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GM to all 49,270 of you. Crypto Nutshell #256 divin’ in. 🤿🥜
We’re the crypto newsletter that's as charming as a chef rat taking over a prestigious restaurant in Paris... 🐭🍽️
What we’ve cooked up for you today…
🚨 New all-time high
🤔 What’s to come?
🌊 Bitcoin demand breakdown
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:45am ET
Only the top 20 coins measured by market cap feature in this section
NEW ALL-TIME HIGH 🚨
BREAKING: Bitcoin sets new all-time high, “crashes” and then immediately rebounds
What an eventful day for Bitcoin.
A new all-time high of $69,170.63 has been set. 🥳🥳
A massive congratulations to all holders. You deserve it.
Unfortunately, that high lasted about 4 minutes... 😂
Bitcoin experienced a flash crash, briefly falling below $60,000. Before rebounding back to ~$66,700 at the time of writing.
But that’s not all that happened yesterday.
Despite the brief negative price action, the ETFs still crushed it.
BlackRock recorded it’s highest daily inflows of $788 million.
🥇 BlackRock IBIT: $788 million
🥈 Fidelity FBTC: $125.6 million
🥉 ARK Invest ARKB: $63.7 million
Total inflows for the day came in at $648.3 million.
But wait, there’s more…
The ETFs also set a new record with $10 billion in daily trade volume.
ETF analyst Eric Balchunas points out how absurd these numbers are for new ETFs.
This is the bull market we all know and love.
Crazy things happening every single day.
And it’s only just started. 😎
TOGETHER WITH PHENOM ♟️
One reason we love crypto? The returns. 😍
In a bull market? No other asset can compete. It’s not uncommon to see 5x, 10x or even 100x plus returns.
With the Bitcoin Halving coming up, the next crypto bull-run is just around the corner.
That’s why we read The Phenom Crypto.
They share the best kept secrets on the latest DeFi & small-cap crypto trends. 🤫
The best part?
Just like us, they’re completely free.
Slam that big subscribe button and it’ll automatically add you to their list.
If you’re not a fan, you can always unsub. Nothin’ to lose. 🎉
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WHAT’S TO COME? 🤔
Bitcoin could reach as high as $140,000 in the next 18 days…
That’s the latest call from Anthony “Pomp” Pompliano…
Sort of…
Appearing on CNBC yesterday, Pomp had a very interesting statistic to share:
“If we go back and look at past record high breaks, when we eclipse the old all-time high. Three of the four times, Bitcoin doubled in 18 days or less.”
It’s hard to believe isn’t it?
Bitcoin’s price doubled in 18 days or less in 3 of the 4 times that it hit a new all-time high.
As Bitcoin has just set a new all-time high of ~$69,170…
It wouldn’t be unreasonable to see Bitcoin reach ~$138,000 in the next 18 days… right?
Well keep in mind, just because it happened in the past doesn’t mean it’ll happen in the future.
Plus, Bitcoin’s price action lately has already been insane:
Last week: +10.98%
Last month: +48.59%
Last Year: +184.60%
Continuing on, Pomp explained why he’s so ridiculously bullish right now:
“You add in the fact that we have the halving coming, we’re going from 900 Bitcoin a day coming into the supply to 450. It’s very hard to make an argument that Bitcoin is not going much higher and at faster pace than we all expect.”
For the last 2 months, there’s been 10-12x more demand for Bitcoin than what the network produces.
Once the halving hits, demand is shooting up to ~20x incoming supply.
This demand supply ratio of 20:1 is unprecedented in global finance for any period of time.
Literally the perfect storm. ⛈️
BITCOIN DEMAND BREAKDOWN 💪
Today we’ve got a unique chart for you.
It’s a comparison between the ETF flows, Exchange flows and Bitcoin issuance.
All values are in US dollars and a weekly average is used.
Here’s how it works:
🟪 Bitcoin Issuance: new Bitcoin entering the supply from miners
🟠 Exchange flows: Bitcoin entering and leaving exchange balances
🟢 ETF flows: Bitcoin accumulated by the ETFs
Bitcoin issuance (assumed sell side) has increased from $22m/day in Sept 2023 to $59m/day today. This is due to Bitcoin’s crazy price action.
But it’ll be halved soon. (halving is ~43 days away)
Since the launch of the ETFs, exchanges have experienced consistent outflows.
Exchange outflows peaked at -$246m/day in February, but have since come down to -$17m/day. Likely due to some long-term holders taking profits.
Recently, net inflows into the ETFs has averaged $300m/day.
Also notice how the gap between ETF inflows and Exchange outflows is widening?
This is the MAIN reason for Bitcoin setting a new all-time high.
Like we discussed earlier, demand for Bitcoin is extremely strong right now. 😎
CRACKING CRYPTO 🥜
Ethereum price hits two-year high as network fees soar, SEC stalls on ETF decision. Ethereum's price surpasses $3,700 amidst record network fees and SEC delay on spot exchange-traded fund (ETF).
Bitcoin analysts say BTC price correction is just ‘healthy consolidation’. Bitcoin traders expected profit-taking at BTC’s all-time high and expect price consolidation in the short term.
Bitcoin returned to all-time high faster than ever before (almost). The bear market may have been grueling but bitcoin rushed back to record highs far quicker than previous cycles.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
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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”)
Which public company currently holds the most Bitcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) MicroStrategy 🥳
MicroStrategy currently holds 193,000 Bitcoin.
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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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