In the third episode of the CryptoQuant Unbiased podcast, host Ben Sizelove and Julio Moreno sit down with Charles Edwards, founder of Capriole Investments, for a data-driven breakdown of where Bitcoin stands right now — and why this cycle looks nothing like the last one.

Charles argues Bitcoin is carrying two structural drags that didn't exist in prior bear markets: an unpriced quantum computing threat he estimates at a 30% discount to fair value, and 200+ digital asset treasuries (DATs) building leverage on an unsustainable model. Combined with the AI trade pulling capital out of risk markets, it explains why Bitcoin's "value zone" today isn't the obvious buy that 2022 was.

They get into why the four-year cycle may be coincidence this time rather than a driver, how institutional flows from ETFs and treasuries replaced miners as the real supply and demand signal, and why classic on-chain tops like MVRV and the Mayer Multiple never triggered this cycle. Charles also breaks down MicroStrategy's 12% guaranteed yield and why he sees the DAT model heading for consolidation the way the 1929 investment trusts did — plus the quantum roadmap catalyst that could reprice Bitcoin 20–30% overnight, and his framework for the average investor.

Follow the guests:
 Charles Edwards — x.com/caprioleio | capriole.com
Julio Moreno — x.com/jjcmoreno
Ben Sizelove — x.com/BenSizelove

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