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- 🥜 How Bitcoin realistically hits $10 million...
🥜 How Bitcoin realistically hits $10 million...
PLUS: Are you a diamond HODLer?
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Today, we’ll be going over:
🤑 Coinbase is the largest BTC holder?
🌊 How Bitcoin realistically hits $10,000,000
🤔 Where are the short-term holders?
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:00am ET
Only the top 20 coins measured by market cap feature in this section
COINBASE NOW LARGEST BTC HOLDER 🤯
Recent data from Arkham Intelligence has revealed that Coinbase holds close to 1 million Bitcoin.
Current market prices would value their stash at ~$25 Billion.
What’s even crazier is that this represents close to 5% of all existing Bitcoin.
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence - about as much as Satoshi Nakamoto. twitter.com/i/web/status/1…
— Arkham (@ArkhamIntel)
4:17 PM • Sep 22, 2023
The data also reveals that whilst Coinbase is holding close to 1 million BTC, in reality they only own ~10,000 BTC which is worth ~$200 Million. This massive amount of BTC represents customer holdings.
So Coinbase may be the largest holder of Bitcoin out there, but if we’re talking about how much Bitcoin companies actually own… MicroStrategy wipes the floor with everyone.
I mean c’mon. It’s not even close…
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THE IMPACT OF INSTITUTIONAL ADOPTION😱
One of the most knowledgeable people in the world on crypto, would have to be Changpeng Zhao. Nickname: CZ.
CZ is the head of Binance, which is far & away the world’s largest crypto exchange.
In any given month, Binance accounts for around ~50% of all exchange traded volume in crypto. 😲
CZ went all in on crypto 2013 after hearing about Bitcoin at a conference. He recognised the enormity of the opportunity that lay before him and went all in. He sold everything he owned, bought bitcoin and quit his job to begin working in the crypto industry
Going all in on Crypto was clearly the right choice. Over the last 10 years, CZ's net worth has ballooned to over $10 billion dollars. He’s now one of the most influential people in the crypto space.
CZ’s someone that’s seen it all. All the ups and downs of the crypto space.
But what’s his Bitcoin prediction?
Although he now rarely gives price predictions, in an interview that flew under the radar, he revealed all.
In a Bloomberg Radio show, this is what CZ had to say about Bitcoins price:
“With price predictions, it’s really, really difficult. I think it could go to, I don’t know, $1 million, $10 million. It’s very hard to tell.”
and how does CZ think we get there?
“There are 650,000 companies in the world… like relatively established companies in the world. And their treasury is huge. If all of them only allocated 1% to Bitcoin we are going to see, I don’t know, 1,000x more growth in Bitcoin price. And if they allocate more than 1%, that’s going to be even bigger. So I think people don’t quite get the magnitude of the wave that is about to hit us.”
Institutional adoption. CZ was already predicting the colossal wave of institutional capital coming for Bitcoin.
With the spot Bitcoin ETF closer than ever before, that wave is about to arrive. 🌊
WHERE ARE THE SHORT-TERM HOLDERS? 🤔
The diamond hand HODLers are all that remain…
Data from Glassnode reveals that the amount of short-term holders has fallen to the lowest amount since January 2011. 😱
Short-term holders (STH) are investors who have held their coins for less than 155 days. The amount of STH’s tends to go parabolic as Bitcoin approaches new all time highs.
As of today there are 2,416,017 BTC in the hands of STH’s. This represents ~12.39% of circulating Bitcoin supply.
Which means that ~87.61% of the Bitcoin supply is in the hands of long-term holders… that’s insane.
Taking a look at the chart above you’ll notice that the amount of STH’s significantly peaks at the same time Bitcoin’s price peaks. These STH’s FOMO in as they see the price shooting up hoping to make tonnes of money.
What does the smart money do?
They accumulate and HODL during bear markets and then sell to STH’s once the price begins to top out.
CRACKING CRYPTO 🥜
WHAT WE’RE READING? ✍️
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CAN YOU CRACK THIS NUT? ✍️
What is the smallest unit of a Bitcoin?
A) 1 Gwei
B) 1 Satoshi
C) 1 Bitmini
D) 1 Bitcent
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) 1 Satoshi 🥳
1 Satoshi is the smallest unit of Bitcoin. 1 Satoshi = 0.00000001 BTC. Satoshi’s are commonly referred to as ‘sats’.
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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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