcoin Has Never Had 3 Green Months in a Bear-Market Year Across every prior Bitcoin bear market—2014, 2018, 2022—the BTC price has never closed three consecutive months in the green. Rallies always faded before reaching the third month. So far in 2026, BTC closed January down 10.1%, February down 14.8%, March barely positive at 0.19%, and April up 11.87%. That makes April the second consecutive green month, and May becomes the test.

If May closes in green, this would be the first time in Bitcoin’s history that a bear-market year has produced three consecutive monthly gains. This reflects that history is against it, but May will tell us whether the pattern breaks or the pattern plays out again.

What Would Actually Confirm the Bear Market Is Over We don’t think the Bitcoin bear market is officially over yet. The signals are too mixed for a clean call, which is exactly what a market in transition looks like. The level that would actually confirm the bottom is the 200-day moving average at $82,228—the line that has separated bear-market bounces from real trend reversals in every prior cycle.

Moreover Glassnode’s RHODL ratio—the metric measures how much Bitcoin is held by long-term investors versus short-term ones—is currently at 4.5. That is a level high enough to suggest the weak hands have already sold and most BTC is now in the hands of long-term holders. 

The only times this ratio has been higher were the 2015 bottom at 5.0 and the 2022 bottom at 7.0. So while nothing has officially confirmed the bottom yet, BTC is showing the same on-chain conditions it had at the end of every previous bear market. So, a green May close or BTC reclaiming $82,000 would be the first signal that the bottom is in. Until that happens, the worst might be behind us, but the bear market is not officially over.

The structural shift that began when the SEC approved spot Bitcoin ETFs in January 2024 has reshaped how institutions hold the asset. iShares Bitcoin Trust ETF (NASDAQ:IBIT) accumulated over $54 billion in AUM, the fastest ETF launch in history, while Grayscale Bitcoin Trust (NYSE:GBTC) was forced to convert from a closed-end trust into a competitive spot fund. The third durable vehicle, ProShares Bitcoin ETF (NYSEARCA:BITO), predates them both and still serves a different audience entirely.

These three ETFs cover the spectrum of how institutional and retail capital now reaches Bitcoin: a low-cost, spot-flagship ETF, a legacy incumbent that had to adapt, and a futures-based product with a built-in income wrapper. Bitcoin trades around $82,836, off 12% over the past year but up 19% in the past month, and the relative behavior of these three funds during that move tells the story.

Why the access vehicle matters more than it used to Before January 2024, getting Bitcoin into a portfolio meant navigating a messy set of choices. Investors either held coins directly and dealt with custody, bought GBTC while it traded at a persistent NAV discount, or accepted the roll costs that came with a futures product. Once spot ETFs were approved, that entire menu collapsed. Pension funds, RIAs, and 401(k) platforms could finally access Bitcoin through the same operational rails they already used for equities. The shift marked the real start of the institutional era, and it had far more to do with access infrastructure than with price.

What comes next depends on the structure you choose. The funds below differ in fee levels, product design, and tax treatment, and those differences shape long‑term outcomes far more than any single quarter of price action.

IBIT: the flagship that set the new benchmark IBIT is the cleanest expression of the institutional thesis as it holds spot Bitcoin in custody, charges a 0.25% expense ratio, and, according to BlackRock’s most recent fact sheet, has 99.93% of assets in the underlying trust with the rest in cash. There is no derivatives overlay, no roll mechanism, and no discount-to-NAV history to manage around.

The mechanism connecting IBIT to the institutional theme is distribution. BlackRock’s iShares platform is found on virtually every major brokerage and in model portfolios across the United States, which is why the fund surpassed $54 billion in AUM faster than any ETF in history. Allocators who wanted Bitcoin exposure inside an existing iShares-heavy book could add it without onboarding a new issuer.

Performance has tracked Bitcoin closely. IBIT trades at $46 after a 21% move over the past month, with a 13% decline over the trailing year. The trade-off is inherent to any spot Bitcoin product: investors bear the full volatility of the asset, and the fund’s only job is to track it. There is no income, no hedge, no cushion.

