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- 🥜 FOMO is here
🥜 FOMO is here
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We’re the Crypto Newsletter that's more adrenaline-fueled than a chase through neon-lit streets... 🏃♂️💨
What we’ve cooked up for you today…
🏦 Elizabeth Warren endorses Bitcoin?
😱 FOMO is coming
⚖️ Exchange balances
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:45am ET
Only the top 20 coins measured by market cap feature in this section
ELIZABETH WARREN CHANGES HEART? 🏦
BREAKING: Did Elizabeth Warren just endorse Bitcoin with a Satoshi Nakamoto flag?
Early yesterday morning, Bitcoin Magazine reported that Elizabeth Warren signed a certificate honouring Bitcoin creator Satoshi Nakamoto.
A ceremonial flag was also flown over the US Capitol.
Elizabeth Warren has been one of Bitcoin’s biggest critics in the Senate.
So it came as a huge surprise when this news broke…
The certificate reads:
“In Honor of Satoshi Nakamoto. For the 15th anniversary of Bitcoin, the first truly inclusive financial system that is providing new economic freedoms to populations previously ignored by both public and private institutions. Americans are forever grateful.”
However, it appears that Elizabeth Warren has not had a sudden change of heart.
It turns out that anyone can fill out a form on the Senator’s website to have a flag flown over the US Capitol…
Twitter user Aubrey Strobel explains how this situation came to be:
So in the end, Elizabeth Warren is not suddenly pro-crypto.
At the time of writing, Warren has not published an official statement on the certificate.
Never a boring day in crypto. 😂
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FOMO IS COMING 😱
Bloomberg analyst Eric Balchunas has been covering the Bitcoin ETFs extensively.
Crypto Nutshell veterans have certainly seen his name pop up many a few times over the last few months.
When it comes to ETFs, Eric is the man.
Yesterday he dropped joined a twitter spaces to give his thoughts on the Bitcoin ETFs.
Let’s break down some of the highlights:
ADVISOR FOMO IS COMING
Kicking the interview off, Balchunas gave the launch of the Bitcoin ETFs a perfect 10/10. It couldn’t have gone any better in his eyes.
The initial volume into the ETFs was insane, however they’re now also experiencing a second wind.
As we mentioned in yesterday’s newsletter, the last 4 days has seen larger net inflows than the first 20 days.
Balchunas believes this second wind will be the cause of financial advisor FOMO.
They can’t ignore Bitcoin any longer. They need exposure ASAP.
“There’s going to be a little bit of peer pressure factor with advisors.”
HISTORIC ETF LAUNCH
There were 65 ETFs launched in January.
The Bitcoin ETFs account for 13% of the ETFs launched in January but currently hold over 83% of the total assets.
The Bitcoin ETFs are ridiculously big. 💪
To put this into context, Balchunas said the following:
“Many of the ETFs, about half of the list of the 65 have less than $20 million in assets. That’s normal.”
Of the 65 launches in January - only 4 ETFs have crossed over $1 billion in assets:
“ARKB and BITB are both over $1 billion. Again WHACKED. Put it this way. Of the 65 launches in January, only 4 are over a billion and they are the four Bitcoin ETFs”
If you were to remove BlackRock and Fidelity from the equation, ARK and Bitwise would still be the two best ETF launches of the year so far.
Balchunas also addressed criticisms that WisdomTree’s ETF has failed as it only has ~$26 million in assets.
$26 million still ranks it as the 20th best ETF launch of the year…
That’s a pretty good start in our eyes.
No matter what way you look at it, the Bitcoin ETFs have been extremely successful so far. 😎
EXCHANGE BALANCES ⚖️
Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there are only 2,329,920 Bitcoin available for sale on exchanges.
That’s ~11.87% of the entire circulating supply.
And it marks a decrease of 40,737 Bitcoin since we last checked in on this metric two weeks ago.
In other words, ~$2.11 billion in Bitcoin has been taken out of exchanges in the last two weeks.
In fact, we haven’t seen exchanges balances this low since early April 2018…
With the halving coming up in the next two months, we expect this metric to continue trending lower.
Less & less supply available with increasing demand?
That’s a recipe for explosive price action. 💣
CRACKING CRYPTO 🥜
Treasury official confirms crypto makes up 'small fraction' of Hamas' fundraising. Treasury official Brian Nelson told Congress that terrorist groups, including Hamas, prefer traditional financial methods over crypto.
Bitcoin ETFs account for about 75% of new investments. Three-quarters of new Bitcoin investments came from spot Bitcoin ETFs, according to estimates from CryptoQuant.
20% of bitcoin network hash rate could go offline after halving. Galaxy Digital analysts expect that up to 20% of network hash rate from eight mining machine models could go offline.
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”)
Which crypto is currently the 4th largest, measured by market cap?(including stablecoins) |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) BNB 🥳
BNB is currently the fourth largest crypto with a market cap of ~$53 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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