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🥜 Bitcoin's Gold Rush
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Today’s edition is brought to you by Incogni.
GM to all 58,219 of you. Crypto Nutshell #284 sneakin’ in. 🤫 🥜
We’re the crypto newsletter that's more riveting than the adrenaline-fueled world of underground boxing... 🥊🔥
What we’ve cooked up for you today…
📰 Bitcoin ETF updates
⛏️ Bitcoin’s gold rush
📈 The realized cap
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:40am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN ETF UPDATES 📰
BREAKING: Cathie Wood’s ARK Bitcoin ETF has record $87M outflow, surpassing GBTC
Some big news from the ETF flows yesterday…
For the first time since launch day, Grayscale did NOT have the largest daily outflow.
Yesterday ARK Invest’s ARKB saw record outflows of $87.5 million.
While Grayscale “only” saw net outflows of $81.9 million.
Despite this, it was still a net inflow day overall for the ETFs, with $40.3 million coming in.
Here’s the breakdown:
BlackRock IBIT: $150.5 million 🥇
Fidelity FBTC: $44.8 million 🥈
VanEck HODL: $5.6 million 🥉
ETF analyst Eric Balchunas also shared an interesting statistic.
During March, the ETFs traded $111 billion.
That’s basically triple what they did in January & February.
Will April be bigger than March?
Balchunas doesn’t think so, but who knows.
The ETFs have exceeded expectations so far…
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BITCOIN’S GOLD RUSH ⛏️
Bitcoin has just begun its 10-year gold rush.
That’s the latest message out from Michael Saylor.
Michael Saylor is considered the king of Bitcoin by many. His firm, MicroStrategy holds 214,245 BTC.
That’s over 1% of the entire Bitcoin supply.
Speaking at Peter Diamandis’ Abundance360 Summit, Saylor gave an excellent talk on the future of Bitcoin.
(highly recommend giving the full video a watch)
According to Saylor, what we’ve just seen was the uncertainty stage of Bitcoin:
“I think 2020 - 2024 was the high volatility, high uncertainty stage of institutional adoption.”
With the launch of the Bitcoin ETFs, we’ve entered mainstream institutional adoption:
“We started mainstream institutional adoption in January 2024 with the approval of the ETFs. We have about a 10 year gold rush, it runs until November 2034.”
Why November 2034? That seems a little random doesn’t it?
Well this is how Saylor frames it:
“Between 2024 and 2034 we will have mined 99% of all Bitcoin. For all practical purposes, Bitcoin [supply] becomes fixed”
Currently ~94% of all Bitcoin has already been mined.
Between now and November 2034, 5% of the supply will be mined.
And that last 1% comes out over the next 100 years…
“I think we’re in this institutional education stage. In 2034 it will simply be the new thing. Right now it’s the scary exotic thing for most people.”
Stack whilst you can… ⛏️
THE REALIZED CAP 📈
The realized cap values each coin at the price it was last moved at.
It differs to the market cap, which measures the current price multiplied by the circulating supply.
This is why analysts love this metric.
Lost coins are effectively removed from the calculation, as they have low economic value. Think Satoshi’s coins which haven’t moved in over 10+ years. (their realized value would be incredibly small as Bitcoin was less than $1)
Uptrends: coins purchased at cheaper prices are being spent for profits. Bull market signal 🐂
Downtrends: investors are realizing losses. Bear market signal 🐻
Sideways: smart money investors accumulating cheap Bitcoins, providing buy support 💸
As Bitcoin cracked a new all-time high in March, it’s only natural for some investors to take profits.
As these investors take profits, the realized cap increases.
This is because older coins are being revalued from a lower cost basis to a higher one.
As coins are being revalued higher and higher we can also consider this to be an injection of fresh demand.
The realized cap recently hit a new all-time high of $540 billion.
And according to Glassnode, it’s increasing at an unprecedented rate of over $79 billion a month.
This is typical of bull market conditions. We can expect to see the realized cap to continue rising throughout the cycle.
As soon as this flashes the other way, it’s a major red flag. 🚩
We’ll keep an eye on it & as always, keep you posted. 👀 🫡
CRACKING CRYPTO 🥜
US government moves $130 million in Bitcoin confiscated from Silk Road to Coinbase. The move occurred amid a major dip in Bitcoin that took its price to a weekly low of $64,500 per BTC before bouncing above the key $65,000 support level.
Memecoin madness is breaking the Bitcoin halving cycle. Bitcoin market cycle patterns have been broken this time around primarily due to ETFs and a memecoin frenzy.
Paradigm seeks to raise up to $850M for new fund. Paradigm is reportedly in talks to raise nearly a billion dollars for a new fund, which would be the largest one since crypto crashed in 2022.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
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”)
Which of the following USD Stablecoins is currently the largest, measured by market cap? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) USDT 🥳
USDT is the largest stablecoin with a market cap of ~$105 billion.
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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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