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PLUS: BlackRock makes a move
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GM to all you crypto nuts. Crypto Nutshell #443 swoopin’ in… 🦅🥜
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What we’ve cooked up for you today…
🏦 BlackRock updates agreement
☢️ It’s going to $420,000
🔥 The streak is back?
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:15am ET
Only the top 20 coins measured by market cap feature in this section
BLACKROCK UPDATES AGREEMENT 🏦
BREAKING: BlackRock Bitcoin ETF demands 12-hour BTC withdrawals from Coinbase
Last week, a “conspiracy” theory popped up regarding the Bitcoin ETFs.
Crypto Twitter began asking the question:
Are the Bitcoin ETFs even actually buying the Bitcoin that they say they’re buying?
These concerns were raised around Coinbase’s ETF custodian practice.
Coinbase also don’t provide on-chain proof of the Bitcoin bought on behalf of the ETFs…
Which had quite a few people raising their eyebrows… 🤨
(Bitwise is the only US Bitcoin ETF that publicly posts their wallet addresses)
Coinbase is also the custodian for 10 out of 11 spot Bitcoin ETFs.
This week, BlackRock took note of those allegations…
BlackRock just filed an amendment to require Bitcoin withdrawals within 12 hours from Coinbase Custody.
“Subject to confirmation of the foregoing required minimum balance, Coinbase Custody shall process a withdrawal of Digital Assets from the Custodial Account to a public blockchain address within 12 hours of obtaining an Instruction from Client or Client’s Authorized Representatives.”
BlackRock is clearly aiming to be more transparent with this move. (Which is good to see)
ETF analyst Eric Balchunas also added some context to the situation.
Essentially just a “trust us” statement…
But there’s a simple solution here that would shut this conspiracy down instantly.
The Bitcoin ETF providers just need to make their Bitcoin wallets public…
It’s that easy. 😎
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IT’S GOING TO $420,000 ☢️
Bitcoin is going to $420,000 per coin.
What’s more?
It’s path there will be easier than you think.
That’s the latest out from Ric Edelman.
Ric Edelman is the co-founder of Edelman Financial Engines, a firm with over $270 billion under management.
In his latest interview, he broke down why Bitcoin is going to $420,000.
First, Edelman broke down the total wealth in the world:
“Take a look at the world’s total wealth: If you add up the total value of all the money in the world… it all adds up to $70 - $80 trillion dollars of value.”
Edelman then predicts that just 1% of this wealth will find its way into Bitcoin:
“If everyone in the world, who owned all those assets, were to allocate just 1% of their portfolio to crypto, we’d be talking about a $7 trillion dollar infusion into the asset class.“
Then it just comes down to simple math:
“So you do the simple arithmetic: 19 million Bitcoin, into $7.5 trillion in asset flows, that translates to about $420,000 per Bitcoin.”
A $420,000 Bitcoin doesn’t seem so insane when you break it down like that.
The crazy part?
Bitcoin at $420,000 still wouldn’t be at the same market cap of gold.
With the market cap of gold at $13 trillion, Bitcoin would have to get to ~$620,000 just to match it.
Which isn’t ludicrous for an asset with many superior qualities… 👀
THE STREAK IS BACK? 🔥
Make that two!
Digital asset funds experienced their second week in a row of inflows, totalling $321 million.
Trading volumes were also up 9% compared to the week prior.
Things may just be starting to heat up again…
And as always, Bitcoin experienced the bulk of the inflows with $284 million.
However, Ethereum’s rough patch continues…
For the 5th week in a row, Ethereum experienced net outflows, with -$28.5 million for the week.
This is due to the persistent outflows from Grayscales Ethereum ETF.
Solana also saw modest inflows of $3.2 million.
The US was once again the focus last week, seeing $277 million in inflows.
Switzerland also saw it’s second largest weekly inflow of the year at $63.4 million.
Germany, Sweden and Canada all experienced outflows of $9.5m, $7.8m and $2.3m respectively.
CoinShares notes that this surge in inflows was driven by the 0.50% rate cuts we saw last week.
And now that the Fed has began monetary easing…
Cheap capital is here. 🌊
CRACKING CRYPTO 🥜
Kamala Harris breaks crypto silence, encourages innovation sparking 316% increase in crypto searches. Vice President Kamala Harris outlines pro-crypto vision, promises clear regulations if elected president.
Investment managers eye ‘extraordinary upside’ from BTC options debut. Investment managers said the debut of Spot Bitcoin ETF options could fuel institutional adoption, offering risk management, upside potential, and reduced volatility for BTC investors.
Bitcoin Could Surge Thanks to Looser Financial Conditions. A less-widely followed report from the Chicago Fed indicated the easiest conditions since November 2021.
Polymarket considers token launch to raise over $50 million. Investors in the round would receive "token warrants," granting them to buy tokens if Polymarket follows through with launch.
WHAT WE’RE READING 📚
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Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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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”)
In what year did China ban Bitcoin mining? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 2021 🥳
Crypto trading and mining has been banned in China since 2021
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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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