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- 🥜 Demand shock is here
🥜 Demand shock is here
PLUS: Wolf of Wall Street on Bitcoin
Today’s edition is brought to you by Animus Technologies.
GM to all 43,393 of you. Crypto Nutshell #232 leapin’ in. 🐬 🥜
We’re the crypto newsletter more powerful than a wizard attending a school of witchcraft and wizardry... 🧙📚
What we’ve cooked up for you today…
💰 Demand shock is here
🐺 Wolf of Wall Street is a Bitcoiner
💪 The Bitcoin Network
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:30am ET
Only the top 20 coins measured by market cap feature in this section
DEMAND SHOCK IS HERE 💰
BREAKING: Bitcoin ETFs see second-largest inflow day as BTC price rises above $47,000
Feb 9 was a MASSIVE day for the Bitcoin ETFs.
In fact it was the second largest day in terms of inflows, since they launched.
In total $541.5 million came into the ETFs on Feb 9.
Making things even better, yesterday was also Grayscale’s lowest outflow day at -$51.8 million.
In other Bitcoin ETF news, ARKB crossed over $1 billion in Bitcoin holdings.
A huge milestone.
This means that within the first month of trading, three ETFs hold over $1 billion in assets:
BlackRock (IBIT): ~$3.7 billion
Fidelity (FBTC): ~$3.0 billion
ARK Invest / 21Shares (ARKB): ~$1 billion
The launch of the ETFs has been an overwhelming success.
A Demand shock is now truly setting in.
And with the halving is fast approaching…
It’s about to be combined with a supply shock. ⚡️
2024 is going to be nuts. 😎
TOGETHER WITH ANIMUS 👾
Over the past year, the crypto market has been on fire. 🔥
12-months ago, Bitcoin was trading at $20,000 and Ethereum was trading at $1,500.
But where will prices go now?
Will there be a sell-off before the Bitcoin halving?
Or will there be a move up in anticipation?
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WOLF OF WALL STREET IS A BITCOINER 🐺
Piers Morgan recently released an interview with The Wolf of Wall Street, Jordan Belfort.
And while most of the interview focuses on Belfort’s time on Wall Street, they did touch on Bitcoin.
And Belfort’s opinion on Bitcoin has completely flipped.
Back in 2017, Belfort was outing Bitcoin as a fraud.
Now?
He believes it really does have a place in the financial system.
Piers Morgan began by questioning the legitimacy of Bitcoin saying that’s it’s “based on a sack of sand”.
Belfort then mentions that you could say that about fiat currency as well….
They’re literally printing dollars anytime they see fit.
Here’s what Belfort had to say regarding Bitcoin:
“Bitcoin is legit. But the problem is all these other shitcoins and cryptos that are worthless. They’re like the penny stocks of crypto. They’re issued by people that want to separate others from their money and those should be avoided”
Safe to say, Jordan knows a thing or two about scams…
The main reason for this shift in opinion is that the narrative surrounding Bitcoin has evolved.
It’s no secret that Bitcoin’s early days involved illegal activities (The Silk Road).
But that’s in the past.
Now with the launch of the ETFs, legitimate backers are here.
Asset managers like BlackRock & Fidelity are not playing around.
Once you truly understand Bitcoin, there’s no turning back. 😎
THE BITCOIN NETWORK💪
Another simple one for you today.
Today we’ll be taking a look at the number of addresses with a non-zero balance.
This metrics provides a high level overview of the Bitcoin network’s user base/activity.
But it’s important to understand that one wallet does not equal one user. A user can have many wallets.
Increasing number of addresses: indicates increased adoption levels.
Decreasing number of addresses: indicates users are purging their entire wallet balance. Users could also be consolidating their wallets.
Since Bitcoin’s creation, this chart has always been trending upwards. Meaning the Bitcoin Network has expanded every single year.
As of today there are 51,289,252 addresses with a positive balance. And for this metric, even a wallet holding a single satoshi counts.
The last time we checked in on this metric (2 weeks ago) there were 51,391,823 wallets with a positive balance.
That’s a decrease of 102,571 wallets.
Pretty insignificant in the grand scheme of things. (a decrease of -0.19% over two weeks)
With metrics like these it’s best to zoom out and look at the long-term trend.
And that trend is clearly an expanding Bitcoin Network. 😎
CRACKING CRYPTO 🥜
Bitcoin's climb past $46,000 triggers $123 million in liquidation for crypto traders. Bitcoin's price rose to more than $46,000 for the first time since January thanks to the current improved market conditions.
U.S. Bitcoin ETFs make up to 15% of BTC spot trading. The short-term impact of spot Bitcoin ETFs in the U.S. has been overestimated as they trade up to 15% of spot trading volume, according to Coinbase analysts.
Janet Yellen continues to call for legislation to beef up crypto, AI regulation. Yellen said that cryptocurrencies and stablecoins pose significant financial stability risks and need comprehensive supervision.
WHAT WE’RE READING 📚
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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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