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BitcoinCompass

Q32025

Ronald-PeterSt?ferle

MarkJ.Valek

1

TableofContent:

1.

NewsandSocialMedia

2.Bitcoin

3.BitcoinSpotETF

4.BitcoinOn-Chain

5

.Bitcoin

vs.

Altcoins

6.BitcoinTreasuryCompanies

7

.BitcoinComparisons

2

1.NewsandSocialMedia

“CONGRATULATIONSBITCOINERS!!!

$100,000!!!YOU'REWELCOME!!!”

DonaldTrump

3

News

?Reuters,05/28/2025(EN):VancesaysUSshouldusebitcoinasanadvantageinrivalrywithChina(

link

)

?Reuters,05/28/2025(EN):GameStopbuysbitcoinworth$513millionincryptopush(

link

)

?CoinShares,06/05/2025(EN):Insidethe13FFilingsofBitcoinETFsQ12025,theinstitutionalinvestorsrebalance(

link

)

?Bloomberg,06/09/2025(EN):BitcoinBuyerMetaplanetJumpson$5.4BillionFundraisingPlan(

link

)

?Bloomberg,06/10/2025(EN):Circle’sBlockbusterIPOUshersintheBattlefortheBuck(

link

)

?Bloomberg,06/11/2025(EN):PeterThiel-backedcryptogroupBullishfilesforWallStreetIPO(

link

)

?Cointelegraph,06/17/2025(EN):Thailandapprovesfive-yearcryptotaxexemption(

link

)

?Bloomberg,06/30/2025(EN):ChanosWarnsofAIPullback,‘Absurd’BitcoinTreasuryCompanies(

link

)

?Bloomberg,06/30/2025(EN):Trump-FueledBitcoinManiaLeavesMostofCryptointheDust(

link

)

?Cointelegraph,06/30/2025(EN):Kazakhstanplanstoestablishnationalcryptoreserve(

link

)

incrementum

4

incrementum

5

SocialMedia

BTCPrague,06/26/2025(EN)

JackMallersDeliversTheBESTBitcoinExplanationofALLTIME!

Cointelegraph,06/30/2025(EN)

WhatComesAfter$100,000?

LynAldenAnalyzesTheMacroPicture

BloombergTelevision,06/10/2025(EN)

StrategyBuysAnother$110MillionofBitcoin|BloombergCrypto6/10/2025

WasBitcoinbringt.,06/16/2025(DE)Dollarrunter,Bitcoin&Goldrauf-

RonaldSt?ferle

2.Bitcoin

“AStrategicBitcoinReservecouldstrengthenournationalfinancialsecurityandembracethefutureofcurrency.”

