Two Bitcoin ETFs hold the exact same asset through nearly identical structures, yet one quietly drains your account at six times the rate of the other. Before you assume switching is the obvious move, your tax situation may tell a…
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If you own Grayscale Bitcoin Trust (NYSEARCA:GBTC), you probably bought it for a sensible reason. GBTC was the first easy way to hold Bitcoin (CRYPTO:BTC) in an ordinary brokerage account, and it became a spot Bitcoin ETF when it converted from a closed-end trust in January 2024. The catch is the price of holding it. GBTC charges a 1.5% sponsor fee, which comes to $1,500 a year on a $100,000 position. BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) charges 0.25%, or $250 on the same amount. That leaves a gap of $1,250 a year, as of October 19, 2026.
Same Bitcoin, Different Price Tag Both funds hold Bitcoin through a custodian. Grayscale says GBTC aims to reflect “the value of Bitcoin held by the Trust, less expenses.”. BlackRock’s filings say IBIT’s assets consist mainly of “Bitcoin held by a custodian on behalf of the Trust”. Each one is a grantor trust built to track spot Bitcoin, which means the only thing separating them for an investor holding for the long term is what each sponsor takes out.
That cost is easy to miss because nobody sends you a bill. The sponsor fee builds up daily and gets paid from the trust’s own assets, so every share slowly comes to represent a little less Bitcoin. The fee shows up as returns that trail the underlying asset, with no $1,500 line item on your statement. A holder who never checks the fee schedule may go years without noticing that they pay 1.5% when 0.25% buys the same exposure.
Both Funds Lost Roughly a Quarter Over the Past Year Bitcoin itself dropped 24.49% over the past year, and both funds dropped with it. Prices come from delayed quotes in the Monday afternoon session on October 19, 2026. GBTC traded at $63.14 and IBIT at $46.27.
Period GBTC IBIT One year -25.54% -24.68% Year to date -7.64% -6.81% One month 7.47% 7.5% Where Investor Money Has Gone GBTC has $10,262,971,355.28 in net assets and cumulative net flows of -$27,943,497,955. A negative flow figure means more money has left the fund than has come in. IBIT reports $65,268,520,240 in net assets and cumulative net flows of $65,567,976,023.66. If you stay in GBTC, you sit in the fund investors have been leaving, while IBIT has pulled in the larger inflows of the two.
Why Your Cost Basis Can Override the Fee Math In a taxable account, selling GBTC to buy IBIT counts as a sale, and any gain is taxable. Investors who bought GBTC before the conversion, especially at a discount, may be holding very large embedded gains. For them, the tax bill from switching could be bigger than many years of fee savings, depending on cost basis and holding period.
The math shifts in three situations:
IRAs and 401(k)s: Inside a retirement account, the sale causes no current tax, so you can sell GBTC and buy IBIT the same day and start paying the lower fee right away. New money: Directing fresh contributions to IBIT while leaving existing GBTC shares in place avoids any sale and limits how much is paid at the higher fee. Recent buyers: Since both funds fell over the past year, some taxable GBTC lots may show small gains or losses. Looking at each lot in a brokerage’s cost-basis view shows which lots carry only a small tax hit. Before you sell anything with a large gain that is subject to taxes, go over the specific lots with a tax professional.
What This Comparison Cannot Show IBIT’s price history starts on January 11, 2024, so the funds can be compared only over periods inside that window. Earlier Bitcoin cycles fall outside the shared record. That said, both funds hold the same asset, and GBTC charges several times more for it.
How Account Type Changes the Swap Math For those holding GBTC in a retirement account, or adding new money to Bitcoin, IBIT offers the same exposure for $1,250 less a year on every $100,000, which makes the fee gap the deciding factor. When GBTC sits in a taxable account with large pre-conversion gains, keeping those shares and sending new dollars to IBIT may serve you better. Your cost basis determines which group you’re in.
Contact [email protected] for any questions or corrections.
Inflation and jurisdictional risks are serving as powerful examples of the value of alternative assets like gold and Bitcoin, and the ability to borrow against these non-yielding assets could make them even more attractive in the coming years, according to Adam Reeds, CEO of digital-asset-backed lending platform Ledn – which is launching Tether Gold-backed loans in the coming weeks.
BlackRock's iShares Bitcoin Trust ETF (NASDAQ: IBIT) saw a significant inflow of $665.2 million on October 19, 2026, its largest single-day addition since October 7, 2025. Just one trading session earlier, on October 16, the same fund saw an outflow of $71.
Inflation and jurisdictional risks are serving as powerful examples of the value of alternative assets like gold and Bitcoin, and the ability to borrow against these non-yielding assets could make them even more attractive in the coming years, according to Adam Leeds, CEO of digital-asset-backed lending platform Ledn – which is launching Tether Gold-backed loans in the coming weeks.
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 3% this week as of October 13. Ether was down 7% this week, while XRP was down 9%. Bitcoin is down approximately 5% year-to-date, while Ether has fallen roughly 16% 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 3% this week although it has experienced a broader rebound. BTC is currently down approximately 5% year-to-date and sits about 33% 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 7% this week as of October 13. With that said, ETH is currently down approximately 16% year-to-date and is now roughly 48% 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 9% this week as of October 13. 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.
Ethereum ETFs just logged nine straight sessions of outflows and shed nearly $2 billion in assets, but the real story behind those numbers tells a very different tale about where institutional confidence actually stands.
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Ethereum-focused funds (CRYPTO:ETH) have seen nine consecutive sessions without net inflows. These exchange-traded funds (ETFs) operate on stock exchanges like regular shares and hold Ether on behalf of their investors. Their total net assets dropped from $17.69 billion on October 5, 2026, to $15.71 billion on October 9, reflecting a significant decline of roughly $1.98 billion. This trend of Ethereum ETF outflows is certainly noteworthy.
Ether is currently at $2,496, down 6.9% over the past week. However, this decline doesn’t fully illustrate how much money investors have withdrawn from the funds. So, is Wall Street really stepping back from Ethereum?
Falling Ether Prices Caused Most of the $2 Billion Drop in Fund Assets
A fund’s net assets represent the market value of everything it owns. So this figure can decrease in two ways: investors can withdraw money, or the value of the Ether the fund holds can decline. Only the first scenario results from investors selling.
For example, a fund might maintain the same amount of Ether throughout the week without any withdrawals. Yet if the price of Ether drops, the reported assets still decrease because those coins are worth less. In this case, investors sell no shares, but the asset value still appears to decrease.
From October 5 to October 9, total net outflows amounted to about $542 million. The remaining $1.44 billion drop was solely due to Ether’s price decline. This means outflows accounted for just 27.4% of the overall loss, while the declining Ether price drove most of it.
Ethereum ETF Outflows Have Shrunk Since Peaking on October 6
The fact that funds have experienced nine days of outflows is more telling than any single dollar figure. One significant holder might drive a notable outflow for a day, but a sustained streak signals ongoing pressure. The most recent inflows occurred on September 28, when the funds gained about $17 million.
