Texas Crypto Fund Unveils Two New Ways to Value Bitcoin

In a paper published this week, Tuur Demeester’s US crypto fund, Adamant Capital, suggests two new ways of determining the relative market value of Bitcoin. One measures investor sentiment; it’s called Relative Unrealized Profit/Loss Ratio. HODLer Position Change (HPC) is perhaps more interesting. Adamant finds HPC by measuring blockchain “liveliness.” They explain the concept as such: “A blockchain where all the coins move within a single block has at that moment a