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  • February 1, 2023
  • 15 min read
  • 1,143

Capriole Newsletter – Issue #28

Bitcoin’s deep value is slipping away and in its place a new market structure is emerging. A new regime....

Charles Edwards

  • December 27, 2022
  • 9 min read
  • 2,493

Capriole Newsletter – Issue #27

We believe the 2020s will be the decade of hard money, much like the 1970s was. Leaving stocks in the dust. If you agree,...

Charles Edwards

  • December 3, 2022
  • 11 min read
  • 1,669

Capriole Newsletter – Issue #26

The crypto world was shaken to the core in November as top three exchange FTX was exposed as the biggest fraud since Bernie Madoff...

Charles Edwards

  • November 1, 2022
  • 9 min read
  • 1,836

Capriole Newsletter – Issue #25

We crack open the rarest of Bitcoin value metric readings you can count on one hand every 5 years. We dive into the troubling...

Charles Edwards

  • September 20, 2022
  • 15 min read
  • 2,869

Capriole Newsletter – Issue #24

This month we deep dive into the macro and make the case for the Fed Pivot being just around the corner. We explain why...

Charles Edwards

  • September 2, 2022
  • 11 min read
  • 1,941

Capriole Newsletter – Issue #23

Fear struck the market again with a blunt Fed speech. The broader Bitcoin fundamental picture remains in a consistent value region and we can...

Charles Edwards

  • July 31, 2022
  • 10 min read
  • 2,117

Capriole Newsletter – Issue #22

This issue we deep dive into the many Bitcoin and macro metrics showing signs of capitulation. The raw count of evidence for cyclical capitulation...

Charles Edwards

  • June 30, 2022
  • 12 min read
  • 1,688

Capriole Newsletter – Issue #21

Today, we now find ourselves in a special juncture in the crypto cycle. Bitcoin has hit a down draw of -75% since November. More...

Charles Edwards

  • June 1, 2022
  • 11 min read
  • 1,152

Capriole Newsletter – Issue #20

The S&P500 and Bitcoin showcased a strong recovery recently and today both markets find themselves at resistance, both fundamentally and technically....

Charles Edwards

  • April 30, 2022
  • 15 min read
  • 1,876

Capriole Newsletter – Issue #19

Traditional markets have been taking a beating. Our February Newsletter and analysis of the impact of war on markets suggest that when considering war...

Charles Edwards

  • March 30, 2022
  • 10 min read
  • 1,206

Capriole Newsletter – Issue #18

The first quarter of 2022 is coming to a close. War in Europe and generational high inflation are our new reality. Markets have witnessed...

Ryan McCoy

  • February 23, 2022
  • 7 min read
  • 1,823

Capriole Newsletter – Issue #17

For the past few months, Bitcoin has been driven by macro events like rate hikes and quantitative tightening. This month a new macro event...

Yassine Zrigui

  • January 28, 2022
  • 8 min read
  • 2,181

Capriole Newsletter – Issue #16

Last month was mostly dominated by macro news much like December, namely the expected rate hikes throughout the year and possible quantitative tightening. Bitcoin...

Mick Herfkens

  • January 5, 2022
  • 15 min read
  • 3,953

Capriole’s 2022 Market Outlook

A year ago, we published our “Christmas Special” newsletter. We wrote the following for our expectation of 2021...

Charles Edwards

  • December 31, 2021
  • 8 min read
  • 3,522

Capriole Newsletter – Issue #15

If you have been around the cryptospace long enough, you have probably noticed how decidedly un-Bitcoin Bitcoin has been this year. ...

Ryan McCoy

  • November 30, 2021
  • 8 min read
  • 3,853

Capriole Newsletter – Issue #14

Bitcoin started the month of November strong with a new all time high hitting $69K. But the party did not last long. Within a...

Mick Herfkens

  • October 27, 2021
  • 9 min read
  • 4,261

Capriole Newsletter – Issue #13

Bitcoin is up over 30% to date in October, reaching as high as +53% last week. We printed new all time highs last week,...

