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- 🥜 Bitcoin smashed this record
🥜 Bitcoin smashed this record
PLUS: Crypto is for everyone
Today’s edition is brought to you by RYSE - the smart home company that aims to become the Ring and Nest of the smart shades industry.
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What we’ve cooked up for you today…
🥊 Bitcoin smashed this record
👨⚖️ Crypto is for everyone
💪 HODLer breakdown
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:00am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN SMASHED THIS RECORD 🥊
BREAKING: Bitcoin took 5 months to reach $15 billion in inflows, gold took 5 years
What can the gold ETFs tell us about Bitcoin?
Fred Krueger answered this exact question in a recent Twitter post.
(By the way, in case you missed it, checkout our interview with Fred Krueger here)
It only took 5 months for the Bitcoin ETFs to reach $15 billion in net inflows.
Whereas it took gold 5 YEARS to reach this milestone.
Gold ETF flows
And in those 5 years, the price of gold doubled.
But it also doubled again in the following 2 years without any new flows…
So far, the price of Bitcoin HAS doubled since the launch of the ETFs.
And this doubling came in the span of 5 months compared to 5 years.
So should we expect something bigger from Bitcoin? 🤷♀️
Fred seems to believe so.
It’s important to note that at the time of these flows into gold, the market cap was at $2.6 trillion. Now it is ~$15 trillion.
Bitcoin’s market cap was only ~$0.7 trillion at the time of the ETF launch.
Based off of this and the flows we’ve already seen, Fred believes we should expect something much bigger for Bitcoin.
“There is a lot of reason to believe that the next couple of years, the next 2, 3, 4 years are going to be extraordinarily good for Bitcoin. This game is played over years not months.”
The flows are coming…
(more on this in the next section)
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CRYPTO IS FOR EVERYONE 👨⚖️
Crypto should not be politicised.
Crypto is for everyone.
That’s the latest message out from Anthony Scaramucci.
For those not familiar with Scaramucci, he’s a well-known American investor.
He’s the founder of SkyBridge Capital, an investment firm that has over $2 billion under management.
In his latest interview, Scaramucci discussed Bitcoin as a political issue.
So far, Trump has come out in support of crypto.
A clear 180 from comments made during 2019…
Scaramucci believes that the Biden administration has failed the crypto industry.
Namely by appointing Gary Gensler as chair of the SEC - who has unfairly cracked down on crypto companies.
Scaramucci explains that crypto shouldn’t be a political issue.
“The regulation of cryptocurrency and blockchain should not be partisan or politicised… We need both parties to agree on appropriate commercially attractive regulation for the industry.”
In Scaramucci’s eyes, the Democrats are making a HUGE mistake.
And Trump is clearly winning the single issue crypto vote…
But Biden still has time to show his support…
Moving on, Scaramucci also gave some Bitcoin price targets:
“I do believe that this is going to go to $100,000 by year end… And above $200,000 by the end of next year… I just think that there is an overwhelming amount of institutional demand coming into the Bitcoin market.”
He even made a long-term prediction:
“In 10 years, it is not impossible that Bitcoin could be between $600,000 and $800,000 and still be lower than the overall market cap of gold.”
Why does Scaramucci have these bullish price targets?
Well from his 36 years of experience on Wall Street, he knows how crazy this institutional demand can get:
“Wall Street is a selling machine. Wall Street is just now getting this product onboarded at wire houses, brokerage houses, registered investment advisors etc. Two years from now every person that manages wealth will have Bitcoin as a weapon.”
The managed wealth industry in the United States is expected to reach $73.3 trillion by 2025…
A 2% allocation to Bitcoin across trillions of dollars would be MASSIVE. 😎
HODLER BREAKDOWN 💪
Today we’ll be taking a look at the Long / Short-Term Holder Threshold.
Here’s how this metric works:
🔴 Short-Term Holders (STHs): coins that have been held for less than 155 days
🔵 Long-Term Holders (LTHs): coins that have been held for more than 155 days
🟥 Short-Term Holder Cost Basis: all coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: all coins purchased in this price range are LTHs
This metric is extremely powerful as we can see exactly what price STHs and LTHs purchased Bitcoin at. 🔎
The LTH / STH threshold is currently at 7th January 2024, back when Bitcoin was ~$44,000.
All coins purchased before this date are classified as LTHs.
All coins purchased after this date are classified as STHs.
Today there is currently 14,112,377 Bitcoin in the hands of LTHs. (71.60% of the circulating supply) 💪
Whereas the amount of coins held by STHs is only 3,309,427. (16.79% of the circulating supply)
During bull markets, the amount of long-term holders usually begins to decline.
This is due to long-term holders finally deciding to lock in profits. As a result, the amount of short-term holders increases. (coins become “young” again as they change hands)
And this was true up until Bitcoin first crossed $73,000…
But recently the amount of long-term holders has begun to increase.
With Bitcoin’s recent sideways price action this makes sense. Every LTH that was set on taking profits at these levels already has.
It looks like everyone is holding out for higher prices.
Regardless, the amount of LTHs is still at an incredibly high level. 😎
CRACKING CRYPTO 🥜
Bitcoin halving cuts production, sinks revenues for top miners. Stronghold Digital Mining said that its Bitcoin mining output fell by 47% in May, the first full month since Bitcoin's April halving.
Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June. In the first week of June, the U.S. Bitcoin ETFs purchased eight times the amount of Bitcoin mined in their biggest buy week since March.
Iggy Azalea Says MOTHER Tokens Can Soon Be Used to Buy Phones. Monthly plans on the purported mobile service provider cost from $20 to $80 as of Monday.
Bitcoin, Ether Little Changed Over Weekend After $400M Liquidation Rout. The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said.
WHAT WE’RE READING 📚
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What is "mining" in Bitcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) The process of confirming transactions and adding them to the blockchain 🥳
Bitcoin mining is a network-wide competition to generate a cryptographic solution that matches specific criteria.
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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