Interestingly, even as outflows persisted, daily figures declined after peaking on October 6. Here’s a breakdown of the net outflows during this period:
October 5: $50.8 million October 6: $201.9 million (largest outflow) October 7: $160.8 million October 8: $72.5 million October 9: $56.1 million By October 9, daily outflows had fallen to $56.1 million, suggesting a more gradual shift rather than a massive rush to sell.
However, the flow data doesn’t reveal the reasons behind the redemptions, leaving room for interpretation. Selling could stem from factors such as portfolio rebalancing or profit-taking, especially since Ether has been up 1.1% over the past 30 days. Additionally, a nine-day trend is relatively short, especially in a market where Ether can decline by 6.9% in just a week.
Do Ethereum ETF Outflows Mean Wall Street Is Giving Up on ETH? While it appears Wall Street is reducing its Ether exposure, signs of a complete retreat are not strong yet. Most of the asset decline is attributable to falling prices, and the daily outflows have been shrinking throughout the week. If you currently hold Ether, the declining outflows may suggest a more optimistic view of institutional sentiment than the overall drop in the asset.
Nonetheless, holders’ patience is being tested. Ether is down 49.5% from its all-time high of $4,946 and would need a staggering 98.2% increase to regain that value—a long wait for funds evaluated on a quarterly basis. If daily outflows climb back above the $201.9 million mark from October 6, it could solidify the argument that Wall Street is indeed giving up on Ethereum. On the other hand, a single day of net inflows could end the streak and shift the momentum back in favor of the bulls.
Contact [email protected] for any questions or corrections.
U.S. spot Bitcoin (BTC +0.73%) exchange-traded funds (ETFs) received about $2.6 billion in capital inflows over the three-week period ending on Oct. 2. To most Bitcoin holders, that's good news, as it builds on the trend of Bitcoin ETFs seeing regular flowing in instead of flowing out, even though the coin remains about 32% below its October 2025 peak.
However, there's more to the story. Here's the fuller context for what's driving Bitcoin and its ETFs upward as I write this in October 2026.
Image source: Getty Images.
Hedge funds are doing a trade that's helping the ETFs Hedge funds and institutional investors have a few different purposes for Bitcoin ETF shares than most individual investors do. And there's at least one piece of evidence suggesting that hedge funds are responsible for at least some of the inflows into Bitcoin ETFs.
In what's called a basis trade: A hedge fund purchases Bitcoin ETF shares and simultaneously sells Bitcoin futures contracts for later delivery at higher prices, enabling it to capture the gap between the two as prices converge. Such trades can be performed profitably whether Bitcoin itself rises or falls, and CoinShares' James Butterfill told Cointelegraph in September that "at the moment the basis trade has an attractive yield at 6%..." For a player with a lot of capital, that could be a very meaningful gain.
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The catch is that the capital used in the basis trade tends to leave for greener pastures when the spread between the ETF price and the futures contract price shrinks to be too small to be worth executing the trade.
In Q1 of 2026, hedge funds cut their ETF holdings by 39%, per an analysis of regulatory filings performed by CoinShares. Professional investors owned just 20.8% of U.S. spot Bitcoin ETF assets in Q1 2026, and financial advisors, who tend to make long-term allocations, held 58% of that share.
Who is actually buying Bitcoin right now? Per the on-chain data, large private wallets are among Bitcoin's buyers at the moment. Wallets holding between 100 and 1,000 BTC added 113,950 BTC from mid-July to late September 2026, per data from Santiment.
Similar to the basis trade, another likely motive for the ongoing purchasing is what's called the debasement trade. The debasement trade is a bet that heavy U.S. government borrowing and/or money printing will erode the dollar's value, thereby driving investors to buy inflation-resistant assets, including Bitcoin, which might eventually prove to be one.
Many investors date the debasement trade's revival to mid-August 2026, when the Treasury Department announced that it would double its buybacks of long-dated sovereign debt, and then later tripled them. Bitcoin went on to climb by about 35% from that point in mid-August to early October.
So Bitcoin's ETF inflows are being driven in large part by deep-pocketed investors with a lot of capital that they want to monetize and protect. If that group becomes more fearful, expect the inflows to accelerate.
Having launched on January 11, 2024, spot Bitcoin (BTC) exchange-traded funds (ETFs) turned 1,000 days old in October 2026 and have, by press time, collectively become the biggest BTC holders in the world.
Indeed, while the legendary and anonymous Satoshi Nakamoto is the single largest holder of the digital asset with nearly 1.1 million of the cryptocurrency – worth roughly $90 billion at the October 8 price of $82,606 – the twelve ETFs together hold nearly 1.293 million – $107 billion.
These spot ETFs are the top Bitcoin holders Simultaneously, the largest of the funds, BlackRock’s (NYSE: BLK) iShares Bitcoin Trust ETF (IBIT) is, on its own, one of the biggest owners of BTC in the world with 806,037.6 Bitcoin worth roughly $66.66 billion – 3.84% of the 21 million total – per the data Finbold retrieved from BiTBO on Thursday, October 8.
Notably, this number also means that IBIT is larger than the other eleven combined and accounts for 62.30% of the total held by these ETFs.
Largest spot Bitcoin ETFs by the number of BTC held. Source: BiTBO The second-biggest fund, Fidelity Wise Origin Bitcoin Fund (FBTC), meanwhile holds 181,890.6 BTC worth approximately $15.04 billion, and the third, Grayscale Bitcoin Trust ETF (GBTC), is at 126,585.8 – $10.47 billion.
Meanwhile, the two ETFs not included in the original eleven – Grayscale Bitcoin Mini Trust ETF (BTC) and Morgan Stanley (NYSE: MS) Bitcoin Trust ETP (MSBT) – are at 63,258.2 and 10,639.4 Bitcoins, respectively, worth about $5.23 billion and $880 million.
Lastly, one of the original spot BTC exchange-traded funds, Hashdex Bitcoin ETF (DEFI), shut down in September.
Here’s how spot Bitcoin ETFs performed in their first 1,000 days Elsewhere, all of the original funds saw exceptionally similar performance in terms of their shares, and they are, almost universally, up almost exactly 89% from their initial close. GBTC is the outlier since it started its life years earlier as Grayscale Bitcoin Trust and is up a substantially smaller 67%.
IBIT Bitcoin ETF price performance. Source: Google Bitcoin itself rose 92.77% from $42,853 to $82,606 within the same timeframe, meaning the cryptocurrency itself has, so far, proven a slightly superior investment to the spot ETFs.
