The annualized three-month basis on $BTC (-1,08%)perpetuals and quarterly futures shows how much leveraged traders are willing to pay to hold long positions, making it a useful indicator of market sentiment. During the 2022 bear market—particularly around the collapse of FTX (a major crypto exchange that filed for bankruptcy in November 2022)—the basis slipped clearly into negative territory. In early 2023, it rebounded strongly and rose to over 20 percent during the 2024 bull market, a sign of heavily leveraged demand. 2026 presents a different picture: The basis declined gradually through March, and that of perpetuals briefly fell below zero in the spring. It then recovered, gaining momentum in July. As of October 25, 2026, both metrics stand at around 5 to 6 percent per annum, well below the peaks of earlier cycles. The market has normalized, but it is still too early to declare a new bull market. The recent recovery was primarily driven by the unwinding of short-call positions, which rapidly pushed prices higher. As the basis has normalized, some cash-and-carry activity has also returned (long in spot-$BTC (-1,08%)ETFs, short in futures). Furthermore, there are no signs of a broad shift in sentiment, and investors remain cautious.

A clear de-escalation in the Middle East, which would bring lower oil prices and easing inflation, would provide a strong tailwind. The more likely trigger, however, is likely to be central banks being forced to provide liquidity following a negative shock. Such a shock could stem from a bursting AI bubble in the U.S., where hyperscalers struggle to monetize their investments, open-source models drive down prices, and circular contracts increase the risk of chain failures. A sovereign debt crisis in Europe or Japan is also a possibility. Both scenarios would likely trigger a phase of acute stress at first, but #bitcoin in the past, it has been among the biggest beneficiaries of the subsequent liquidity injections. For now, the market remains in wait-and-see mode. The healthy level of the base suggests sound positioning and leaves room for a stronger move as soon as a catalyst emerges.

You can invest in Bitcoin through the following vehicle: $BITC (-1,12%)

The revised rules finalized on October 15 by MSCI (a leading global index provider whose benchmarks are tracked by funds worldwide) for companies with no operating business (whose primary purpose is to hold assets) have heightened uncertainty among digital asset treasury (DAT) companies, which $BTC (-1,08%), $ETH (-1,2%) hold other tokens. Strategy and Metaplanet (a Japanese publicly traded company with a Bitcoin holding) were identified as potential candidates for exclusion, while $ETH (-1,2%) SharpLink was placed on a watchlist. The final list is scheduled to be published on November 11, and the changes will take effect at the close of trading on November 30.

According to Strategy’s estimates, MSCI-related funds hold approximately 13 million shares. This corresponds to 3.1 percent of the outstanding shares (undiluted) and, at October 23 prices, a value of approximately $1.9 billion. In our view, the overarching significance for DATs lies in the potential implications for future financing. While an index-driven sell-off would not force direct sales of cryptoassets, weaker demand for shares could narrow the premium over the net asset value (NAV), which is what makes new share issuances advantageous for existing shareholders in the first place.

For Strategy, this underscores the importance of capital allocation. Since July 27, the company has raised $4.2 billion through the sale of common stock, repurchased $2 billion worth of STRC (Strategy’s preferred stock with a variable dividend and indefinite term), and, on a net basis, #bitcoin purchased an additional $447 million worth of shares. While the buybacks reduce the current dividend burden on STRC from 12 percent, they also tie up liquidity. Sustainable financing is thus becoming increasingly crucial for value creation. For shareholders, the key question is whether Strategy, like other DATs, can continue to increase the Bitcoin value per share while keeping the costs of the necessary financing under control.

$BITC (-1,12%)

$CETH (-1,28%)

Reached a €90,000 portfolio today!😀

My goal for this year was €85,000, and now, in October, I've reached €90,000! Great milestone—the next one is €100,000💰💸

$VWRL (+0,36%)
$TDIV (+0,93%)
$ASRNL (+1,49%)
$NN (+1,39%)
$HSBK
$BTC (-1,08%)
$WHA (-0,52%)

I recently bought my own small Bitcoin solo miner—the Bitaxe Gamma 602 (cost: approx. €130). But does something like this even make financial sense, or is it just a waste of money?

Here’s a quick overview and my conclusion:

How does mining actually work?

In Bitcoin mining, miners provide computing power to solve complex mathematical puzzles. Whoever solves the puzzle first gets to add the next block to the blockchain and receives the block reward as well as the transaction fees.

