🟠Orange Monthly: The Great Rotation
There is a great rotation of capital taking place in 2025, and the divergence between capital inflows, and the price going nowhere has never been wider.
Important Note: The monthly report below is available for Checkonchain Orange members.
🟠Orange is our highest plan tier, which sits above the Paid plan on Substack. It’s tailored for investors seeking the ultimate edge in the market, delivering you distilled, institutional-grade insights and offering more direct access to James’ thinking, analysis, and strategies as the market evolves. It includes:
Institutional-Grade Monthly Report
Monthly Conference Call (Report Deep Dive + Q&A)
Private Orange Member Telegram Group
1:1 Meet and Greet with James
Priority Access & Support
If you would like to learn more about the plan and download a sample report, please click below.
Dear Orange Members,
I know that chopsolidation has been a Checkonchain favourite idea this cycle, but 2025 has taken it to an entirely new level. This year has been one of the strangest to analyse, primarily because there are forces at play that are producing highly counter-intuitive outcomes.
The sell-side pressure being applied by existing Bitcoin holders as we speak is tremendous, and more than enough to terminate any prior bull market. Yet the price has been trading sideways for the best part of 12 months.
The equity market is at all-time highs, and gold has had its best year since the euphoric blow-off peak in 1979…and yet Bitcoin grinds ever more painfully sideways.
For October, our report is titled The Great Rotation and covers the following topics:
Relative performance of gold, equities, Bitcoin, and Strategy.
How I am thinking about capital rotation dynamics.
Analysis of US bond yields and liquidity conditions.
Bitcoin’s internal liquidity conditions and capital flows.
Assessment of the Treasury Company and ETF demand profile.
Breaking down and profiling the heavy sell-side pressure onchain.
Tactical signals of capitulation by Short-Term Holders.
The coiling of the Bitcoin spring across several dimensions.
My updated views on Bitcoin price thresholds for bull and bear conditions
Checkonchain Orange Members will find the report PDF and details of our upcoming monthly conference call below.