Bitcoin: Network Health Check

Re-underwriting the thesis + assessing new risks

March 11, 2026 • Michael Nadeau
Bitcoin: Network Health Check

Hello readers,

Today’s report is for Pro members. If you’re on the free plan, you can unlock the report here and receive one month on us.

Back to business.

As you know, the crypto markets are extremely volatile, cyclical, and reflexive. We view this as a feature, not a bug.

Why?

The volatility creates compelling risk/reward opportunities. And the cyclicality allows us to re-underwrite our thesis roughly every four years.

In this week’s report, we do just that while sharing some key high-level “health” metrics across the network.

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Let’s go.

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