Quarterly Macro Outlook Q1 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Introduction...Couple this with a weakening outlook for the global economy and it sets up a constructive environment...These same themes, however, provide a more dire outlook long-term.

Quarterly Macro Outlook Q2 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Key Takeaways...Reserve 31 Bitcoin's Existential Crisis 59 Odds of Rate Cuts Surge 14 US Dollar - Short Term Outlook...The economic outlook for the U.S. is quite mixed, putting substantial pressure of the Fed’s next move...

Monthly Bitcoin Outlook December 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1...tailwinds abated over the last couple months, causing a modest shift in the near term Typehave something outlook...November 30th, 2019 | Source: Digital Assets Data Bitcoin's Life After "Death Cross" In last month’s outlook...

JULY 31 2020 Bitcoin Outlook 1 Table of Contents Volatility Disappeared 3 Limelight on DeFi 4...In this Bitcoin Outlook for August, we explore likely reasons why ETH lead this recent rally.

In order for stocks to sustain their current ascent, the earnings outlook must, at a minimum, begin to...S&P 500/EM Stocks Towards the end of 2017, other notable central banks issued more hawkish outlooks...However, improving economic data (or shall we say a less pessimistic outlook among investors) and central...MSCI All Country World Index outlook.

In order for stocks to sustain their current ascent, the earnings outlook must, at a minimum, begin to...S&P 500/EM Stocks Towards the end of 2017, other notable central banks issued more hawkish outlooks...However, improving economic data (or shall we say a less pessimistic outlook among investors) and central...MSCI All Country World Index outlook.

Monthly Bitcoin Outlook October 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table...global recession over the next 12-18 months remains elevated and any new headwinds to an improving outlook...to data provided by The TIE, confirming such waning enthusiasm despite the comparably weak economic outlook...

Monthly Bitcoin Outlook August 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table...delphidigital.io Kevin Kelly, CFA [email protected] 2 Key Updates Trend is Our Friend Short-Term Outlook...This section of the report serves as the most recent update of the UTXO Analysis from the short term outlook...

Monthly Bitcoin Outlook June 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table...Kevin Kelly, CFA [email protected] 2 Key Updates Long-Term Holders Not Budging Short-Term Outlook...This section of the report serves as the most recent update of the UTXO Analysis from the short term outlook...

We analyze the significance of the MCR% decline on recent outflows from the Capital Pool, along with what’s being done to potentially curb that outflow and expectations going forward....

On-chain analysis, market indicators, and cycle comparisons to understand the current state of Bitcoin....

In this report, we dig into Bitcoin’s outlook as BTC enters back into the limelight after taking a backseat...

Monthly Bitcoin Outlook May 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table...delphidigital.io Kevin Kelly, CFA [email protected] 2 Key Updates Bottom is In Short-Term Outlook...While we remain cautiously optimistic on bitcoin's short-term outlook, the longer-term trajectory for...

Bitcoin Outlook March 2020 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table of Contents...from perfect, but the latest spike is relevant as investors and individuals begin to reevaluate their outlook...March 25th, 2020 Source: FRED, Economic Policy Uncertainty 23 Leader Commentary For this Bitcoin Outlook...

Monthly Bitcoin Outlook April 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table...delphidigital.io Kevin Kelly, CFA [email protected] 2 Key Updates Bottom is In Short-Term Outlook...This section of the report serves as the most recent update of the UTXO Analysis from the short term outlook...

In this report, we dig into Bitcoin’s outlook amidst an uncertain macro backdrop....Bitcoin Outlook 09/21/2020 1 Table of Contents Key Takeaways……………………………………………………………………………………………………...As mentioned in our previous Bitcoin Outlook, one way we gauge the level of ‘weak hands’ is by assessing...

...inverted) curve as front-end yields track fed funds while longer duration yields reflect a weaker growth outlook...For more information on the market outlook, Delphi members can read the full Delphi Insights report here...

Monthly Bitcoin Outlook January 2020 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table...latest run up can be attributed to more technical factors rather than a fundamental improvement in its outlook...Favors the Bulls Extending our time horizon, long-term momentum indicators also favor a more bullish outlook...

Monthly Bitcoin Outlook March 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table...delphidigital.io Kevin Kelly, CFA [email protected] 2 Key Updates Trend is Our Friend Short-Term Outlook...Overview This write-up serves as the most recent update of the UTXO Analysis from the short term outlook...

Monthly Bitcoin Outlook October 2019 85 Broad Street New York, NY, 10004 www.delphidigital.io 1 Table...global recession over the next 12-18 months remains elevated and any new headwinds to an improving outlook...to data provided by The TIE, confirming such waning enthusiasm despite the comparably weak economic outlook...