GBTC: the incumbent that had to reinvent itself GBTC’s role on this list is structural rather than cost-competitive. The Grayscale Bitcoin Trust spent years as the only mainstream Bitcoin vehicle available in brokerage accounts, traded at large premiums and then large discounts to NAV, and converted to a spot ETF on the same day IBIT and its peers launched. The conversion ended the discount problem but inherited a fee structure built for a different era.

That history is the reason it belongs here. GBTC is the case study for what the institutional era did to incumbents: forced fee compression, eliminated structural arbitrage, and turned a captive product into one option among many. Its higher expense ratio relative to newer spot peers means a long-term holder pays more in fees per dollar of Bitcoin held, which compounds against returns.

The fund still has a use case. GBTC trades at $63, up 22% in the past month and down 14% over the past year, and existing holders sitting on embedded gains face a tax cost from rotating into a cheaper vehicle. Grayscale also launched a lower-fee Bitcoin Mini Trust to retain assets that would otherwise migrate. For new capital, the fee differential is the reason most allocators default elsewhere. The trade-off is paying a higher expense ratio for the same underlying exposure that is available more cheaply nearby.

BITO: the futures wrapper for accounts that need it BITO is the contrarian inclusion on this list because it holds CME Bitcoin futures contracts and seeks to track the Bloomberg Bitcoin Index. The fund launched in October 2021, more than two years before spot approval, and was the first US-listed Bitcoin-linked ETF.

The mechanism that justifies BITO’s spot on the list is account compatibility. Some retirement plans, separately managed accounts, and institutional sleeves have rules that permit futures-based commodity products but disallow spot crypto vehicles. BITO is also structured to make monthly distributions, which gives it a profile closer to an income product than a pure tracker. That is meaningful for investors who specifically want Bitcoin exposure paired with cash flow.

The cost of the futures structure appears in two places. The expense ratio is 0.95%, well above IBIT, and the fund bears the cost of rolling expiring contracts forward, which in contango markets erodes returns relative to spot. BITO trades at $11, up 21% over the past month and down 43% over the past year; over five years, it’s down roughly 73%. The trade-off is direct: investors pay higher fees and roll costs in exchange for a structure that fits accounts where spot Bitcoin cannot go.

Picking among the three For most first‑time ETF investors entering Bitcoin, IBIT is the natural starting point. The 0.33% expense ratio, the depth of liquidity, and the straightforward spot exposure make it an easy vehicle to hold over multi‑year stretches without overthinking the mechanics.

GBTC speaks to a much narrower crowd. Existing holders managing their tax basis, or investors who specifically want Grayscale as the issuer, tend to stay put. Anyone bringing in fresh capital has to weigh the higher fee against the fact that the underlying exposure is identical to cheaper alternatives.

BITO fills a different need entirely. Some accounts simply cannot hold spot crypto products, and others want the monthly distribution profile that the futures structure creates. That flexibility comes with a cost. The five‑year performance gap versus spot Bitcoin is the number that matters most when deciding whether BITO makes sense over IBIT.

The Grayscale Bitcoin Trust ETF now faces significant competitive disadvantages due to its high 1.5% expense ratio versus peers charging 0.15–0.25%. GBTC's structural drag guarantees long-term underperformance relative to both spot Bitcoin and lower-cost ETFs like IBIT and FBTC. Legacy holders remain due to tax implications and institutional inertia, but these are frictional, not fundamental, advantages.

This weekly update tracks some of the largest cryptocurrencies by market share: bitcoin and ether. While both are considered to be high-risk when it comes to investing, the two have foundational differences that investors should know. We’ve also included XRP, as it was one of the largest cryptocurrencies when this series began. According to Wikipedia, a cryptocurrency is “a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.”

Bitcoin Bitcoin was the world’s first cryptocurrency and decentralized digital currency. The first bitcoin transaction occurred in early 2009 and has since grown worldwide to a mainstream financial asset. It is often considered volatile, as seen in our first chart, but one can argue that it is also resilient. Learn more about some bitcoin basics for new investors.

Bitcoin struggled this past week, falling back below $80,000 and hitting its lowest level in nearly three weeks. BTC is currently down approximately 12% year-to-date and sits ~38% below its October 2025 record high.

Ether Ether is a cryptocurrency run on the Ethereum blockchain platform and was launched in July 2015. It has the second largest market share, despite being the newest of the three discussed in this article.