SenatorCynthiaLummis

6

incrementum

7

BitcoinPerformanceinMajorCurrencies,2011–2025YTD

Year

USD

EUR

GBP

CAD

CNY

JPY

CHF

INR

XAU

Average

2011

1,473.3%

1,526.8%

1,479.7%

1,509.0%

1,402.6%

1,391.7%

1,480.2%

1,765.8%

1,328.1%

1,484.2%

2012

186.2%

180.7%

173.9%

178.6%

183.3%

222.7%

179.5%

196.9%

167.3%

185.5%

2013

5,481.1%

5,257.9%

5,373.3%

5,874.4%

5,323.1%

6,675.3%

5,342.7%

6,172.3%

7,655.3%

5,906.2%

2014

-57.4%

-51.6%

-54.7%

-53.4%

-56.4%

-51.6%

-52.6%

-56.6%

-56.7%

-54.6%

2015

33.8%

49.1%

41.4%

59.4%

40.0%

34.5%

34.9%

40.6%

49.3%

42.6%

2016

124.9%

132.3%

168.7%

118.3%

140.6%

118.5%

128.5%

130.9%

107.3%

130.0%

2017

1,385.6%

1,202.1%

1,256.3%

1,291.2%

1,292.2%

1,332.2%

1,322.1%

1,295.6%

1,213.4%

1,287.9%

2018

-73.5%

-72.2%

-71.9%

-71.2%

-71.9%

-74.2%

-73.3%

-71.1%

-73.0%

-72.5%

2019

87.8%

92.1%

80.6%

78.9%

90.2%

86.2%

85.2%

92.7%

58.8%

83.6%

2020

305.0%

271.7%

292.9%

297.0%

279.6%

285.0%

270.4%

314.6%

223.9%

282.2%

2021

59.8%

71.6%

61.5%

58.6%

55.5%

78.1%

64.6%

62.9%

65.7%

64.3%

2022

-64.3%

-62.1%

-60.1%

-61.7%

-61.2%

-59.3%

-63.8%

-60.3%

-64.2%

-61.9%

2023

157.0%

149.3%

144.2%

151.2%

164.5%

176.5%

133.9%

158.5%

127.3%

151.4%

2024

120.4%

135.0%

124.2%

139.3%

126.7%

145.6%

137.6%

126.7%

73.3%

125.4%

2025YTD

14.9%

0.9%

4.7%

8.7%

12.7%

5.2%

0.4%

15.1%

-8.8%

6.0%

CAGR

134.6%

136.6%

136.6%

139.5%

135.9%

143.7%

132.0%

145.0%

121.7%

136.2%

Source:Glassnode,LSEG(asof06/30/2025),IncrementumAG

incrementum

8

AnnualizedPerformanceofBitcoin,inUSD,ifBoughtontheLastDayof

theMonthandHelduntil06/2025(HoldingPeriod≥1Year)

Jan.

Feb.

Mar.

Apr.

May.

