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Bitcoin: More Than Just Digital Gold?
🔍 Bitcoin: More Than Just Digital Gold?...The buzz around Bitcoin being used as something other than digital gold has led to other players exploring...Combined, these projects represent a new path forward for Bitcoin: one where it is more than just digital...gold...
7 Min
Layer 1 / L1
Mar 2023
Bitcoin Dominates As Digital Gold Narratives Strengthens
[pdf-embedder url=”http://cdn.delphidigital.io/uploads/2020/07/Macro-Bitcoin-Dominates-As-Digital-Gold-Narrative-Strengthens...-7-22-2019.pdf” title=”Macro – Bitcoin Dominates As Digital Gold Narrative Strengthens – 7 22 2019″]...gold....gold and crypto more broadly.
1 Min
Macro & Markets
Jul 2019
Bitcoin's "Digital Gold" Narrative Fades Its Summer High
Bitcoin’s “digital gold” narrative took on new life earlier this summer as 6-Month Performance (Normalized...gold” narrative....Bitcoin’s “digital gold” Frequency of "Gold" in Bitcoin Headlines (The TIE) narrative took on new life...Louis, CME, CFTC 6 Research October 7th, 2019 Gold's Summer Rally Takes Break Gold Price vs.
Macro & Markets
Oct 2019
"Option on Digital Gold" Proving It Can Walk the Walk
[pdf-embedder url=”http://cdn.delphidigital.io/uploads/2020/07/Macro-_Option-on-Digital-Gold_-Proving-It-Can-Walk-the-Walk...-7-8-2019.pdf” title=”Macro – _Option on Digital Gold_ Proving It Can Walk the Walk – 7 8 2019″]...Bitcoin has demonstrated its merit as the "option on digital gold" the last several weeks, trading closely...
1 Min
Macro & Markets
Jul 2019
The Option On Digital Gold Has A Long Way to Go
It may be more appropriate to treat BTC as a cheap option on the potential of digital gold instead....Gold Correlation (30-Day) GLD Price 0.6 Research March 1st, 2019 The "Option" on Digital Gold The...gold.”...It may be more appropriate to call it an option on digital gold instead.
DeFi
Mar 2019
The Evolution of Digital Asset Secondary Markets
Digital asset secondary markets have structurally flipped from token-dominated to equity-preferred, with...A Delphi Digital x SecondLane data report.
Macro & Markets
Apr 2026
The Evolution of Digital Asset Secondary Markets - 2025
Introduction Over the years, secondary markets for digital assets have undergone significant structural...The digital asset secondary market is increasingly resembling the robust secondary markets in traditional...Theme #1 – Digital Asset Secondary Market Continues To Mature Digital asset markets have evolved markedly...
14 Min
Financial Market Themes
Aug 2025
Virtuals & ACP – Open Coordination for Digital Labor
...the foundation for this new landscape and what it could mean for the future of automated commerce and digital...as a coordination layer that equips agents with the tools needed to reliably collaborate in complex digital...As specialized, autonomous agents become more capable and central to digital labor, the need for a universal...
16 Min
AI
Oct 2025
Delphi Digital's Chartbook - November 2025
The Macro & Market chartbook examines many of the key macro & market themes taking place throughout the course of the year. The chartbook publication aims to marry the top down macro-liquidity...
Macro & Markets
Nov 2025
Delphi Digital's Chartbook - September 2025
CFTC US Dollar Index (NET SPEC POS) Data as of August 2025 Source: Delphi Digital, Bloomberg Gold..., Bloomberg Gold Px (3mo%) -5% Jul-25 Aug-25 Sep-25 Gold Price (3mo%) GLD + IAU Fund Flows ($MM,...& BTC…this is what we often refer to as the End Game… BTC converge with Gold?
Macro & Markets
Sep 2025
Reddit Avatars: NFTs as Digital Identity
The Role of NFTs in Shaping Digital Identity The concept of digital identity plays a heavy role in Reddit...Thus, Reddit’s introduction of NFT avatars signifies a profound evolution of digital identity, taking...The Collectible Avatar Shop serves as a marketplace for these unique digital assets.
12 Min
NFTs
May 2023
A Deep Dive on Galaxy Digital's Flagship AI Mining Center Helios
...pricing data as of 5/14/25 close; all dollar references herein refer to USD Executive Summary Galaxy Digital...(“Galaxy” or the “Company”) is a digital asset and AI infrastructure focused holding company....Mike Novogratz (CEO and Founder) spent decades on Wall St. before founding Galaxy, making partner at Goldman...
32 Min
Macro & Markets
Jun 2025
NFT Photography and the Future of Digital Art
Moreover, photography has always adapted to new technologies, from film to digital images....This differs from the typical 10,000 PFP collections, which function more like digital collectibles and...The platform consists of Quantum Lens (NFT photographs) and Quantum Canvas (digital art).
24 Min
NFTs
Apr 2023
Zcash: Encrypted Money for a Surveilled World
Underperforming gold....Maybe “digital gold” isn’t enough when the original thesis was “digital freedom.”...It’s not even a straightforward “digital gold” narrative where you can point to Bitcoin and apply a percentage...Gold’s market cap is approximately $17 trillion (above-ground gold; broader estimates including reserves...
59 Min
Infrastructure
Feb 2026
The Year Ahead for Markets 2026
Gold’s Structural Demand, Debasement Trend Shines At the start of the year, we called gold “one of the...Goldman Sachs forecasts central bank gold buying will average 70 tonnes per month throughout 2026 or...trade in yuan (which is now backed by much more valuable gold reserves).
71 Min
Macro & Markets
Dec 2025
An Ode To Bitcoin
Today, Bitcoin is digital gold....We didn’t say it would steal all of gold’s market share in investor portfolios or replace central bank...So, we began by comparing BTC’s potential market value to that of the investible gold market....Bitcoin is now seen as a digital-gold-like asset that, similar to gold, doesn’t change a whole lot year...
12 Min
Other
Dec 2024
Appraising Digital Real Estate: The World of Lunacia
In this report, we demystify the world of Lunacia and analyze potential opportunities in the Land market....
8 Min
Games
Jul 2021
The Future of Onchain: The Age of Tokenization & The Token Identity Crisis
Securitize can be credited with being one of the first entities to make real-world securities into digital...The DS (Digital Securities) Protocol provides a registry service that records all investor identification...because their protocol could easily extend to real-world assets in the future, such as offering wrapped gold...
20 Min
Other
May 2025
A Fragile Absorption: The 2025 TGA Refill and the New Liquidity Regime
Major reserve holders are diversifying into other assets and currencies such as Gold....Central banks added 415 tonnes of gold in the first half of 2025, marking a continued pace of historically...This aligns with findings from the World Gold Council’s 2025 survey, which found that 95% of reserve...managers expect to continue increasing gold holdings over the next year.
26 Min
Macro & Markets
Aug 2025
ZKsync & Elastic Network's Q1 Wrapped: Ecosystem & Development Highlights
Switzerland’s largest bank, UBS, deployed a Proof-of-Concept of their “Tokenized Gold” initiative on...Currently built on the UBS Global Gold Network, UBS Gold allows clients to purchase a claim to physical...gold. ...UBS deployed smart contracts on a ZK validium testnet to experiment with ways to scale its gold offering...
19 Min
Infrastructure
May 2025