Featured image via Shutterstock
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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 3% this week as of September 29. Ether was down 3% this week, while XRP was flat. Bitcoin is down approximately 4% year-to-date, while Ether has fallen roughly 10% 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 3% this week although it has experienced a broader rebound. BTC is currently down approximately 4% year-to-date and sits about 33% 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 3% this week as of September 29. With that said, ETH is currently down approximately 10% year-to-date and is now roughly 45% 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 5% this week as of September 29. XRP is currently down approximately 19% year-to-date and sits about 58% 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's (BTC -1.51%) U.S. spot price exchange-traded funds (ETFs) drew in $2.39 billion in inflows for the week ending on Sept. 25. That marked Bitcoin's biggest ETF inflows since the week ending on Oct. 10, 2025, when its weekly total reached $2.71 billion.
However, Bitcoin still ended the week at about $84,000. That was well below its record high of more than $126,000, which it reached on Oct. 6, 2025. Let's see why Bitcoin's ETFs are bouncing back -- and if that recovery suggests that Bitcoin will revisit its all-time highs.
Image source: Getty Images.
Why is Bitcoin still below its all-time highs? Bitcoin, along with the broader cryptocurrency market, remains under pressure as rising interest rates and Treasury yields drive investors toward more conservative investments. Bitcoin also faces competitive pressure from stablecoins, which are directly pegged to fiat currencies, and smaller, higher-growth altcoins with more exposure to decentralized applications. Some investors are also worried that quantum computers could eventually crack Bitcoin's private keys.
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Why are Bitcoin's ETFs attracting more attention? The rising inflows into Bitcoin ETFs indicate that large institutional investors -- including BlackRock (BLK -1.39%) and Fidelity -- are increasing their Bitcoin holdings. Those big investors invest in ETFs because they don't want to deal with crypto wallets and private keys.
Two potential catalysts could be fueling those institutional purchases. First, the U.S. national debt crossed $40 trillion for the first time in August. To pay the interest on that debt, the Fed will likely need to continue its expansionary monetary policy and devalue the U.S. dollar. To hedge against that debasement, institutional investors could buy more Bitcoin and gold.
Second, the fourth quarter is often a strong one for digital assets (even though September is historically the weakest month for stocks) as investors execute more aggressive trades into the end of the year. Therefore, institutional investors are likely increasing their exposure to Bitcoin before those tailwinds kick in. That's why Bitcoin's price still hasn't revisited its highs from last October, even as its ETFs attracted nearly as much attention.
Does that mean it's time to buy Bitcoin? The buying spree in Bitcoin ETFs is a green flag for the world's top cryptocurrency, but it still needs to overcome some major near-term headwinds before it sets new record highs. If the Fed continues to raise interest rates, Treasury yields will likely rise, driving Bitcoin lower.
The lack of clearer regulations for the cryptocurrency market (as seen with the stalled CLARITY Act) could also keep more institutional investors on the sidelines. So while Bitcoin might soar higher over the long term, I wouldn't call its recent rebound a sustainable comeback yet.
(Kitco News) – Bitcoin's recent breakout coincided with the U.S. Treasury’s bond buyback announcement, and while gold ETF demand remains strong, higher-for-longer Fed rate expectations are capping the non-yielding metal’s gains, according to Fiona Cincotta, Senior Market Analyst at StoneX.
“August the 19th was an important turning point for bitcoin, coinciding with the US Treasury Department announcing plans to increase buybacks for long dated government bonds,” Cincotta said in a recent video analysis. “Bitcoin's fortunes appeared to change dramatically around the same time. On that date the price broke above $65,000, subsequently rising to this week's high of $87,000. That's a 35% increase.”
Cincotta also pointed out that over the same period, U.S. bitcoin ETFs also saw around $4.6 billion in net inflows, pushing bitcoin ETFs into positive territory for the year. “Bitcoin is up 44% so far this quarter,” she said. “This contrasts with other major assets quite sharply. Stocks have gained around 3.5% across the same period, whilst gold is up only 8%.”
She cautioned, however, that this is not a case of investors abandoning gold. “If we look at gold ETF demand, that has also remained exceptionally strong, with the August recording the second largest monthly global ETF inflows on record,” Cincotta said. “Gold, however, does face a more challenging backdrop from renewed expectations that the Federal Reserve could remain hawkish for longer. The higher for longer interest rate expectations and elevated Treasury yields increase the opportunity cost of holding a non-yielding asset such as gold, and that's really limiting the upside to the precious metal despite continued demand that we're seeing.”
Cincotta said that in the current market environment, the debasement bid favors bitcoin over gold. “The timing of that Treasury announcement on August the 19th has been very stark, coinciding with the breakout of bitcoin,” she said. “Also, stronger ETF inflows and renewed appetite for hard assets have all coincided with the improvement in bitcoin's momentum.”
She also noted that the Fed is considering further rate hikes, which also supports hard assets. “Now, normally you would expect gold to benefit as well, but this isn't bitcoin replacing gold,” she said. “It just seems that the same macro trade is actually producing a larger marginal move in bitcoin.”
Cincotta said it’s important to recognize that bitcoin is actually playing catch-up from a much lower base than that of gold, and that the move also coincides with bitcoin's four-year cycle.
“Just taking a look at the bitcoin:gold ratio reinforces the point,” she said. “The ratio has climbed to 19.89 at the time of recording, and this is the highest level this year. In simple terms, that means that one bitcoin now buys almost 20 ounces of gold. What this shows us is that bitcoin is increasing in value not just against the U.S. dollar but also relative to the precious metal.”
Cincotta said she’s looking for a move above the 50-day Simple Moving Average to confirm and reinforce bitcoin’s outperformance relative to gold. “Buyers will be looking for a move above the $87,000 level, the peak that we saw this week, to bring $90,000 into focus,” she said. “A rise above 90,000 will quickly turn attention to that key $100,000 psychological level.”
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Crypto winter is over, says Tommaso Mancuso. He explains how the latest headlines lifted Bitcoin above $86,000 even after the Clarity Act failed a key Senate vote.
Cena nejstarší a nejznámější kryptoměny bitcoin dnes poprvé od konce ledna přesáhla 85.000 dolarů. Krátce před 13:00 SELČ vykazovala růst zhruba o pět procent na 85 118 USD (1,8 milionu Kč). Zájem o nákup kryptoměn roste spolu s celkovým zlepšením ochoty investorů více riskovat, napsala agentura Bloomberg.
Bitcoin i ostatní kryptoměny začaly posilovat už na konci minulého týdne. Předtím se kryptoměnový trh musel vyrovnat s neúspěchem klíčového amerického legislativního návrhu v této oblasti a s prvním zvýšením úrokových sazeb ve Spojených státech po více než třech letech.
Oživení nastalo i na akciových a dluhopisových trzích. Pomáhá mu pokles cen ropy a optimismus před setkáním amerického prezidenta Donalda Trumpa s čínským protějškem Si Ťin-pchingem.
