2025年第四季度比特币指南针

Q4 2025 Ronald-Peter StöferleMark J. Valek Inhaltsverzeichnis: 1.News und Social Media2. Bitcoin3. Bitcoin Spot ETF4. Bitcoin On-Chain5. Bitcoin vs.Altcoins6. Bitcoin Treasury-Unternehmen7.BitcoinimVergleich 1. News und Social Media News •Fintechnews Switzerland, 16/07/2025 (EN):BlackRock’s Bitcoin ETF Becomes Top Revenue Driver,Surpasses S&P 500 Fund(link)•Cointelegraph, 01/08/2025 (EN):Tether’s US Treasury holdings hit $127B, surpassing South Korea(link)•Reuters, 14/08/2025 (EN):Bitcoin hits fresh record as Fed easing bets add to tailwinds (link)•Investing News Network, 12/09/2025 (EN):Corporate Treasury Revolution Accelerates as $113 Billion BitcoinHoldings Spark 150% Stock Surges(link)•Bloomberg, 23/09/2025 (EN):Crypto Giant Tether Seeks Funding at $500 Billion Valuation(link)•Bloomberg, 25/09/2025 (EN):Google-Linked TeraWulf Seeks $3 Billion Debt for Data Center(link)•Bloomberg, 29/09/2025 (EN):BlackRock’s IBIT Surpasses Deribit as Top Bitcoin Options Venue(link)•Bloomberg, 29/09/2025 (EN):Saylor Is Unbothered by Strategy’s Narrowing Share Premium(link)•The Block, 29/09/2025 (EN):'Always be stacking': Strategy picks up another 196 bitcoin for $22 million, bringingtotal holdings to 640,031 BTC (link) Social Media Cointelegraph, 12/09/2025(EN)Is The Bitcoin Bull Market Over? CoinBureau CEO Reveals His 2025 PriceTargets! Was Bitcoin bringt., 29/09/2025 (DE)Goldpreis SCHOCK! Wann folgt Bitcoin?Neue Charts!-Ronald Stoeferle Fox Business, 30/09/2025(EN)Eric Trump: Bitcoin will crush WallStreet’s old finance system Was Bitcoin bringt., 30/07/2025 (DE)Trumps Geheimplan für Gold, Dollar &Bitcoin-Ronald Stoeferle 2. Bitcoin „A Strategic Bitcoin Reserve could strengthen our nationalfinancial security and embrace the future of currency.“ Senator Cynthia Lummis Bitcoin-Performance-Dreieck (USD), in %, Q3/2019–Q3/2025 Bitcoin-Preisentwicklung nach US-Präsidentschaftswahlen (log), inUSD, 01/2011–09/2025 Bitcoin-Preisentwicklung nach vergangenen Halvings (indexiert zumHalving-Preis 2024 von 64.773 USD am 20. April, log), 11/2012–09/2025 Bitcoin, in USD, 01/2011–09/2025 Halving#1:Start: 28/11/2012, 12,35High: 04/12/2013, 1.151,17Low: 28/11/2012, 12,35Close: 08/07/2016, 662,97 InfoBox: •Diese Grafik veranschaulicht dieEntwicklungdesBitcoin-Preises,welchedurchdieVerknappungdesAngebots,die alle vier Jahre nacheinemHalving erfolgt,exponentiellverläuft.•DerPreisvonBitcoinhatbisdatoimrollierenden4-Jahresvergleich nochkeinenegativePerformanceverzeichnet,was zu einer immergrößerenSpiralegeführthat. Bitcoin (log, lhs), in USD, und M2 (US, EU, JP, CN, GB, CH) (3 Monatevoraus, rhs), in Bill. USD, 01/2015–11/2025 Verteilung des Bitcoin Bestandes, in % des Gesamtbestandes,30/09/2025 3. Spot Bitcoin ETFs „When someone tries to buy all the world’s supply of ascarce asset, the more they buy the higher the price goes.“ Satoshi Nakamoto Kumulierte Bitcoin Spot-ETF-Flows (lhs), in Mrd. USD, und Bitcoin-Preis(rhs), in USD, 01/2024–09/2025 4. Bitcoin On-Chain „Bitcoin is a swarm of cyber hornets serving the goddess ofwisdom, feeding on the fire of truth, exponentially growingever smarter, faster, and stronger behind a wall of encryptedenergy.“ Michael Saylor Bitcoin Total Hash Rate (lhs), in TH/s, und Bitcoin (rhs), in USD,01/2017–09/2025 Lightning Network-Kapazität, in Bitcoin (lhs), und in Mio. USD (rhs),01/2018–09/2025 5. Bitcoin vs. Altcoins „We believe bitcoin is an asset class itself. It is an alternativeto other commodities like gold.“ Larry Fink Marktkapitalisierung der Top 10 Kryptowährungen, in Mrd. USD,30/09/2025 6.Bitcoin Treasury-Unternehmen „We have better collateral than investment-gradecompanies.“ Michael Saylor Bitcoin-Bestände öffentlicher Bitcoin Treasury-Unternehmen, in BTC,30/09/2025 Bitcoin-Bestände öffentlicher Bitcoin Treasury-Unternehmen, in BTC,30/09/2025 7.BitcoinimVergleich „I think all roads lead to inflation. I’m long gold, I’m longbitcoin, I think commodities are so ridiculously under-ownedso I’m long commodities. And I own zero fixed income.“ Paul Tudor Jones Marktkapitalisierung von Bitcoin vs. diverse Vermögenswerte undZentralbankbilanzen, in Mrd. USD, 30/09/2025 Wöchentliche rollierende 6-Monats-Korrelation von Bitcoin und Nasdaq100, 01/2011–09/2025 Wöchentliche rollierende 6-Monats-Korrelation eines 60/40-Portfolios undeines Portfolios aus 1/3 Gold, 1/3 Silber und 1/3 Bitcoin, 03/2011–09/2025 Verteilung der wöchentlichen logarithmierten Renditen von Gold, Silber,und Bitcoin, 08/2010–09/2025 Marktkapitalisierung von Bitcoin und Gold (lhs), in Bill. USD, undBitcoin/Gold-Market-Cap-Ratio (rhs), 01/2013–09/2025 Marktkapitalisierung von Bitcoin und Gold (lhs), in Bill. USD, undBitcoin/Gold-Market-Cap-Ratio (log, rhs), 01/2013–12/2030 Goldbestand* (lhs), in Tonnen, und Bitcoin-Bestand (rhs), in Coins,01/2010–01/2030 Goldbestand* (lhs), in Tonnen, und Bitcoin-Bestand (rhs), in Coins,1900–2030e Addendum Because we care… About our Clients.About the Society.Ab