Behold Bitcoin's meteoric rise
The Sandbox Daily (6.12.2025)
Welcome, Sandbox friends.
Today’s Daily discusses:
behold Bitcoin's meteoric rise
Let’s dig in.
Blake
Markets in review
EQUITIES: S&P 500 +0.38% | Dow +0.24% | Nasdaq 100 +0.24% | Russell 2000 -0.38%
FIXED INCOME: Barclays Agg Bond +0.37% | High Yield +0.11% | 2yr UST 3.908% | 10yr UST 4.357%
COMMODITIES: Brent Crude +0.06% to $69.81/barrel. Gold +1.95% to $3,408.9/oz.
BITCOIN: -1.89% to $106,840
US DOLLAR INDEX: -0.73% to 97.907
CBOE TOTAL PUT/CALL RATIO: 0.79
VIX: +4.40% to 18.02
Quote of the day
“Experience is what you got when you didn't get what you wanted.”
- Randy Pausch
Behold Bitcoin's meteoric rise
Bitcoin reached its all-time high of $111,816 last month, marking a significant milestone in its price history.
Bitcoin’s recent rise has been fueled by the support of President Trump’s administration and the digital assets executive order, deregulation, optimism around a Senate stablecoin bill, and strong institutional demand, among many other tailwinds.
More importantly, the wildly successful launch of the spot Bitcoin ETFs back in January 2024 following SEC approval helped propel the nascent cryptocurrency into the stratosphere.
Earlier this week, the iShares Bitcoin Trust ETF (IBIT) from BlackRock eclipsed the $70 billion mark in assets under management (AUM), which marks the fastest timeline ever for an exchange-traded fund to reach that milestone.
At just 341 days, the Bitcoin ETF from BlackRock reached the milestone five times faster than the previous record of 1,691 days – held by none other than the SPDR Gold Trust ETF (GLD) from State Street.
The baton has passed from physical gold to digital gold.
For context on how much Bitcoin has grown in size, Bitcoin surpassed Google’s parent company Alphabet last month to claim the fifth spot for largest asset by market capitalization, now trailing only Nvidia, Microsoft, Apple, and Amazon.
Unfortunately, to surpass gold in market cap and officially earn the title of digital gold, Bitcoin has ~$20 trillion to go.
One other powerful tailwind continues to quietly drive Bitcoin’s price higher from behind the curtain.
The Bitcoin halvening cycle – a technical event that occurs on the bitcoin network roughly every four years and reduces Bitcoin’s mining reward by half – has a material impact on the market.
After the 2012, 2016, and 2020 halvenings, Bitcoin’s price ran up 943%, 36%, and 83%, respectively, over the following six months. Of course, past performance isn’t indicative of future returns – but the historical precedence of this small sample size is compelling.
To be clear, Bitcoin is a highly speculative asset with no intrinsic value outside of its own eco system.
With that said, wider adoption of the cryptocurrency compels us to track it and momentum waves induce us to buy it.
Sources: Eric Balchunas, Visual Capitalist, Ned Davis Research
That’s all for today.
Blake
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Welcome to The Sandbox Daily, a daily curation of relevant research at the intersection of markets, economics, and lifestyle. We are committed to delivering high-quality and timely content to help investors make sense of capital markets.
Blake Millard is the Director of Investments at Sandbox Financial Partners, a Registered Investment Advisor. All opinions expressed here are solely his opinion and do not express or reflect the opinion of Sandbox Financial Partners. This Substack channel is for informational purposes only and should not be construed as investment advice. The information and opinions provided within should not be taken as specific advice on the merits of any investment decision by the reader. Investors should conduct their own due diligence regarding the prospects of any security discussed herein based on such investors’ own review of publicly available information. Clients of Sandbox Financial Partners may maintain positions in the markets, indexes, corporations, and/or securities discussed within The Sandbox Daily. Any projections, market outlooks, or estimates stated here are forward looking statements and are inherently unreliable; they are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur.
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