"Tržní kapitalizace kryptoměn vzrostla na 2,8 bilionu dolarů, což je nejvyšší úroveň od konce letošního ledna," uvedl analytik Alex Kuptsikevich ze společnosti FxPro. "Ačkoli po pátečním růstu následoval zesílený prodejní tlak, od neděle na trhu s kryptoměnami opět dominují kupci," dodal.
Bitcoin loni v říjnu dosáhl rekordní hodnoty přes 126.000 dolarů, než po několikaměsíčním propadu letos v únoru klesl přibližně na 60 000 dolarů. Od té doby až do poloviny května se této kryptoměně postupně dařilo připisovat si zisky a část ztrát mazat, částečně díky zvýšené institucionální poptávce. Na začátku června ale nastal citelný propad, když investoři vybírali zisky z bitcoinových burzovně obchodovaných fondů (ETF).
Spot Bitcoin ETFs have quietly locked up a growing slice of every coin in existence, and the path to 10% raises serious questions about what a shrinking tradable float does to price volatility and who actually controls the market.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
As of September 18, 2026, spot Bitcoin ETFs in the US managed $102.532 billion in assets, equating to 6.29% of the total market capitalization of Bitcoin (CRYPTO:BTC).
To reach 10%, these ETFs would need to increase their holdings by $60.5 billion, bringing the total to $163.0 billion. So how long will that take, and what would it mean for Bitcoin?
What 6.29% of Bitcoin Actually Looks Like
With $102.532 billion representing 6.29% of Bitcoin, Bitcoin’s implied market capitalization stands at about $1.630 trillion. This means roughly one Bitcoin in every sixteen is currently held within a US spot ETF. These coins are stored in cold storage with custodians, meaning they cannot be spent, staked, or otherwise used, except as backing for shares traded on exchanges.
Since their launch, Bitcoin ETFs have attracted $55.161 billion in net inflows, while Ethereum ETFs have garnered an additional $13.250 billion, totaling $68.4 billion across two new product lines.
Reaching 10% Takes $60.5 Billion and Three More Years
If Bitcoin’s market capitalization remains around $1.630 trillion, the ETFs will need an additional $60.5 billion in assets to reach $163.0 billion, or 1.59 times their current holdings. If Bitcoin’s price rises, the target will rise proportionally, meaning the funds may need to acquire even more.
Spot Bitcoin ETFs began trading on January 11, 2024, and reached their cumulative total of $55.161 billion in just over 32 months, averaging around $1.71 billion per month. At this pace, the fund would reach an additional $60.5 billion in about 35 months, likely placing the 10% milestone around mid-2029.
However, this estimate assumes a consistent pace of inflows, and historical data shows that Bitcoin ETF inflows have fluctuated. A strong quarter could advance this timeline by months, while significant redemptions could push it back just as far.
One Bitcoin in Ten Would Leave the Tradable Float
As the percentage of Bitcoin held by ETFs increases, it affects market dynamics. Coins held by custodians on behalf of funds do not enter the order book of exchanges unless redeemed by authorized participants. Currently, at 6.29%, one Bitcoin in sixteen has been removed from circulation. At 10%, this would become one in ten.
This reduction in floating supply means fewer coins are available to meet demand, resulting in more volatile price movements. A market with limited floating supply tends to rise sharply on demand but also decline steeply when demand fades, as fewer coins are available to buffer selling pressure. Thin markets are not calm markets.
Corporate treasuries and long-term holders are also removing Bitcoin from the market, but the ETF share is one of the few measurable metrics monitored weekly.
What Happens If the Flows Reverse Instead The week ending September 18 highlighted how quickly inflow directions can shift. On September 14, inflows totaled $160.04 million.
Just one day later, after the Senate rejected the CLARITY Act, the funds experienced an outflow of $450.33 million. The following day, after the Federal Reserve raised its target range by 25 basis points to 3.75% to 4.00%, another $295.98 million flowed out. Ultimately, the week closed with a net outflow of just $6.21 million.
Four funds lost money across those five sessions. The ARK 21Shares Bitcoin ETF (CBOE:ARKB) saw the largest weekly outflow at $141.9 million, followed by Grayscale Bitcoin Trust (NYSE:GBTC) with a loss of $62.3 million, VanEck Bitcoin ETF (CBOE:HODL) shedding $5.3 million, and Bitwise Bitcoin ETF (NYSE:BITB) losing $2.7 million, per Farside.
So the 6.29% is not a ratchet. Any coins held by these funds can return to the market if shareholders decide to exit, and two sessions in September alone pulled $746.31 million back out. The key figure to monitor is the weekly cumulative inflows against the $60.5 billion gap, which shows how rapidly the funds are approaching the 10% threshold and how quickly they could retreat from it.
Contact [email protected] for any questions or corrections.
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 3% this week as of September 16. Ether was down 2% this week, while XRP was down 7% Bitcoin is down approximately 13% 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 3% this week although it has experienced a broader rebound. BTC is currently down approximately 13% year-to-date and sits about 39% 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 2% this week as of September 16. With that said, ETH is currently down approximately 19% year-to-date and is now roughly 50% 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 7% this week as of September 16. XRP is currently down approximately 29% year-to-date and sits about 63% 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.
Senators from both parties blocked a landmark digital asset market structure bill in a procedural vote, sending crypto stocks tumbling. The bill would have handed the CFTC the primary authority to regulate the digital assets industry, but failed to advance with a vote of 49-50.
(Kitco News) - Persistent fiscal deficits, ballooning sovereign debt and rising geopolitical fragmentation are forcing investors to rethink what constitutes a safe-haven asset, and one digital asset executive says the answer increasingly includes both gold and Bitcoin.
In an exclusive commentary for Kitco News, Tommaso Mancuso, President and Chief Investment Officer at global digital asset investment manager 3iQ, said the long-running debate over whether Bitcoin can replace gold has become outdated. Instead, institutional investors should view the two assets as complementary components of a broader hard-asset allocation.
Mancuso noted that central banks accumulated an average of roughly 1,000 tonnes of gold annually between 2022 and 2025, about twice the average pace of the previous decade. At the same time, Bitcoin has moved deeper into mainstream finance through spot exchange-traded funds, corporate treasury adoption and increased institutional participation.
The common denominator, according to Mancuso, is growing concern about the sustainability of traditional sovereign assets. In recent weeks, fears over an unsustainable rise in global sovereign debt have pushed gold prices back above $4,300 an ounce, while Bitcoin is currently trading above $75,000 per token.
Mancuso explained that developed economies are facing structurally higher debt burdens and persistent fiscal deficits. Citing International Monetary Fund projections, Mancuso said average government debt among G7 economies is expected to reach 123.7% of GDP in 2026. At the same time, geopolitical tensions are increasing demand for reserve diversification and drawing more attention to sovereign counterparty risk.
“This environment has accelerated the flight toward assets outside traditional sovereign liabilities,” Mancuso wrote.
While Bitcoin is increasingly being considered within the same conversation, Mancuso said gold continues to occupy a unique position as a mature global monetary asset.