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

2011

133.74%

126.79%

129.57%

109.51%

93.93%

88.19%

91.12%

98.45%

106.51%

114.16%

116.59%

110.29%

2012

108.92%

111.78%

112.89%

113.35%

113.52%

110.80%

105.92%

106.19%

103.66%

106.26%

105.36%

105.16%

2013

99.42%

92.52%

77.85%

72.76%

74.49%

79.43%

78.76%

75.84%

76.80%

71.13%

48.20%

53.94%

2014

53.13%

59.31%

62.50%

63.39%

59.16%

59.35%

61.20%

64.88%

68.80%

71.64%

70.57%

74.03%

2015

81.46%

79.67%

81.15%

82.60%

84.10%

82.51%

81.96%

86.88%

87.35%

83.00%

80.41%

78.86%

2016

82.79%

80.48%

82.41%

81.86%

79.43%

75.94%

78.22%

80.97%

80.71%

78.87%

78.58%

74.10%

2017

75.13%

71.68%

74.87%

70.96%

60.94%

59.80%

58.19%

49.04%

52.08%

44.61%

37.35%

30.81%

2018

37.82%

37.29%

46.06%

40.80%

45.55%

49.81%

46.46%

49.05%

51.15%

53.06%

65.33%

67.19%

2019

71.20%

69.55%

68.25%

63.26%

51.79%

45.41%

49.35%

51.64%

56.28%

54.37%

60.96%

63.69%

2020

56.89%

60.49%

70.81%

62.27%

61.18%

63.74%

58.04%

58.32%

62.54%

55.19%

45.37%

33.84%

2021

31.30%

23.46%

15.21%

16.58%

30.16%

32.82%

27.52%

24.12%

27.37%

16.93%

19.33%

27.24%

2022

35.17%

32.96%

30.09%

38.56%

48.52%

79.10%

68.06%

80.47%

86.37%

86.51%

103.84%

111.52%

2023

89.54%

93.21%

80.80%

82.16%

93.80%

88.19%

97.48%

116.93%

120.02%

97.39%

93.81%

85.77%

202492.81%52.25%39.73%65.32%53.55%73.91%

Source:Glassnode,LSEG,IncrementumAG*Purchasedate=lastdayofthemonth

incrementum

9

PurchaseattheEndof

Q3/2019

Q4/2019

Q1/2020

Q2/2020

Q3/2020

Q4/2020

Q1/2021

Q2/2021

Q3/2021

Q4/2021

Q1/2022

Q2/2022

Q3/2022

Q4/2022

Q1/2023

Q2/2023

Q3/2023

Q4/2023

Q1/2024

Q2/2024

Q3/2024

Q4/2024

Q1/2025

Q2/2025

BitcoinPerformanceTriangle(USD),in%,Q2/2019–Q2/2025

Q2/2019

Q3/2019

Q4/2019

Q1/2020

-27.4

-37.1-43.1

-13.3-21.6

-9.6

-19.7

10.7

27.8

41.2

-5.9154.6417.9203.729.7250.9613.7318.6

49.6305.0723.6383.165.5347.7810.6434.1

281.6

425.9

506.9

571.0

306.8

460.6

547.0

615.3

302.1

454.1

539.4

607.0

64.6

126.8

161.7

189.4

70.645.3149.4167.0135.2100.2243.7267.9171.4131.1296.6324.6

200.0155.5338.5369.4

137.8

227.8

278.3

318.2

273.4

414.6

493.8

556.5

522.3

757.6

889.7

994.2

443.6

649.2

764.6

855.9

460.3723.0624.2845.4

672.21,034.2898.01,202.9

791.11,208.91,051.71,403.6

885.21,347.11,173.31,562.3

Q2/2020

Q3/2020

17.1217.0544.7

170.6450.3

278.1

222.8

375.0406.4400.5104.9

305.5332.3327.374.9

112.4

81.3

80.9

54.4

210.5

165.1

232.3

183.7

196.1

152.8

364.8

296.8

674.7

561.4

576.8

477.7

597.5

495.5

924.5

774.6

801.5

669.6

1,076.9

904.7

Q4/2020

103.4

19.3

49.959.857.9-35.4

-33.0-42.9-2.14.8

-6.646.6144.4113.5

120.0223.2184.4271.3

Q1/2021

-41.3

-26.3-21.4-22.4-68.2

-67.1-71.9-51.8-48.4

-54.1-27.920.25.0

8.258.939.882.6

Q2/2021

Q3/2021

25.6

33.9

6.6

32.4

5.4

-45.8

-56.9

-43.8-52.2-17.9-12.1

-55.3-61.9-34.6-30.0

-21.7

-37.7

22.9

-2.1

104.9

63.1

79.0

42.5

84.5171.0138.4211.2

46.8115.789.8147.8

Q4/2021

-1.2

-59.5

-58.1-64.3-38.7-34.4

-41.5-8.253.033.6

37.7102.378.0132.4

Q1/2022

-59.1

-57.6-63.9-38.0-33.6

-40.8-7.154.835.2

39.4104.780.1135.1

Q2/2022

Q3/2022

3.7

-11.7

-14.8

51.5

46.2

62.2

56.5

44.5126.9278.1230.3

39.4118.8264.7218.6

240.5

228.4

400.1

382.3

340.0

324.4

474.5

454.1

Q4/2022

71.783.7

63.7157.0328.3274.2

285.6466.4398.4550.7

Q1/2023

7.0

-4.649.7149.5118.0

124.7230.0190.4279.1

Q2/2023

Q3/2023

Q4/2023

Q1/2024

-10.9

39.9

57.0

133.1

161.6

66.7

103.6

128.6

45.6

-12.6

109.9208.3171.3254.1135.6246.0204.5297.5

50.1120.493.9153.2-10.032.216.451.9

Q2/2024

Q3/2024

Q4/2024

Q1/2025

3.1

51.4

46.9

33.2

29.2

-12.0

73.9

68.7

14.9

30.5

SoldattheEndof

Source:LSEG,IncrementumAG

incrementum

10

Bitcoin(MonthlyCandlestickChart),inUSD,01/2015–06/2025

100,000

10,000

1,000

100

20152016201720182019202020212022202320242025

Source:LSEG,IncrementumAG

incrementum

11

Bitcoin(WeeklyCandlestickChart),inUSD,07/2023–06/2025

110,000

100,000

90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

07/202310/202301/202404/202407/202410/202401/202504/2025

Source:LSEG,IncrementumAG

incrementum

12

CryptoFear&GreedIndex,07/2023–06/2025

100

90

80

70

CurrentValue:52

60

50

40

30

20

10

0

07/202309/202311/202301/202403/202405/202407/202409/202411/202401/202503/202505/2025