If you want to know more details, feel free to check out my more in-depth post from my series, “How Does Bitcoin Work?”:

https://getqu.in/GmjKZL/

💰 Running Costs (Electricity)

The Bitaxe Gamma 602 consumes extremely little energy compared to massive mining farms:

• Power consumption: approx. 19 watts
• Electricity price: approx. 35 cents/kWh
• Running costs: approx. 60 € per year

🎲 Will I ever find a block? (Solo mining)

With solo mining , you don’t join a pool—you mine entirely on your own. If my miner finds a block, the entire reward is mine. However, the probability of finding a block with this computing power is currently about 1 in 15,000 per year. It’s basically a constant Bitcoin lottery.

Why not mine in a pool? It’s simple: even then, it doesn’t cover the electricity costs, so it really only makes sense if you have extremely cheap electricity—for example, from a solar panel system—and a more efficient miner like an Antminer that draws a few hundred watts (maybe that’ll be a future project...)

💡 Why not just buy Bitcoin directly?

From a financial standpoint, it’s clear: Buying Bitcoin directly is more profitable. If you invest the ~€130 upfront cost + €60 in annual electricity costs directly into BTC via DCA, you’ll historically have a significantly higher expected return.

Why am I doing it anyway?

Learning and hands-on experience: This makes Bitcoin tangible. You gain a much better understanding of hashrates, difficulty, and the technology behind it.

Network security & decentralization: Every active node and miner contributes a small part to the security of the entire network—and thereby indirectly protects their own Bitcoin holdings as well.

The fun factor: It’s a brilliant hobby for tech and crypto enthusiasts.

Here, you can watch live as blocks are “mined” and then added to the blockchain, and see who finds the block. https://mempool.space/de/

🌿 Side Note: Why Bitcoin Doesn’t “Waste” Electricity

It’s often said that mining consumes too much energy. In reality, Bitcoin mining is one of the most energy-efficient processes around:

• Location-Independent & Flexible: Miners can operate anywhere where energy is abundant and would otherwise go to waste (e.g., surplus hydropower or solar peak output).
• Grid Stabilization: Miners can be turned on or off in a matter of seconds. They serve as a flexible consumer for power grids and thus directly promote the expansion of renewable energy.

Every watt used for mining contributes to a more secure network.

🎯 Conclusion

Should you buy a Bitcoin miner, too?

A solo miner like the Bitaxe isn’t intended as a pure financial investment.

It’s a learning tool, a way to support the network, and a small “lottery ticket”.

If you’re interested in the topic, I believe the knowledge you gain and the security it provides for the network are worth the money.

Do any of you also do home mining, or do you rely 100% on DCA? 👇

Stay safe & stack Sats!

$BTC (-1,08%)
#Bitcoin
#BTC
#Mining
#Bitaxe
#Crypto
#HomeLab
$MARA (-2,45%)
$RIOT (-2,28%)
$CLSK (-2,23%)
$IREN (-3,22%)

The current balance of my portfolio is CHF 25,000 —and it’s still waaaay from where it should be.

But hey: You have to stay true to your own strategy and adapt to the circumstances.

I’ve attached my portfolio—feel free to take a look and share your thoughts! 💬👇

My biggest risk remains my biggest goal:

$BTC (-1,08%) it’s my long-term investment (or gamble) and is actually way too heavily weighted right now. However, as long as the price stays below $100,000 , I’ll keep buying aggressively. My conviction is crystal clear, and I’m holding onto this for the long haul. I’m consciously accepting that everything else will suffer as a result. But once it hits 100k USD, I’ll hardly buy any more...

That’s also why I actually keep my crypto and stock portfolios separate, but track my total assets together.

The Stock Plan:

In the long term, the All-World ETF ($VWCE (+0,25%) ) should provide broad diversification and account for about 50% of the portfolio. The Emerging Markets ETF ($5MVL (-0,94%) ), at 12%, and the Momentum ETF ($IS3R (-0,08%) ), also at 12%, form the complementary foundation with some extra oomph. These additions are meant to simulate a deliberate double weighting of the winners and thus provide an extra boost.

And then about a quarter remains for individual stocks or sector bets—to test my own ego and beat the world market. Statistically extremely difficult, but after all, I enjoy spending my time on this platform! 😉

The real reason for this post:

The first major goal is, of course, the CHF 100,000! With a savings rate of around CHF 1k to 2k, I’m really curious to see how long it’ll take to get there and what the portfolio will look like by then... 🚀

My main goal with this post is actually to be able to look back someday and reflect... I want to be able to look back on the feelings I have today with a smile—and hopefully a lot of pride—and say that the portfolio got off to a good start.