“Gold has historically fulfilled this role as a reserve asset during periods of monetary instability, but Bitcoin is increasingly viewed through a similar lens,” he said.
Mancuso pointed out that gold and Bitcoin share what he described as similar “monetary DNA.” Both have constrained supplies, can be owned outside the traditional sovereign financial system and derive a significant portion of their value from their perceived ability to preserve purchasing power rather than from their industrial or transactional utility.
However, he said those similarities mask important differences in how investors should use the two assets.
He pointed out that gold’s monetary network has developed over centuries and is supported by central banks and other institutional investors. Sovereign institutions alone hold more than 36,000 tonnes of physical gold, valued in the report at close to $5 trillion.
“Gold operates primarily as a defensive portfolio anchor,” Mancuso said. “It serves as a reliable ballast against systemic shocks and currency debasement.”
According to the report, gold has historically exhibited annualized volatility of around 12% to 15%, with drawdowns rarely exceeding 30% in modern market regimes. Bitcoin, by comparison, has typically experienced annualized volatility between 40% and 50%, along with historical drawdowns of between 70% and 80%.
Mancuso said that difference means Bitcoin should not simply be considered a digital substitute for gold. Instead, Bitcoin represents a potentially higher-growth and substantially more volatile monetary network, while gold provides stability and liquidity within a hard-asset allocation.
“Gold offers deep, liquid stability to the hard-asset sleeve of a portfolio,” he said. “Bitcoin, by contrast, operates as a high-convexity vehicle with asymmetric upside potential if network expansion continues.”
At the same time, Mancuso said technology is beginning to eliminate some of gold’s traditional disadvantages compared with digital assets.
Tokenized gold products such as Tether Gold and Pax Gold allow investors to retain exposure to physical, vault-secured bullion while taking advantage of blockchain settlement, including 24-hour trading, fractional ownership and the ability to use tokenized bullion as collateral.
The report said the tokenized gold market surpassed $6 billion in early 2026. Although that remains a fraction of the roughly $30 trillion above-ground gold market cited by 3iQ, Mancuso argued that its growth demonstrates how the ancient monetary asset is increasingly adopting infrastructure originally developed for cryptocurrencies.
That development could also address one of gold’s most persistent criticisms: unlike bonds or dividend-paying equities, bullion generates no income and carries storage and insurance costs.
Mancuso noted that tokenized gold can potentially be deployed in lending markets or used as collateral, allowing investors to generate returns while retaining exposure to the metal. However, he cautioned that those returns are not inherent to gold itself and introduce additional smart-contract, counterparty and liquidity risks that physical bullion does not carry.
Ultimately, Mancuso said investors may be asking the wrong question when they debate whether gold or Bitcoin will emerge as the dominant alternative monetary asset.
For portfolio managers, he described gold as the “defensive anchor,” providing a deeply liquid strategic reserve against geopolitical shocks and monetary stress. Bitcoin, meanwhile, represents a “convex growth engine,” offering higher-risk exposure to the continued expansion of an emerging monetary network.
With sovereign debt continuing to rise and confidence in traditional fiscal frameworks facing greater scrutiny, Mancuso said both assets could have increasingly important—but distinctly different—roles in institutional portfolios.
“Gold offers the stability and liquidity of a mature monetary asset, while Bitcoin provides exposure to a monetary network that continues to institutionalise through expanding market infrastructure and growing institutional participation,” he wrote.
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Bitcoin ETFs just recorded their strongest single-day inflow in months, but Ethereum has been quietly outpacing it on both flows and price gains for most of 2026. The real question is whether either asset can hold its edge through the…
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Bitcoin (CRYPTO:BTC) spot ETFs attracted $3.8 billion in net inflows from August 18 to September 5, 2026, including $731 million on September 3, the biggest single-day inflow since January 14. Another $174.6 million came in on September 4, while Ethereum (CRYPTO:ETH) spot ETF inflows slowed sharply over the same period.
Ethereum spot ETFs still lead the 2026 flow race, with roughly $863 million in net inflows compared with about $1 billion in net outflows for Bitcoin spot ETFs. Price performance points in the opposite direction, with Ethereum up 33.04% from August 11 to September 10, compared with Bitcoin’s 22.96%, leaving a clear split between which asset is attracting ETF money and which has delivered the stronger recent price performance.
Bitcoin Is Closing the ETF Gap
Bitcoin’s September inflows are starting to narrow the gap with Ethereum, with $731 million entering spot ETFs on September 3, the group’s strongest single-day result since January 14, followed by another $174.6 million the next day. That sustained buying stands in contrast to Ethereum, where weekly inflows fell sharply before the funds recorded their first net outflow since August 11 on September 8.
The shift puts Ethereum’s 2026 lead under more pressure, especially if Bitcoin continues attracting large amounts of capital while Ethereum ETF inflows remain weak. Ethereum spot ETFs still have roughly $863 million in net inflows for the year, while Bitcoin spot ETFs remain about $1 billion negative, so Bitcoin needs several more strong weeks to erase the gap.
That makes the rest of September important for the ETF race because continued Bitcoin ETF inflows could push it closer to Ethereum’s year-to-date total, while a recovery in Ethereum demand would help the funds defend their lead.
ETF Flows and Price Performance Can Point in Different Directions
ETF flows and asset growth measure different things because a fund’s assets can rise from both new money and gains in the underlying asset. A net inflow measures the difference between money used to create new ETF shares and money leaving through redemptions, while the fund’s total assets also change when the price of Bitcoin or Ethereum moves. That means a fund can gain assets even without attracting new money, or see its assets fall despite positive inflows if the underlying asset drops sharply.
That distinction is clear in the latest numbers. Ethereum gained 33.04% from August 11 to September 10, 2026, compared with 22.96% for Bitcoin, so Ethereum delivered the stronger price growth even as Bitcoin dominated recent ETF flows. The year-to-date picture is weaker for both assets, with Ethereum down 16.77% and Bitcoin down 10.94%, which shows why flow data alone cannot be used as a measure of which ETF group has grown faster.
A direct comparison of total category assets under management (AUM) is not possible because public trackers do not provide a comparable Ethereum spot ETF total, so using Bitcoin’s category AUM without an equivalent Ethereum figure would give a misleading result.
Bitcoin’s ETF Lead Has Already Started to Fade Bitcoin’s recent ETF advantage has already weakened, with the funds recording $46.6 million in net outflows on September 8 and another $120.2 million on September 9 after taking in $730.8 million and $174.6 million on September 3 and 4. Ethereum also posted a $24.3 million outflow on September 8, but returned to a $34.7 million inflow the following day, giving the two fund groups a very different flow pattern heading into September 11.
