Back to Basics

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Onramp Research, July 2026. Ten bitcoin fundamentals, why owning bitcoin directly differs from holding a paper claim on it, and the case for accumulating during the current drawdown.

By Brian Cubellis

Cover of Back to Basics: Bitcoin fundamentals, the limits of paper exposure, and the case for accumulating now. Onramp Research, July 2026.
Page 1
Table of contents: Introduction, Part I The Basics, Part II Paper Bitcoin, Part III The Market Opportunity, and Conclusion.
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Page 3: the introduction, noting bitcoin trades at about half of its late-2025 high while equities and gold sit near records.
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