ByteTree Quarterly Investor Letter – Q4 2025
In this Q4 2025 update, I shall review the model portfolios, named Whisky and Soda, which I have been managing since January 2016. I shall also touch on some of our other services.
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Ethereum in 2026
Over Christmas, Ethereum has started to reassert itself. It is now outperforming Bitcoin with a ByteTrend Score of 5 in BTC.
The Silver Surge
There were all sorts of theories as to why silver surged, but I think it’s simple. With gold in a bull market and silver being undervalued until recently, conditions are right.
Venture: Global Mining
It is hard to ignore the gold versus copper relationship. Copper has never been this cheap versus gold, and on a long-term view, these will converge again.
BOLD
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A Golden Year
Over the past year, BOLD has returned 41.1%, Bitcoin has returned -6.5%, white Gold has returned +64.6%, and equities 21.1%. It has been a stunning year for Gold and a soft year for Bitcoin.
TMAI
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The Unanswered Postbox
In recent months, we have received some good feedback and comments on surveys, for which we are grateful. I couldn’