That leaves Ethereum in the stronger position on the measures that can be checked today. It still leads Bitcoin on 2026 net ETF flows, while its 33.04% gain from August 11 to September 10 also exceeds Bitcoin’s 22.96% return. Bitcoin had the stronger burst of ETF demand in late August and early September, but that momentum has not held through the latest sessions, so there is no clear basis yet for calling it the faster-growing fund for the rest of 2026.
Contact [email protected] for any questions or corrections.
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.
Bitcoin faces key resistance near $82,800, but I am bullish with a 12-month target of $95,000 and a stop-loss at $74,000. ETF inflows hit $3.52 billion in August, signaling institutional macro hedging, not long-term adoption, and creating a thin, volatile float. September catalysts (the CLARITY Act cloture vote and FOMC decision) will be pivotal; a clean break above resistance on volume could drive BTC toward $88,250–$90,000.
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.
Cena největší kryptoměny bitcoin poprvé od poloviny května překonala hranici 80.000 USD. Kolem 07:15 SELČ vykazovala nárůst 1,86 procenta na 80.451,64 USD (1,65 milionu Kč). Po krocích amerického ministra financí Scotta Bessenta, který oznámil masivní nákupy na dluhopisovém trhu s cílem jej uklidnit, se v kryptoměnovém sektoru opět rozběhl růst, poznamenala agentura Reuters.
Americký prezident Donald Trump minulý týden vyzval Kongres, aby schválil zákon, který by přinesl jasnější vymezení pro sektor kryptoměn. Od té doby vzrostla hodnota bitcoinu o 16 procent.
Bitcoin dosáhl v říjnu loňského roku rekordní hodnoty přes 126 000 dolarů, než po několikaměsíčním propadu v únoru klesl až na přibližně 60 000 dolarů. Od té doby až do poloviny května se kryptoměně postupně dařilo připisovat si zisky a část ztrát mazat, částečně díky zvýšené institucionální poptávce, uvedla dříve agentura Bloomberg.
Na začátku června pak došlo k velkému propadu poté, co investoři vybírali zisky z bitcoinových burzovně obchodovaných fondů (ETF).
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. 18, 2026, Murray Stahl (Trades, Portfolio), through Horizon Kinetics, increased the firm's position in RENN Fund Inc (NYSE:RCG, Financial) by 756 shares at a trade price of $2.80 per share. This transaction brought the total holdings to 953,832 shares, representing a 13.59% ownership stake in the closed-end fund. The position accounts for a modest 0.03% of Stahl's overall portfolio, which is built on an $8.82 billion equity base. The incremental addition, while small in absolute terms, signals continued conviction in a vehicle that has struggled to generate meaningful returns since its public market debut three decades ago.
Murray Stahl (Trades, Portfolio) and Horizon Kinetics' Long-Term Value Philosophy Murray Stahl (Trades, Portfolio) serves as Chief Executive Officer and Chairman of 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, which guides portfolio decisions across registered funds, private vehicles, and institutional accounts. The firm's philosophy emphasizes extending investment time horizons to harness the power of compounding, deliberately avoiding the short-term focus that dominates modern financial markets. Horizon Kinetics seeks opportunities in undervalued or overlooked assets, often taking positions that run counter to prevailing market sentiment.
The firm's top holdings include Hawaiian Electric Industries Inc (HE, Financial), Texas Pacific Land Corp (TPL, Financial), Grayscale Bitcoin Trust (GBTC, Financial), LandBridge Co LLC (LB, Financial), and Miami International Holdings Inc (MIAX, Financial). This diverse mix reflects the firm's willingness to venture beyond conventional asset classes and into areas where independent research can uncover hidden value.
RENN Fund Inc: A Closed-End Vehicle With a Long History RENN Fund Inc is a registered, non-diversified, closed-end management investment company that has traded under the symbol RCG on U.S. markets since its initial public offering on April 30, 1996. The fund's investment 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. The fund invests in a wide variety of financial instruments, including common stocks, fixed-income securities, distressed debt, warrants, preferred stock, exchange-traded funds, and exchange-traded notes. To a lesser extent, the fund also engages in short-selling activities across these same asset classes.
Operating as a single segment within the asset management industry, RENN Fund currently holds a market capitalization of $20.65 million. The stock trades at $2.9434 as of Aug. 25, 2026, reflecting a 5.12% gain since the transaction date. Despite this recent uptick, the shares remain 66.16% below the IPO price, illustrating the long-term challenges the fund has faced in generating sustained shareholder value.
Financial Health and Performance Metrics RENN Fund demonstrates a balance sheet rank of 7/10, indicating solid financial stability relative to peers. However, the company's Profitability Rank is weak at 2/10, and the Growth Rank stands at 0/10, reflecting limited expansion prospects. Return on equity is 4.09% and return on assets is 4.06%, showing modest profitability that lags broader market averages. The GF-Score of 30/100 suggests limited long-term outperformance potential based on historical data, placing the stock in the "worst future performance potential" category according to GuruFocus's proprietary scoring model.
The stock trades at a price-to-earnings ratio of 27.51, which appears elevated given the fund's modest earnings generation. Year-to-date, the shares have gained 12.34%, but this recovery remains far from sufficient to offset the substantial decline since the IPO. The Piotroski F-Score of 2 out of 9 further underscores the company's weak fundamental position, while the Financial Strength rank of 7/10 provides some counterbalance to these concerns.
Valuation and Market Indicators The GF Value Rank cannot be evaluated due to insufficient data, leaving the stock's intrinsic value assessment indeterminate and the price-to-GF-value ratio unavailable. This lack of valuation clarity makes it challenging for investors to determine whether the current price represents a margin of safety or an overvaluation. The Altman Z score is also unavailable, limiting the ability to assess bankruptcy risk through traditional distress prediction models.
Momentum indicators show mixed signals. The 14-day Relative Strength Index stands at 53.54, near neutral territory, suggesting the stock is neither overbought nor oversold. The 6-1 month momentum index is 2.08, while the 12-1 month index is 11.32, indicating moderate recent price strength. The Momentum Rank of 3/10, however, suggests that this price action has not been sufficient to meaningfully improve the stock's relative performance ranking. The predictability rank is not applicable, and the Operating Margin growth data is unavailable, further complicating fundamental analysis.
Strategic Implications for Value Investors Stahl's addition to RENN Fund, despite its weak growth and profitability ranks, aligns with the contrarian, long-term approach that defines Horizon Kinetics. The firm's philosophy explicitly seeks value in time-constrained market inefficiencies, and a closed-end fund trading significantly below its IPO price may represent exactly such an opportunity. The modest position size of 0.03% of the portfolio suggests a speculative or opportunistic allocation rather than a core holding, consistent with the firm's willingness to invest in smaller, undervalued vehicles where the potential for outsized returns exists.