CryptoFear&GreedIndex

Source:,IncrementumAG

incrementum

13

BitcoinDrawdownsinUSDfromAll-TimeHigh,01/2011–06/2025

0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

-76.9%

-80%

-83.1%

-85.1%

ATH

-90%

-93.1%

-100%

201120122013201420152016201720182019202020212022202320242025

BitcoinDrawdownsHalvings

Source:,LSEG,IncrementumAG

incrementum

14

BitcoininVariousDevelopedMarketCurrenciesbelowAll-TimeHigh,

06/30/2025

0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

-80%

-90%

-100%

-3.10%

-4.84%

-5.12%

-5.62%

-6.67%

-5.23%

-9.34%

-10.23%

-10.85%

-11.77%

CHFEURNOKGBPJPYAUDSGDKRWCADUSD

Source:LSEG,IncrementumAG

incrementum

15

BitcoininVariousEmergingMarketCurrenciesbelowAll-TimeHigh,

06/30/2025

0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

-80%

-90%

-100%

0.00%

-0.93%

-0.85%

-3.42%

-4.56%

-3.64%

-6.33%

-8.38%

-10.36%

-24.39%

RUBBRLMXNCLPZARCNYINRARSTRYVES

Source:LSEG,IncrementumAG

incrementum

16

RollingBitcoinVolatility(30days),07/2021–06/2025

140%

120%

100%

80%

60%

40%

20%

0%

07/202101/202207/202201/202307/202301/202407/202401/2025

BitcoinVolatility

Source:LSEG,IncrementumAG

incrementum

17

Bitcoin(log),inUSD,01/2011–06/2025

Profitablevs.UnprofitableEntryPoints

1,000,000.0

100,000.0

10,000.0

1,000.0

100.0

ProfitableDays180D1Y2Y4YSince2011

10.0

Profitable92.8%96.4%98.2%99.1%99.8%

Unprofitable7.2%3.6%1.8%0.9%0.2%

1.0

0.1

201120122013201420152016201720182019202020212022202320242025

ProfitabelUnprofitabel

Source:,LSEG,IncrementumAG

incrementum

18

BitcoinPostUSPresidentialElectionBehaviour(log),inUSD,

01/2011–06/2025

1,000,000.0

100,000.0

10,000.0

1,000.0

100.0

10.0

1.0

0.1

201120132015201720192021202320252027

USPresidentialElectionBitcoin

Source:,LSEG,IncrementumAG

incrementum

19

BitcoinHalvingEpochs(log),inUSD,07/2010–06/2025

66%

658%

1,223%

Open:USD64,978

5,146%

Open:USD0.05

Open:USD8,574

High:USD111,966

Low:USD49,445

Close:USD107,621

High:USD32

Low:USD0.01

Close:USD12

Open:USD648

High:USD73,794

Low:USD8,535

Close:USD64,990

High:USD19,666

Low:USD465

Close:USD8,572

Open:USD12

High:USD1,242

Low:USD12Close:USD648

07/17/2010-11/28/2012

11/29/2012-07/09/2016

07/10/2016-05/11/2020

05/12/2020-04/20/2024

04/21/2024-06/30/2025

1,000,000.00

100,000.00

10,000.00

1,000.00

100.00

10.00

1.00

0.10

0.01

Source:LSEG,IncrementumAG

incrementum

20

BitcoinPriceTrajectoryAfterPastHalvings(Indexedto2024Halving

PriceofUSD64,773onApril20th,log),11/2012–06/2025

6,400,000

3,200,000

1,600,000

800,000

400,000

200,000

100,000

50,000

04/2024

10/2024

04/2025

10/2025

04/2026

10/2026

04/202710/2027

2012

2016

2020

2024

Average

Source:,LSEG,IncrementumAG

1,000,000.0

100,000.0

10,000.0

1,000.0100.0 10.01.0

0.1

20112015

20192023

2012

2016

2020

2024

InfoBox:

?ThisgraphillustratestheevolutionoftheBitcoinprice,whichis

exponentialduetotheshortageofsupplythatoccurseveryfouryearsafterahalving.

?ThepriceofBitcoinhasnotyet

recordedanegativeperformanceintherolling4-yearcomparison,whichhasledtoanever-increasingspiral.

2014

2018

2022

2026

Halving#4:04/20/2024

Halving#3:05/11/2020

Halving#2:07/09/2016

Halving#1:11/28/2012

20132017

20212025

Bitcoin,inUSD,01/2011–06/2025

Halving#1:

Start:11/28/2012,12.35

High:12/04/2013,1,151.17

Low:11/28/2012,12.35

Close:07/08/2016,662.97

Halving#2:

Start:07/09/2016,652.95

High:12/18/2017,18,690.00

Low:08/02/2016,540.00

Close:05/10/2020,8,668.45

Halving#3:

Start:05/11/2020,8,633.99

High:11/09/2021,73,157.00

Low:05/11/2020,8,633.99

Close:04/19/2024,64,045.70

Halving#4:

Start:04/20/2024,64,773.12

High:05/22/2025,111,966.62

Low:08/05/2024,49,445.08

Close:06/30/2025,107,620.53

2011–20142015–20182019–20222023–2026

Source:@therationalroot,,LSEG,IncrementumAG

incrementum

21

incrementum

22

HalvingEffects

Halving

ReductionofNewSupplyperBlock

TotalReductionover

480Days(mn)

OutstandingBitcoins

(mn)

ReductioninNew

SupplyasPercentage

ofOutstanding

ReductioninNew

Supplyas%of

PreviousHalving

2012

25BTC

1.7

10.5

16.5%

2016

12.5BTC

0.9

15.8

5.5%

33.0%

2020

6.25BTC

0.4

18.4

2.4%

43.0%

2024

3.125BTC

0.2

19.7

1.1%

47.0%

Source:Glassnode,IncrementumAG

incrementum

23

Bitcoin(log,lhs),inUSD,andM2(US,EU,JP,CN,GB,CH)(3month

lead,rhs),inUSDtrn,01/2015–08/2025

1,000,000

100,000

10,000

1,000

100

201520172019202120232025

BitcoinM2(US,EU,JP,CN,GB,CH)

