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PLUS: Big Outflows
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What we’ve cooked up for you today…
🏦 Fastest ETF adoption
⏳ Almost go time…
📉 Ouch… That’s a big outflow
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:20am ET
Only the top 20 coins measured by market cap feature in this section
FASTEST ETF ADOPTION 🏦
BREAKING: Bitwise CIO says advisors adopting bitcoin ETFs 'faster' than any other exchange-traded fund in history
On Sunday, macro investor Jim Bianco put out a Twitter thread saying:
85% of Bitcoin ETF flows are not from tradfi institutions. The Bitcoin ETFs have not become a tool for tradfi or boomer adoption.
But Matt Hougan, CIO of Bitwise, pointed out something very interesting.
Investment advisors are actually adopting Bitcoin ETFs faster than any new ETF in history…
Here’s the math:
Going off of the table that Bianco posted to Twitter, IBIT has attracted $1.45 billion in net flows from investment advisors.
At the time of writing IBIT is trading at $32.51. ($32.51 × 46,039,852 = ~$1.45 billion
Bianco calls this “small” as it’s only a fraction of the $46 billion that has flowed into Bitcoin ETFs in total.
However, here’s how Matt interprets the data:
“If you excluded all other flows, and just looked at the $1.45 billion linked to investment advisors, IBIT would be the 2nd fastest-growing ETF launched this year (excluding other BTC ETFs). Out of 300+ launches!”
The second fastest growing ETF of 2024.
When you isolate flows to only investment advisors…
That’s INSANE. 🤯
Continuing on, Matt explains:
“The truth is that investment advisors are adopting bitcoin ETFs faster than any other ETF in history. It is just that their historic flows are overshadowed by the even-more-historic purchases of other investors.”
ETF analyst Eric Balchunas also backed up Matt’s claims.
Even though the Bitcoin ETFs haven’t been “performing” over the last couple of days… (more on this later)
No matter what way you look it at, they’ve been a historic success.
Don’t forget, they also represent the launch of an entirely new asset class.
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ALMOST GO TIME ⏳
Almost everyone is turning bearish and capitulating out of crypto.
At the worst possible time.
It’s almost go time.
That’s the latest out from Mike Alfred.
Mike Alfred began investing 30 years ago from his college bedroom at Stanford University.
Mike is a long-term value investor. He has decades of experience trading in markets.
But his favourite investment?
Bitcoin.
In his latest update, Mike broke down why this is the worst time to be pivoting away from crypto:
“I can see it so clearly now. It’s like a vivid waking dream. Everyone turns bearish and capitulates due to the standard post-halving consolidation and then Bitcoin wakes up and absolutely rips faces off heads in 60 days.”
He has a point. When Bitcoin moves, it moves fast.
Mike believes the right time to be questioning if the bull-run is over is when Bitcoin is over $100,000. Not now.
“Question the cycle at $100-150k, not now. Almost go time.”
Macroeconomic expert Raoul Pal also chimed in on the latest price action:
“Cheeky reminder from the African bush...patience. #DFTU”
Sooner or later, we will have our parabolic bull-run.
It’s almost go-time.
OUCH… THAT’S A BIG OUTFLOW… 📉
The weekly outflow streak is now up to two…
And last weeks was a big one. 😢
Last week, Digital asset funds saw net outflows of $726 million.
This matches the largest weekly outflow recorded in March of this year.
The negative sentiment was once again focused on Bitcoin, which saw outflows of $643 million.
Ethereum also experienced outflows of $98.1 million. (almost all of these outflows came from Grayscale)
Solana was also the king of inflows last week, with $6.2 million coming in.
And to top things off…
Short-Bitcoin saw net inflows of $3.9 million. (Investors betting against Bitcoin)
No surprises here…
The US was the focus last week, seeing $721 million in outflows.
However…
This negative sentiment was also seen in Canada and Sweden which saw $27.0m & $1.4m in outflows respectively.
Germany, Brazil and Switzerland experienced inflows of $16.3m, $3.9m & $3.2m respectively.
CoinShares believes this negative sentiment is due to the uncertainty of how much the Fed will cut interest rates by.
Will it be 25bps or 50bps? 🤔
Daily outflows also tapered off as unemployment data fell short of expectations. (which increases the odds of a 50bps cut)
The next date to look out for is September 11th.
This is the date that the Consumer Price Index (CPI) inflation report will be released.
This report will be pivotal in the Fed’s decision on September 18th.
CRACKING CRYPTO 🥜
Sahm Rule indicates US recession remains likely but crypto may be set for bullish reversal. ETC Group analysis indicates crypto could be set for a strong end to the year despite pending recession.
Crypto Super PAC pours $660K into Senate race as US election closes in. The Commonwealth Unity Fund dispersed roughly $660,000 on media placements attacking Senator Elizabeth Warren.
Bitcoin Retakes $57K, but Potential Positive Catalysts Are 'Sparse,' Says NYDIG. "Bitcoin might be at the whims of the broader market backdrop," wrote NYDIG's Greg Cipolaro.
Polymarket betters see a 13% chance Trump will mention 'crypto' at the second presidential debate. Polymarket users think there's a low probability Donald Trump will mention crypto at the Sept. 10 presidential debate.
WHAT WE’RE READING 📚
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The Hustle (link) - Get Smarter on Business and Tech
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”)
What hash function does Bitcoin use? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) SHA-256 🥳
Bitcoin uses the SHA-256 hash function.
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