Charles Edwards

  • October 1, 2021
  • 7 min read
  • 4,760

Capriole Newsletter – Issue #12

Last issue, at $47K we noted some concerning metrics, but noted the data remained bullishly skewed into the end of August. Price continued to...

Charles Edwards

  • August 31, 2021
  • 8 min read
  • 4,214

Capriole Newsletter – Issue #11

Last issue we noted the improving fundamentals for Bitcoin following the China exodus and subsequent regulatory attack on Bitcoin.  We finished the...

Charles Edwards

  • July 31, 2021
  • 9 min read
  • 3,729

Capriole Newsletter – Issue #10

Last issue we reviewed the China’s crypto exodus and argued why we believed the Bitcoin hash rate (then at 102 TH/s) was within 10%...

Charles Edwards

  • June 20, 2021
  • 6 min read
  • 4,662

Capriole Newsletter – Issue #9

These are unprecedented times. The Bitcoin network has just experienced the biggest attack in its history. 50% of Bitcoin's security has been wiped out...

Charles Edwards

  • May 28, 2021
  • 8 min read
  • 3,664

Capriole Newsletter – Issue #8

Bitcoin is trading at more than 40% below the all-time high for the first time since October last year. Time for a quick overview...

Jan Uytenhout

  • April 19, 2021
  • 8 min read
  • 2,899

Capriole Newsletter – Issue #7

Every month we write a short update on the market. We try to time this around pivotal moments for Bitcoin. It can be hard...

Charles Edwards

  • March 30, 2021
  • 6 min read
  • 2,175

Capriole Newsletter – Issue #6

Every month we write a short update on the market. Last issue, when Bitcoin was $48K we noted: “Downside looks limited. A flushout of...

Jan Uytenhout

  • February 16, 2021
  • 2,487

Capriole Newsletter – Issue #5

Every month we write a short update on the market. We try to time this around pivotal moments for Bitcoin. We are writing this...

Charles Edwards

  • January 28, 2021
  • 6 min read
  • 1,885

Capriole Newsletter – Issue #4

Every month we write a short update on the market. We try to time this around pivotal moments for Bitcoin. We wrote the last...

Jan Uytenhout

  • December 29, 2020
  • 2,463

Capriole Newsletter – Issue #3

Every month we write a short update on the market. We try to time this around pivotal moments for Bitcoin. Our last issue evolved...

Charles Edwards

  • November 5, 2020
  • 6 min read
  • 1,687

Capriole Newsletter – Issue #2

We try to release our newsletters when we see key opportunities. Today that was the clear price break above $14K. Unfortunately we are slow...

Jan Uytenhout

  • August 11, 2020
  • 5 min read
  • 1,092

Capriole Newsletter – Issue #1

This newsletter provides our airplane view of the Bitcoin market. It summarises our medium- to long-term expectations for the market. It is not intended...

Charles Edwards

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Capriole manages Bitcoin investments 24/7 using autonomous long/short strategies. We have just one objective: outperform Bitcoin, the best performing asset of a generation.

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The Capriole Fund is a licensed and CIMA regulated full master fund consisting of a US Limited Partnership, the Capriole Fund, LP (ISIN: US14071T1016, CUSIP: 14071T101, BLOOMBERG: CRYPTO3 US) and Cayman Islands funds, the Capriole Master Fund, Ltd. (ISIN: KYG1892C1050, CUSIP: G1892C105, BLOOMBERG: CRYPTO1 KY) and the Capriole Fund, Ltd. (ISIN: KYG1892D1034, CUSIP: G1892D103, BLOOMBERG: CRYPTO2 KY). The Capriole Fund, Ltd. and Capriole Master Fund, Ltd. are both fully licensed mutual funds under Cayman Islands Mutual Funds Act (registration numbers 1849971 and 1849993 respectively).

The materials on this website are for illustration and discussion purposes only and do not constitute an offering. Access to products and services on this website may be restricted for certain persons or countries. No recommendations are made to invest in this or any other investment. All interested parties to check in advance whether they are legally entitled to purchase the products and/or services presented on the website. We make best efforts to ensure the accuracy and correctness of the information here, we do not accept any liability or responsibility for any errors or omissions. Past performance is no guarantee of future results.

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