New Onramp Report Makes The Case For Spot Bitcoin Over Paper Claims As Price Sits At Half Its Peak

A new research report from bitcoin custody firm Onramp argues that the recent market slump is a reason to buy, and that owners should hold the asset itself rather than a paper claim on its price.

The report, titled “Back to Basics” and published in July 2026, opens on a market puzzle: bitcoin trades at about half its late-2025 high, while equities and gold sit at or near records of their own. For a different asset, the report says, that divergence would read as a warning. For a fixed-supply asset with adoption at an early stage, it reads as an opening.

Onramp splits its case into three parts — the fundamentals of bitcoin, the gap between owning the asset and owning a…

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