According to GuruFocus's premium guru 13F ownership data, one guru currently holds the stock, with one adding and zero trimming positions in recent quarters. This signal, which is not available on Simply Wall St or Morningstar, indicates that the buying activity is concentrated rather than widespread. For value investors, the transaction highlights a potential opportunity in a closed-end fund trading below its IPO price, though the low GF Score and lack of valuation data warrant caution and further fundamental analysis. The stock's 5.12% gain since the transaction date suggests the market has responded positively to the increased guru interest, but the long-term viability of this investment remains uncertain given the fund's historical underperformance and limited growth prospects.
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].
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
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. 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.
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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].
On Aug. 21, 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 $2.87 per share. This transaction brought the total holdings to 956,100 shares, representing 13.62% of the firm's ownership in the traded stock and 0.03% of the overall portfolio. The purchase price of $2.87 sits slightly below the current market price of $2.9434, reflecting a modest gain of 2.56% since the trade date.
This acquisition aligns with Horizon Kinetics' contrarian investment philosophy, which emphasizes fundamental value and extended time horizons. The firm's approach seeks to capitalize on market inefficiencies created by short-term-focused investors, making this incremental addition to an existing position a strategic move rather than a reactive one.
Murray Stahl (Trades, Portfolio) and Horizon Kinetics: A Value-Driven Approach Murray Stahl (Trades, Portfolio) serves as Chief Executive Officer, Chairman, and co-founder of Horizon Kinetics, bringing over three decades of investing experience to the firm's proprietary research and portfolio management. The firm's investment philosophy centers on fundamental value and contrarian strategies, emphasizing extended time horizons to harness the power of compounding rather than short-term market movements. Horizon Kinetics manages a substantial equity portfolio valued at $8.82 billion, 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
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.
The firm's commitment to independent, fundamental research supports investment strategies that typically reflect contrarian views. By maintaining positions in companies that may be overlooked or undervalued by the broader market, Horizon Kinetics aims to generate superior long-term returns for its clients. The recent addition to RENN Fund Inc demonstrates this approach in action, as the firm continues to build conviction in a small-cap closed-end fund despite mixed fundamental metrics.
RENN Fund Inc: Company Overview and Business Model RENN Fund Inc is a registered, non-diversified, closed-end management investment company that seeks above-market returns through a long-term, value-oriented investment 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, with selective short-selling activities. With a market capitalization of $20.65 million, the company operates as a single-segment entity within the asset management industry, having been publicly listed since April 30, 1996.
The fund's investment objective focuses on providing shareholders with above-market rates of return through capital appreciation and income. RENN Fund Inc invests in various industries, including communication services, surgical and medical instruments, oil and gas, and other sectors, allowing for diversification across multiple market segments despite its relatively small size.
Financial Health and Performance Metrics The stock trades at a price-to-earnings ratio of 27.51, indicating profitability, while the return on equity stands at 4.09% and return on assets at 4.06%. The balance sheet rank is solid at 7/10, supported by a cash-to-debt rank of 7, though profitability and growth ranks are weaker at 2/10 and 0/10, respectively. The GF-Score of 30/100 suggests the worst future performance potential, with limited data available for valuation, as the GF Value cannot be evaluated due to insufficient inputs.
The company's Financial Strength appears reasonable, with a solid balance sheet rank and adequate cash-to-debt positioning. However, the Profitability Rank of 2/10 and Growth Rank of 0/10 indicate challenges in generating consistent earnings growth. The Piotroski F-Score of 2 further underscores the company's mixed financial health, while the Altman Z score cannot be evaluated due to insufficient data.
Market Performance and Momentum Indicators Year-to-date, the stock has gained 12.34%, while the price remains 66.16% below its initial public offering level, reflecting long-term underperformance despite recent recovery. Short-term momentum indicators show an RSI of 67.54 over five days, 57.01 over nine days, and 53.54 over 14 days, indicating neutral to slightly overbought conditions. The momentum index over six months (2.08) and 12 months (11.32) suggests improving price action, with the six-month Momentum Rank at 354 and the 14-day RSI rank at 976.
These technical indicators paint a picture of a stock that is recovering from prolonged underperformance but still faces significant headwinds. The GF Value Rank of 0/10 indicates that the stock's valuation cannot be properly assessed, adding another layer of uncertainty for potential investors.
Investment Considerations for Value Investors The transaction aligns with Horizon Kinetics' contrarian approach, as the firm adds to a position in a small-cap closed-end fund with a low GF Score but a reasonable balance sheet. The 13.62% ownership stake indicates significant conviction in the fund's long-term prospects, despite the stock's historical decline since its IPO. 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 GuruFocus from other financial data providers.
Value investors should weigh the firm's expertise and the modest price gain since the trade against the stock's weak profitability and growth metrics, as well as the lack of a clear GF valuation signal. The Operating Margin growth data is unavailable, and the company's interest coverage cannot be evaluated, further complicating the investment thesis. While the balance sheet appears solid, the overall GF Score of 30/100 suggests limited upside potential based on historical performance patterns.
For investors considering a position in RENN Fund Inc, the recent transaction by Murray Stahl (Trades, Portfolio) and Horizon Kinetics provides a notable vote of confidence from an experienced value investor. However, the stock's weak profitability and growth metrics, combined with the inability to establish a clear GF Value, warrant careful consideration before making any investment decisions.
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].
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.
Bitcoin was rising Monday near the $80,000 level that it last touched in May, after the cryptocurrency surged last week on the Treasury Department's plans to buy back longer-dated Treasurys.
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
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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.
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 up 9% this week as of August 19.
Ether was up 20% this week, while XRP was up 10%
Bitcoin is down approximately 21% year-to-date, while Ether has fallen roughly 24% 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 up 9% this week as of August 19. BTC is currently down approximately 21% year-to-date and sits about 44% 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 up 20% this week as of August 19. With that said, ETH is currently down approximately 24% year-to-date and is now roughly 53% 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 up 10% this week as of August 19. XRP is currently down approximately 40% year-to-date and sits about 69% 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.
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.
Cryptocurrency and blockchain-related stocks surged in premarket trading on Thursday after U.S. President Donald Trump urged Congress to pass legislation establishing clear rules for the digital asset sector, following a White House meeting with industry executives.
Trump, a vocal cryptocurrency advocate who has promised to make the U.S. the "crypto capital of the world," called on lawmakers to pass a "fair version of the Clarity Act," an industry-backed bill stalled in the Senate.
The act, if enacted, would define whether cryptocurrency qualifies as a security or a commodity, clarifying jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission over the sector.
Industry executives and analysts say that without legislation, regulations are vulnerable to shifting political winds and court challenges.
However, many Democrats, and some Republicans, say they would not support a bill without strong language banning political officials, including Trump, from profiting from their own crypto ventures.
President Trump disclosed more than $1.4 billion in earnings from his family's crypto ventures in 2025.
Bitcoin , the world's largest cryptocurrency, rose 3.4% and pushed through resistance levels that had held since early June, moving past the $70,000 mark to highs of about $71,700. Ether gained 3.3%, its highest level in over three months.
