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Onramp's new report makes the case for spot bitcoin over paper claims as price sits at half its peak, with a 50% discount on trading fees and no-cost recurring
Bitcoin's price currently trades roughly 50% below its late-2025 high, while the S&P 500 sits within 1% of its all-time high, the Nasdaq within 4%, and gold within 24% of its peak, making it one of the most asymmetric moments in the asset's history [1]. This significant price disparity has sparked a new report from Onramp, a bitcoin-centric financial services platform, which argues that owning spot bitcoin directly is a more compelling opportunity than holding paper claims on its price.
| At a glance | |
|---|---|
| Price | roughly 50% below late-2025 high |
| 24h % move | not specified |
| Key level | shallowest drawdown in bitcoin's history, at 50% |
| Catalyst | Onramp's new report and 50% off trading fees |
The report, titled "Back to Basics," examines bitcoin's fundamentals, the limits of paper exposure, and the data behind the current buying opportunity [1]. Onramp's Founder and CEO, Michael Tanguma, stated that a meaningful share of people who consider themselves bitcoin owners actually hold a paper claim against it, which reintroduces counterparty risk that bitcoin was designed to eliminate [1]. The report argues that direct ownership of bitcoin preserves its bearer quality, allowing owners to control the keys and eliminating the need for intermediaries.
Onramp's report also highlights the difference between owning bitcoin directly and holding a paper claim on its price [2]. The report notes that paper exposure can take many forms, including fund shares, exchange balances, and structured products, each of which adds a layer of counterparty risk [2]. In contrast, owning bitcoin directly allows owners to eliminate this risk and maintain control over their assets. The report also presents data on the current drawdown, which is the shallowest in bitcoin's history, and argues that this presents a compelling accumulation window [1].
The report also provides context on bitcoin's tokenomics, including its fixed supply of 21 million and its halving schedule [2]. Onramp argues that this scarcity, combined with expanding adoption, makes bitcoin a compelling store of value [2]. The report also notes that bitcoin's price volatility is a feature of an asset in the middle of monetization, and that sharp drawdowns have occurred several times in the past, only to be followed by recoveries beyond the former peak [2].
The real significance of Onramp's report lies in its argument that owning spot bitcoin directly is a more compelling opportunity than holding paper claims on its price, and that the current price disparity presents a potential accumulation window [1]. As the report notes, the fundamentals of bitcoin have not changed, despite the fall in price, and a lower price on an asset of fixed supply and expanding adoption can be seen as a buying opportunity [2].
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 20, 2026 · How we report
The report notes that the drawdown is shallower than in previous cycles and that past declines of 50% or more have been followed by recoveries beyond prior peaks.
It refers to products such as fund shares, exchange balances, or structured products that represent a claim on Bitcoin rather than direct ownership of the coins.
By encouraging self‑custody or a multi‑institution custody model that splits private keys across independent institutions, reducing single‑point failure risk.