Soon enough, the question will arise as to whether I’d like to try my hand at real estate at some point (which is definitely an interesting option in Switzerland). But there’s still plenty of time until then.

What’s going through your minds with all this chaos? At just 18 years old, I’m allowed to try out risky stuff like this once in a while, right? 🤷‍♂️

All or nothing—but with conviction!

Best regards

Switzerland is sending an important signal to the crypto market. But what does this decision really mean for $BTC (-1,08%) the financial market and us as investors?

THE NEWS

On October 20, 2026, the Swiss Financial Market Supervisory Authority (FINMA) approved the first publicly offered fund under Swiss law that invests directly in Bitcoin.

This makes it possible for retail investors to gain access to Bitcoin through a regulated fund. The provider, BIT Asset Management, announced that the Bitcoin Fund ETF, trading under the ticker symbol BBIT, is set to launch on the SIX Swiss Exchange in November.

This is more than just another crypto headline: it brings Bitcoin one step closer to traditional investment instruments.

1. WHY THIS DECISION IS IMPORTANT

Until now, investors could buy Bitcoin directly, hold it on crypto exchanges, or invest through various exchange-traded products.

A regulated mutual fund offers another avenue of access: Investors can invest through a securities account without having to manage Bitcoin wallets or secure private keys themselves.

This could lower the barrier to entry for investors who have previously stayed away for technical or organizational reasons.

Important: The fund is not a typical, broadly diversified equity ETF. It focuses on Bitcoin and is subject to special risk regulations under Swiss law.

2. WHAT DOES THIS MEAN FOR BITCOIN?

Three developments are particularly interesting:

Institutional acceptance: The more regulated investment products emerge, the easier it becomes for certain investor groups to integrate Bitcoin into their portfolios.

Access via traditional brokerage accounts: Bitcoin is becoming more accessible to investors who prefer to work with securities rather than their own wallets.

Increased competition: According to FINMA, other providers have already submitted or announced applications for Bitcoin ETFs. This could intensify competition over fees, custody, and investor confidence.

But be cautious: A new product does not automatically mean that large sums of money will immediately flow into Bitcoin. Actual demand, capital inflows, and the market’s future development will be decisive.

3. WHAT COULD HAPPEN IN THE COMING YEARS?

This is where the analysis begins—and where confirmed news ends.

Scenario A – Further Professionalization: Additional regulated products could simplify access for asset managers and retail investors.

Scenario B – Increasing Integration: Bitcoin could be viewed by some investors more strongly as a complementary asset class alongside stocks, bonds, and gold.

Scenario C – Disillusionment: Even with growing acceptance, price declines, high volatility, and weak demand could lead to significant losses.

None of these scenarios is guaranteed. Even positive regulatory developments are not a reliable price target.

4. RISKS THAT MUST NOT BE IGNORED

FINMA expressly warns of the high market risk. Even through an approved ETF, the invested capital can lose significant value.

In addition, investors should note:

• An ETF does not eliminate the risk associated with Bitcoin’s price.

• Fees and trading costs can reduce returns.

• Custody and operational security remain important issues.

• A regulated fund does not automatically guarantee capital preservation.

• Bitcoin does not pay dividends or interest on its own.

Investors should therefore consider not only the opportunities but also their own risk tolerance and investment horizon.

MY CONCLUSION

For me, this decision is primarily a regulatory and structural signal: Bitcoin is increasingly being offered in forms familiar to the traditional financial market.

The crucial question is therefore not just: “How high can Bitcoin go?”

But also: “How is access to Bitcoin changing—and what role should this asset class play in a portfolio over the long term?”

Switzerland is adding another interesting piece to this puzzle. Whether this will lead to rising prices remains to be seen.

NOW I’M CURIOUS TO HEAR YOUR OPINION:

Would you rather hold Bitcoin directly in your own wallet or through a regulated ETF in your securities account?

And do you think such products will attract more institutional capital in the long term—or is their impact on the Bitcoin price overestimated?

#Bitcoin
#Krypto
#ETF
#Finanzen
#Investieren
#Blockchain
#Börse
#Vermögensaufbau
#getquin
$ETH (-1,2%)
$SOL (-1,58%)
$PEPE (-3,18%)
$XRP (-2,42%)