比特币指南针2025第三季度

Table of Content:1.News and Social Media2. Bitcoin3. Bitcoin Spot ETF4. Bitcoin On-Chain5.Bitcoin vs.Altcoins6. Bitcoin Treasury Companies7.Bitcoin Comparisons 1. News and Social Media“CONGRATULATIONS BITCOINERS!!!$100,000!!! YOU'RE WELCOME!!!” Donald Trump News•Reuters,05/28/2025(EN):Vance says US should use bitcoin as an advantage in rivalry with China(link)•Reuters,05/28/2025(EN):GameStop buys bitcoin worth $513 million in crypto push(link)•CoinShares,06/05/2025(EN):Inside the 13F Filings of Bitcoin ETFs Q1 2025, the institutional investorsrebalance(link)•Bloomberg,06/09/2025(EN):Bitcoin Buyer Metaplanet Jumps on $5.4 Billion Fundraising Plan(link)•Bloomberg,06/10/2025(EN):Circle’s Blockbuster IPO Ushers in the Battle for the Buck(link)•Bloomberg,06/11/2025(EN):Peter Thiel-backed crypto group Bullish files for Wall Street IPO (link)•Cointelegraph,06/17/2025(EN):Thailand approves five-year crypto tax exemption(link)•Bloomberg,06/30/2025(EN):Chanos Warns of AI Pullback, ‘Absurd’ Bitcoin Treasury Companies(link)•Bloomberg,06/30/2025(EN):Trump-Fueled Bitcoin Mania Leaves Most of Crypto in the Dust (link)•Cointelegraph,06/30/2025(EN):Kazakhstan plans to establish national crypto reserve(link) Social Media BTCPrague,06/26/2025(EN)Jack Mallers Delivers The BEST BitcoinExplanation of ALL TIME!Cointelegraph,06/30/2025(EN)What Comes After $100,000?Lyn Alden Analyzes The Macro PictureBloomberg Television,06/10/2025(EN)Strategy Buys Another $110 Million ofBitcoin | Bloomberg Crypto 6/10/2025Was Bitcoin bringt.,06/16/2025(DE)Dollar runter, Bitcoin & Gold rauf-Ronald Stöferle 2. Bitcoin“A Strategic Bitcoin Reserve could strengthen our nationalfinancial security and embrace the future of currency.” Senator Cynthia Lummis Q2/2019-27.4-37.1-43.1-19.7-5.9154.6417.9203.7281.6306.8302.164.670.645.3149.4167.0137.8273.4522.3443.6Q3/2019-13.3-21.610.729.7250.9613.7318.6425.9460.6454.1126.8135.2100.2243.7267.9227.8414.6757.6649.2Q4/2019-9.627.849.6305.0723.6383.1506.9547.0539.4161.7171.4131.1296.6324.6278.3493.8889.7764.6Q1/202041.265.5347.7810.6434.1571.0615.3607.0189.4200.0155.5338.5369.4318.2556.5994.2855.9Q2/202017.1217.0544.7278.1375.0406.4400.5104.9112.480.9210.5232.3196.1364.8674.7576.8Q3/2020170.6450.3222.8305.5332.3327.374.981.354.4165.1183.7152.8296.8561.4477.7Q4/2020103.419.349.959.857.9-35.4-33.0-42.9-2.14.8-6.646.6144.4113.5Q1/2021-41.3-26.3-21.4-22.4-68.2-67.1-71.9-51.8-48.4-54.1-27.920.25.0Q2/202125.633.932.4-45.8-43.8-52.2-17.9-12.1-21.722.9104.979.0Q3/20216.65.4-56.9-55.3-61.9-34.6-30.0-37.7-2.163.142.5Q4/2021-1.2-59.5-58.1-64.3-38.7-34.4-41.5-8.253.033.6Q1/2022-59.1-57.6-63.9-38.0-33.6-40.8-7.154.835.2Q2/20223.7-11.751.562.244.5126.9278.1230.3Q3/2022-14.846.256.539.4118.8264.7218.6Q4/202271.783.763.7157.0328.3274.2Q1/20237.0-4.649.7149.5118.0Q2/2023-10.939.9133.1103.6Q3/202357.0161.6128.6Q4/202366.745.6Q1/2024-12.6Q2/2024Q3/2024Q4/2024Q1/2025Q3/2019Q4/2019Q1/2020Q2/2020Q3/2020Q4/2020Q1/2021Q2/2021Q3/2021Q4/2021Q1/2022Q2/2022Q3/2022Q4/2022Q1/2023Q2/2023Q3/2023Q4/2023Q1/2024Sold at the End ofPurchase at the End ofBitcoin Performance Triangle (USD), in %, Q2/2019–Q2/2025Source: LSEG, Incrementum AG 0.11.010.0100.01,000.010,000.0100,000.01,000,000.020112012201320142015201620172018ProfitabelProfitable DaysProfitableUnprofitableBitcoin (log), in USD, 01/2011–06/2025Profitable vs. Unprofitable Entry PointsSource: blockchain.com, LSEG, Incrementum AG 0.11.010.0100.01,000.010,000.0100,000.01,000,000.020112013201520172019202120232025US Presidential ElectionBitcoinBitcoin Post US Presidential Election Behaviour (log), in USD,01/2011–06/2025Source: blockchain.com, LSEG, Incrementum AG 50,000100,000200,000400,000800,0001,600,0003,200,0006,400,00004/202410/202404/202510/202504/202610/202604/202710/20272012201620202024AverageBitcoin Price Trajectory After Past Halvings (Indexed to 2024 HalvingPrice of USD 64,773 on April 20th, log), 11/2012–06/2025Source: blockchain.com, LSEG, Incrementum AG 1,000.010,000.0100,000.01,000,000.02013 20172021 202520142018202220262011–20142015–2018InfoBox:•Thisgraphillustratestheevolutionofthe Bitcoinprice,whichisexponentialduetotheshortageofsupplythatoccurseveryfouryearsafter ahalving.•ThepriceofBitcoinhasnotyetrecordeda negativeperformanceintherolling4-yearcomparison,whichhasledtoanever-increasingspiral.Bitcoin, in USD, 01/2011–06/2025Source: @therationalroot, blockchain.com, LSEG, Incrementum AG 2023–2026Halving#1:Start: 11/28/2012, 12.35High: 12/04/2013, 1,151.17Low: 11/28/2012, 12.35Close: 07/08/2016, 662.97Halving#2:Start: 07/09/2016, 652.95High: 12/18/2017, 18,690.00Low: 08/02/2016, 540.00Close: 05/10/2020, 8,668.45Halving#3:Start: 05/11/2020, 8,633.99High: 11/09/2021, 73,157.00Low: 05/11/2020, 8,633.99Close: 04/19/2024, 64,045.70Halving#4:Start: 04/20/2024, 64,773.12High: 05/22/2025, 111,966.62Low: 08/05/2024, 49,445.08Close: 06/30/2025, 107,620.53 Halving EffectsHalvingReduction of NewSupply per Block20122016202020243.125 BTCSource: Glassnode, Incrementum AG 1001,00010,00