Insights

Bitcoin's worst month was our best payday

The market pays RVBTC a fee line in good months and bad: $3,455 of net fees since 18 May, an 8.6% annualized rate. The month BTC fell 18.7% paid the most.

Four months in which Bitcoin went almost nowhere

BTC returned 0.0% over four violent months. RVBTC, run by rules on the same asset, returned 4.9%.

The discipline behind RVBTC's leverage

RVBTC borrows under a hard 50% ceiling: hedge gains pay the loan down first, and the rule is enforced in the open.

Nobody buys into a panic. Nobody sells into a party.

Buying the panic and selling the party, written into mechanism: RVBTC +17.1% since 18 May against +12.6% for holding BTC.

Oil is back above $100. It will hurt Bitcoin before it helps it.

Oil above $100 tightened the Fed's room to ease. In the October grind, RVBTC fell 3.7% against 4.5% for BTC, while buying weakness by rule.

Wall Street sold Bitcoin in the drawdown. Then it paid $2.4 billion to buy it back.

The wrappers sold $7.2 billion into the decline, then paid $2.4 billion in a week to buy back. RVBTC took the other side of both legs, by rule.

The receipt is the pitch.

No deck, no promise: RVBTC is up 7.4% against 0.7% for BTC since 18 May, with 6.6% more Bitcoin than holding, every figure read from the chain.

Why we short Bitcoin while we hold it

The short sits next to the coins, not instead of them: RVBTC holds 1.3703 BTC against 1.3062 for holding, with half the worst drop.