The Digital Commodity Newsletter
Key Insight: US Spot BTC ETF flows turned sharply negative; LTH distributing (-144,684 BTC); Puell at 0.76 (stress present). Plus: LTDS Accuracy & Resilience Check — how Edition #001’s calls held up.
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Bias-free intelligence at the intersection of Physical Gold and Digital Gold.
Live market intelligence — Updated Dec 14, 2025
| METRIC | VALUE | SIGNAL |
|---|---|---|
| BTC Price | $90,290 | REFERENCE |
| Gold (XAU) | $4,300 | REFERENCE |
| Hodler Net Position | -150,615 BTC | BEARISH |
| Puell Multiple | 0.87 | ⚠️ STRESS |
| BTC MVRV / Z-Score | 1.60 / 1.21 | COOLING |
| Illiquid Supply | 68.8% | BULLISH |
| US BTC ETF Flows | -447 BTC | ⚠️ OUTFLOWS |
| BTC/Gold Ratio | 21.00 | COMPRESSING |
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