The moves mirror the boost the sector received when the GENIUS Act was signed into law in July 2025, establishing a regulatory framework for stablecoins.
Crypto exchange Coinbase Global gained 8.4%, while bitcoin bull Strategy rose 10%. Miners Riot Platforms (RIOT.O), MARA Holdings (MARA.O), Hut 8 (HUT.O) and Bit Digital (BTBT.O) rose between 3% and 6%.
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
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.
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].
On Aug. 4, 2026, Murray Stahl (Trades, Portfolio), through Horizon Kinetics, increased the firm's position in RENN Fund Inc (NYSE: RCG) by purchasing 756 additio
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.
Transaction Overview: Murray Stahl (Trades, Portfolio) Adds to RENN Fund Inc Position On July 31, 2026, Murray Stahl (Trades, Portfolio), through Horizon Kineti
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.
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 roughly flat this week, up only around 0.3%. Ether was down 3% this week, while XRP was up only around 0.5% Bitcoin is down approximately 27% year-to-date, while Ether has fallen roughly 37% 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 roughly flat this week, up around 0.3%. BTC is currently down approximately 27% year-to-date and sits about 49% 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 3% this week. With that said, ETH is currently down approximately 37% 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 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.
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
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 fell nearly 4% this week. Ether reached its highest level in almost two months this week Bitcoin is down approximately 27% year-to-date, while Ether has fallen roughly 35% 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 inched lower this week, dropping almost 4%. BTC is currently down approximately 27% year-to-date and sits about 49% 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 reached its highest level in almost two months this week. With that said, ETH is currently down approximately 35% year-to-date and is now roughly 60% 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.
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.
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 continued to rise this week and now sits at its highest level in seven weeks. Ether surpassed $1,900 this week for the first time in over seven weeks. Bitcoin is down approximately 24% year-to-date, while Ether has fallen roughly 35% 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 continued to edge higher this week, rising nearly 5% to its highest level in seven weeks. However, BTC is currently down approximately 24% year-to-date and sits about 47% 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, surpassing $1,900 and reaching its highest level in over seven weeks. With that said, ETH is currently down approximately 35% year-to-date and is now roughly 60% 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.
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.
Po téměř dvou měsících výprodejů se zdá, že se sentiment u kryptoměn začíná pomalu obracet. Americká ETF navázaná na spotovou cenu bitcoinu zaznamenala druhý týden v řadě čistý příliv kapitálu. Někteří analytici tak hlásí, že kryptoměny by mohly nacházet své cenové dno.
Třináct amerických spotových bitcoinových ETF přilákalo v uplynulém týdnu přibližně 75,7 milionu dolarů. Navázaly tak na předchozí týden, kdy do nich přiteklo zhruba 197,4 milionu dolarů. K obratu došlo navzdory výraznému odlivu ve výši 424,7 milionu dolarů během pondělí 13. července, který následoval po eskalaci vojenského napětí mezi Spojenými státy a Íránem.
Zvrat v kombinaci také s přílivem do ETF vázaných na Ether, druhou největší kryptoměnu, by mohl signalizovat pozitivní návrat sentimentu na trh, tvrdí Richard Galvin, výkonný předseda kryptoměnové investiční firmy DACM.„Myslím, že je to známka dosažení dna. Vzhledem k jejich velikosti a šíři se ETF staly dobrým ukazatelem obecného sentimentu vůči Bitcoinu a celému sektoru. Takže obrat po osmi týdnech v řadě, nyní potvrzený během dvou týdnů, je pozitivní,“ řekl agentuře Bloomberg.
Zlepšení ukazuje i technický obraz. Bitcoin se vrátil nad svůj 200týdenní klouzavý průměr, který se pohybuje kolem 63 300 dolarů a bývá vnímán jako významná hranice mezi dlouhodobě býčím a medvědím trhem. V posledních týdnech se přitom největší kryptoměna obchodovala převážně v pásmu mezi 60 000 a 65 000 dolary, když investoři vyhodnocovali nejisté makroekonomické prostředí.
Odolnost trhu se projevila i během dnešního obchodování v Asii. Bitcoin krátce vystoupal nad hranici 65 000 dolarů navzdory novým americkým úderům na cíle v Íránu. Geopolitické napětí však podle analytiků současně zvyšuje inflační rizika, přičemž obavy z dalšího vývoje úrokových sazeb mohou podle Damiena Loha, investičního ředitele společnosti Ericsenz Capital, stále brzdit plnohodnotný návrat institucionálních investorů.
Potenciálním impulzem pro další růst by naopak mohlo být schválení dlouho očekávaného zákona Clarity Act, který má upravit strukturu kryptoměnového trhu v USA. Pokud by legislativa prošla Kongresem ještě před srpnovou přestávkou, mohla by podle Loha podpořit další posilování bitcoinu.
Od začátku června bitcoin ztratil přibližně deset procent hodnoty. K tlaku na cenu přispěla také společnost Strategy, jež oznámila prodej části svých bitcoinových rezerv. Firma vedená Michaelem Saylorem byla dlouhodobě známá strategií nepřetržité akumulace kryptoměny a opakovaně deklarovala, že bitcoin prodávat nehodlá.
S poklesem ceny bitcoinu přibližně na polovinu říjnového maxima okolo 126 000 dolarů však začalo být pro společnost složitější plnit některé finanční závazky. Saylor v posledních týdnech připustil větší flexibilitu při nakládání s drženými tokeny a Strategy následně oznámila další prodej bitcoinů v hodnotě 216 milionů dolarů. Přitom předchozí zveřejněná transakce představovala činila pouze 2,5 milionu dolarů.
Upozornění pro investory:
Investování do virtuálních aktiv (např. Bitcoin) či investičních nástrojů navázaných na virtuální aktiva je spojeno s řadou rizik, na která upozorňuje např. EBA (European Banking Authority) v článku „Crypto-assets: ESAs remind consumers about risks“ ze dne 17.3.2021. Tato upozornění naleznete ZDE. Patria Finance a.s. obecně nedoporučuje investovat do nástrojů navázaných na virtuální aktiva z důvodu rizik, která jsou s nimi spojena.
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 bounced back above $60,000 this week Ether rallied to its highest level in over a month this week. Bitcoin is down approximately 28% year-to-date, while Ether has fallen roughly 40% 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 rebounded this week, rising over 8% to move back above $60,000. However, BTC is currently down approximately 28% year-to-date and sits about 49% 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 13% to its highest level in over a month. With that said, 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.
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.
Key Takeaways Bitcoin dropped back below $65,000 this week. Ether fell nearly 7% this week, falling below $1,700. Bitcoin is down approximately 28% year-to-date, while Ether has fallen roughly 44% 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 returned after a one week reprieve, falling back below $65,000. BTC is currently down approximately 28% year-to-date and sits about 50% 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, dropping nearly 7% and falling back below $1,700. ETH is currently down approximately 44% year-to-date and is now roughly 66% 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.
