Adaptive Capital is a multi-strategy cryptocurrency hedge fund with a deep focus on on-chain analytics. The breakthrough of an Internet-native digital scarcity and its programmability will disrupt the world's biggest markets, from payments, financing, exchange to even money itself. We are in the pioneering stages of this revolution. Crypto-assets will become a major macro asset class. The new field of on-chain analysis of capital flows and network health will enhance crypto-asset portfolio management significantly.