Capriole Investments

Systematic trading targeting outperformance of Bitcoin. Capriole drives returns by looking at information in new ways. We know markets are not efficient and it’s our passion to find value. 

We manage the Capriole Fund for institutions and HNW investors across 24 countries around the world. Together, our team has decades of quant trading experience. 

Capriole Investments Limited is certified to act as an approved investment manager. The Capriole Fund is audited, licensed and regulated by CIMA.


We’ve invented some of the most cited on-chain fundamental strategies in the industry.

Read more about some of our open-source Bitcoin strategies:

  • Hash Ribbons (30/10/2019)
    Perhaps the best performing long-term buy signal for Bitcoin. Hash Ribbons uses on-chain data to identify miner capitulations and recoveries. A top 50 / 100,000+ scripts on TradingView. Read more on Medium. Live indicator on TradingView or Glassnode.
  • Bitcoin Energy Value (13/12/2019)
    Bitcoin miner energy spent, raw Joules alone, can be used to calculate Bitcoin’s fair value. Read more on Medium and learn why Bitcoin is Henry Ford’s Energy Currency. Indicator on TradingView.
  • Bitcoin Production Cost (13/12/2019)
    A calculation of the global average Bitcoin mining production cost and electrical cost. Very useful in identifying extreme value regions. Read more on Medium. Indicator on TradingView.
  • Bitcoin Macro Index (2/6/2022)
    A fundamentals-only strategy which uses machine learning to assess, learn and adapt from over 35+ Bitcoin on-chain and equity market metrics. Read more on Medium.
  • SLRV Ribbons (16/9/2022)
    Tracking on-chain investor flows to identify value buy and sell regions. SLRV outperforms buy-and-hold over the last 5 years. Read more on Medium. Indicator on Glassnode.
  • Bitcoin Miner Sell Pressure (11/11/2022)
    Tracks on-chain data to highlight when Bitcoin miners are selling more of their reserves than usual. Usual leading indicator of capitulations. Read more on Twitter. Indicator on TradingView.
  • Bitcoin Yardstick (2/11/2022)
    A rule-of-thumb Bitcoin valuation tool. Bitcoin Yardstick = Market-Cap / Hash-Rate, normalized over 2 years of data. Read more on Twitter. Indicator on Glassnode.
  • Supply Delta (25/10/2021)
    Am on-chain metric to identify Bitcoin tops based on tracking short- and long-term holder supply data. Read more on Medium. Indicator on Glassnode.
  • Bitcoin’s Dynamic Range NVT (10/10/2019)
    A dynamic over- and under-valuation band for Bitcoin’s NVT, the Bitcoin’s “PE Ratio”, which compares on-chain transaction volume to the Bitcoin market cap. Read more on Medium. Indicator on TradingView.

Find this research and more on the Capriole Investments’ Medium page and Newsletter.

Management Team


Experienced quant investor and creator of ‘Hash Ribbons’ and ‘Trend King’. Charles is one of the leading publishers of on-chain Bitcoin models globally. Charles founded Capriole Investments and today focuses on portfolio management, risk management and quantitative strategy development.

Charles has been investing for over 20 years and coding trading algorithms for a decade. He holds two Dean’s awards from his studies across Australia, London & Denmark. Charles has over 100,000 Twitter followers where he regularly shares his market insights.

The key architect of Capriole’s trading execution engines and systems. He is an expert in risk management, utility theory and choice modelling in risk-based environments.

Ryan has over a decade of experience across the IT industry. Before Capriole he was managing multiple projects & teams for large international online gaming company, Spiralworks. He also developed the customer risk profiles and behavior models used in the game mechanics behind their top 3 games which generate over $2B revenue per annum.

Mc Coy


An experienced hedge fund quantitative researcher and developer. Mick designs, models and deploys trading signals and strategies. With a background in economics and econometrics, he is both quantitatively and fundamentally skilled. Mick is an expert in strategy development, machine learning, portfolio optimization and backtesting.

Prior to Capriole, Mick spent over 5 years in full-time quantitative strategy development at a multi-billion-dollar market-neutral equities hedge fund in Netherlands. When he’s not working, you will find him running sub-3hr marathons across the world.



Coming from a career in big data and Machine Learning, at Capriole Yassine manages data pipelines and quantitative strategies from development through to testing and productionization.

He is experienced across many systems and programming languages and adept at process management, systems and quantitative model design.

In 2018, Yassine achieved first place in Huawei’s AI hackathon, and presented to the Huawei headquarters in Shenzhen. He is passionate about Bitcoin and investing.


Accomplished and experienced senior marketing professional with an extensive accelerator, Fintech and hedge fund background. John has helped scale multi-billion-dollar funds and is an expert in Investor Relations and corporate communications.

John brings 15 years of experience with marketing institutional funds, B2B/B2C SaaS risk analytics and enterprise API trading platforms. He has held Director roles at Xerion Capital Partners, Perella Weinberg Partners and HedgeWorld.


Judith is an international business and marketing expert. She has launched products into new markets and helped business’ scale through all stages. She works with investors at Capriole at every step of their journey. She is passionate about crypto and delighting clients.

Judith has an extensive career across Germany and Australia in marketing for startups through to major global enterprises having worked at Mercedes-Benz, Miele, and start-ups such as HelloFresh and Elopage.



Co-founder of Calderwood. Wade serves on the Capriole Fund board as an independent director. He advises on governance, risk management and regulatory compliance. He has worked with many of the industry’s leading investment managers.

Previously Wade was an Executive Director of DMS Investment Services, worked at BlueBay Asset Management and oversaw a portfolio of hedge funds. He is a Chartered Accountant and also spent several years in audit at KPMG.

We work with investors
from 25+ countries around the world





United Kingdom



South Africa







United States


British Virgin Islands

Cayman Islands











Capriole’s operations are net carbon negative. We offset all our CO2 emissions by planting hundreds of protected trees that support local economies each year. 

Join us in reforesting the Earth and we will plant five extra trees on your behalf. Just use code: ‘CaprioleForest’ at checkout with our reforestation partner Furthr.Earth.

Join the team

We are always looking for talented individuals. 

If you are a skilled trader or python programmer passionate about crypto investing, get in touch!