110

100

90

80

70

60

50

Source:LSEG,IncrementumAG

incrementum

24

GoogleTrends:Bitcoin,01/2012–06/2025

100

90

80

70

60

50

40

30

20

10

0

20122013201420152016201720182019202020212022202320242025

GoogleTrends:Bitcoin

Source:Google,IncrementumAG

incrementum

25

DistributionofBitcoinHoldings,asa%ofTotalSupply,06/30/2025

5.3%

2.5%1.2%

6.2%

6.6%

8.6%

64.2%

5.4%

OtherLostCoins*Funds/ETFsCompaniesSatoshiLefttobeminedGovernmentsDeFi/SmartContracts

Source:,Chainalysis,RiverFinancial,IncrementumAG

incrementum

26

BitcoinHoldingsofGovernments,inBitcoin,06/30/2025

250,000

200,000

150,000

100,000

50,000

0

207,189

194,000

61,245

46,351

6,224

13,56211,924

24090

USAChinaUKUkraineNorthKoreaBhutanElSalvadorVenezuelaFinland

Official(Strategic)ReserveUnofficialReserve

Source:Bitbo,,IncrementumAG

3.SpotBitcoinETFs

“Whensomeonetriestobuyalltheworld’ssupplyofa

scarceasset,themoretheybuythehigherthepricegoes.”

SatoshiNakamoto

27

incrementum

28

SpotBitcoinETFOverview,06/30/2025

Issuer

Ticker

Marketshare

Holdings(?)

Holdings(USDbn)

Fee

BlackRock

IBIT

55.2%

678,162

72.5

0.25%

Fidelity

FBTC

15.9%

195,058

20.8

0.25%

Grayscale

GBTC

15.0%

184,716

19.7

1.50%

21Shares

ARKB

4.1%

49,968

5.3

0.21%

GrayscaleMini

BTC

3.6%

43,875

4.7

0.15%

Bitwise

BITB

3.4%

41,471

4.4

0.20%

VanEck

HODL

1.3%

15,661

1.7

0.25%

Invesco

BTCO

0.5%

6,107

0.7

0.25%

Valkyrie

BRRR

0.5%

5,779

0.6

0.25%

FranklinTempleton

EZBC

0.4%

5,155

0.6

0.19%

WisdomTree

BTCW

0.1%

1,547

0.2

0.30%

Source:LSEG,IncrementumAG

incrementum

29

WeeklySpotBitcoinETFFlows,inBitcoin,01/2024–06/2025

125,000

100,000

75,000

50,000

25,000

0

-25,000

-50,000

-75,000

-100,000

-125,000

01/202403/202405/202407/202409/202411/202401/202503/202505/2025

GBTCIBITFBTCARKBBITBBTCBTCOHODLBRRREZBCBTCW

Source:LSEG,IncrementumAG

incrementum

30

SpotBitcoinETFHoldings,inBitcoin,01/2024–06/2025

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

0

01/202403/202405/202407/202409/202411/202401/202503/202505/2025

GBTCIBITFBTCARKBBITBBTCBTCOHODLBRRREZBCBTCW

Source:LSEG,IncrementumAG

incrementum

31

SpotBitcoinETFHoldings,asa%ofBitcoinSupply,01/2024–06/2025

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

01/2024

03/2024

05/202407/2024

09/2024

11/2024

01/202503/202505/2025

AvailableBitcoinSupply

TotalBitcoinSupply

Source:LSEG,IncrementumAG

incrementum

32

CumulativeBitcoinSpotETFFlows(lhs),inUSDbn,andBitcoinPrice

(rhs),inUSD,01/2024–06/2025

55

50

45

40

35

30

25

20

15

10

5

0

01/2024

03/2024

05/202407/202409/2024

CumulativeFlows

11/2024

01/202503/2025

05/2025

BitcoinPrice

120,000

110,000

100,000

90,000

80,000

70,000

60,000

50,000

40,000

Source:LSEG,IncrementumAG

4.BitcoinOn-Chain

“Bitcoinisaswarmofcyberhornetsservingthegoddessof

wisdom,feedingonthefireoftruth,exponentiallygrowing

eversmarter,faster,andstrongerbehindawallofencrypted

energy.”

MichaelSaylor

33

incrementum

34

AddressesHolding>XBitcoin,2011–2025

14,000,000

12,000,000

10,000,000

8,000,000

6,000,000

4,000,000

2,000,000

0

2010201120122013201420152016201720182019

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