Ether’s closing price also faltered this week, dropping over 10% to its lowest level in six weeks. ETH is currently down ~29% year-to-date and is now ~56% below its record close from August 2025.

XRP XRP, which is owned by Ripple, was launched in 2012 and was one of the larger cryptocurrencies for some time until new coins joined the market.

Bitcoin vs. Ether vs. XRP An index has been created in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. A logarithmic scale is used on the y-axis of this chart to better illustrate the relative percentage changes and long-term growth of these cryptocurrencies, as opposed to their absolute price fluctuations. The chart tells us which cryptocurrency’s price has changed the most since November 9, 2017. At one point or another, all three have been at the top. At the time of writing, bitcoin is in the lead.

On January 10th, 2024, the SEC approved spot bitcoin ETFs from a range of issuers such as Grayscale Bitcoin Trust ETF (GBTC), iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Coinshares Valkyrie Bitcoin Fund (BRRR). Here are some of the quick takeaways from the spot bitcoin ETF launch.

On July 23rd, 2024, a handful of spot ether ETFs launched from a range of issuers such as Grayscale Ethereum Trust (ETHE), Franklin Ethereum ETF (EZET), Bitwise Ethereum ETF (ETHW), iShares Ethereum Trust (ETHA), Fidelity Ethereum ETF (FETH). Here’s what investors need to know.

Originally published on Advisor Perspectives. 

For more news, information, and analysis, visit the Cryptocurrency Content Hub. 

This weekly update tracks some of the largest cryptocurrencies by market share: bitcoin and ether. While both are considered to be high-risk when it comes to investing, the two have foundational differences that investors should know. We’ve also included XRP, as it was one of the largest cryptocurrencies when this series began. According to Wikipedia, a cryptocurrency is “a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.”

Bitcoin Bitcoin was the world’s first cryptocurrency and decentralized digital currency. The first bitcoin transaction occurred in early 2009 and has since grown worldwide to a mainstream financial asset. It is often considered volatile, as seen in our first chart, but one can argue that it is also resilient. Learn more about some bitcoin basics for new investors.

Bitcoin struggled for a second straight week, remaining below the $80,000 threshold and reaching its lowest level in over five weeks. BTC is currently down approximately 13% year-to-date and sits ~39% below its October 2025 record high.

Ether Ether is a cryptocurrency run on the Ethereum blockchain platform and was launched in July 2015. It has the second largest market share, despite being the newest of the three discussed in this article.

Ether’s closing price also continued to struggle this week, steadily inching lower and hitting its lowest level in nearly two months. ETH is currently down ~30% year-to-date and is now ~57% below its record close from August 2025.

XRP XRP, which is owned by Ripple, was launched in 2012 and was one of the larger cryptocurrencies for some time until new coins joined the market.

Bitcoin vs. Ether vs. XRP An index has been created in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. A logarithmic scale is used on the y-axis of this chart to better illustrate the relative percentage changes and long-term growth of these cryptocurrencies, as opposed to their absolute price fluctuations. The chart tells us which cryptocurrency’s price has changed the most since November 9, 2017. At one point or another, all three have been at the top. At the time of writing, bitcoin is in the lead.

On January 10th, 2024, the SEC approved spot bitcoin ETFs from a range of issuers such as Grayscale Bitcoin Trust ETF (GBTC), iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Coinshares Valkyrie Bitcoin Fund (BRRR). Here are some of the quick takeaways from the spot bitcoin ETF launch.

On July 23rd, 2024, a handful of spot ether ETFs launched from a range of issuers such as Grayscale Ethereum Trust (ETHE), Franklin Ethereum ETF (EZET), Bitwise Ethereum ETF (ETHW), iShares Ethereum Trust (ETHA), Fidelity Ethereum ETF (FETH). Here’s what investors need to know.

Originally published on Advisor Perspectives. 

For more news, information, and analysis, visit the Cryptocurrency Content Hub. 

This weekly update tracks some of the largest cryptocurrencies by market share: bitcoin and ether. While both are considered to be high-risk when it comes to investing, the two have foundational differences that investors should know.

Spot or index ETFs are good ways for ordinary investors to add cryptocurrencies to their portfolios, and there are higher-end options for the wealthy.