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- 🥜 Huge BlackRock Bitcoin ETF news
🥜 Huge BlackRock Bitcoin ETF news
PLUS: ETF Approval Confirmed
GM to all 34,417 of you. Crypto Nutshell #197 swingin’ through. 🐒 🥜
We’re the crypto newsletter that's more adventurous than setting out on a quest with a band of dwarves to reclaim a mountain... ⛰️🧝
What we’ve cooked up for you today…
😁 We’re so close
🪨 BlackRock has $2 billion ready for Bitcoin
🤔 Where’s the volatility?
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:35am ET
Only the top 20 coins measured by market cap feature in this section
WE’RE SO CLOSE 😁
BREAKING: Spot Bitcoin ETF applicants instructed to submit final filings
Following on from yesterday, TechCrunch reporter Jacquelyn Malinek has posted another statement:
“Hearing similar/new updates on spot bitcoin ETF… Approvals could now be next week, but ‘no definitive timing’. Because a lot of work is going on behind the scenes, the gov is moving at their own pace so things are going slower. Today/maybe Monday issuers finalize 19b-4 filings. Those will be made public soon. Then final steps.”
Not long after Jacquelyn’s comment above, she confirmed that 11 ETF applicants had officially submitted their amended 19b-4 filings.
iShares is BlackRock btw
What’s a 19b-4 filing? 🤷♂️
It’s a necessary filing for exchanges like the Nasdaq to list each Bitcoin ETF and make it available for trading.
ETF analyst James Seyffart noted that this doesn’t guarantee approval, but it is the next step in the process:
“We're not over the finish line yet. But we are damn close.”
SO much Bitcoin ETF related news dropped this morning.
In the next section we’ll break down what BlackRock’s been cooking up.
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BLACKROCK HAS $2 BILLION READY 🪨
Matthew Sigel is Head of Digital Assets Research at VanEck.
Today, he broke some news:
BlackRock has $2 billion lined up for the launch of their Bitcoin ETF.
Sigel claimed he has a well-placed source close to BlackRock.
According to this source, BlackRock has secured $2 billion from existing Bitcoin holders for their upcoming ETF launch.
This was then confirmed by Senior Bloomberg ETF analyst - Eric Balchunas.
The reason BlackRock would want such a huge amount of money lined up for launch is because it will register as trading volume.
If BlackRock’s ETF blows away all the competition in terms of volume, it will appear as if they have won the ETF war. This will attract more investors. Even if that volume is coming from BlackRock themselves.
Eric pointed out that this is typical of BlackRock. Additionally, if the $2 billion number is accurate, it will blow away all records for ETF launches.
Last week, we saw Bitwise disclose they are ready to seed their ETF with $200 million dollars.
BlackRock has now upped the stakes with a 10x increase.
Who’s going to fire the next shot in the Bitcoin ETF war? 💣
WHERE’S THE VOLATILITY? 🤔
If you’ve been in Bitcoin for multiple cycles, you may have noticed something different about this current market…
Bitcoin has been extremely resilient. 💪
Historically, bull market uptrends see price corrections greater than -25% from the local high.
We’ve even seen some corrections exceed -50%.
But that volatility doesn’t appear to be here this cycle (*knocks wood*).
The chart below visually breaks down Bull Market Correction Drawdowns of previous cycles.
The coloured bars coming down from the top of chart indicate the relative size of corrections from local highs.
Here’s the largest drawdown’s we’ve seen during previous cycles:
🟠 Genesis to 2011: -49.45%
🔴 2011 to 2013: -71.15%
🔵 2015 to 2017: -36.01%
🟢 2018 to 2021: -62.62%
⚫️ 2022+: -20.1%
Notice how small the corrections are for the current cycle?
It’s actually crazy to look at.
The largest correction we’ve experienced so far is -20.1% (still a sizeable correction but far less than usual)
This suggests that buy-side support has been extremely strong during 2023.
HODLers are showing no signs of giving up their Bitcoin yet…
CRACKING CRYPTO 🥜
Watch all 8 videos ETF issuers released as ads to promote Bitcoin. Potential spot Bitcoin ETF issuers, including VanEck, Bitwise, and Hashdex, have all unveiled a series of promotional videos and marketing materials
VanEck pledges 5% of spot Bitcoin ETF profits to core devs after SEC approval. Asset management firm VanEck announced plans to set up donations from profits of its potential spot Bitcoin ETF to support Bitcoin developers through nonprofit organization Brink.
Dencun and Pralectra: Ethereum core devs chart an ambitious 2024. Ethereum’s core developers are debating the priorities for the next hard fork after “Dencun,” which could come in late 2024 or 2025.
Cathie Wood’s Ark Invest offloads additional $4 million in Coinbase shares. Ark Invest sold another 26,743 Coinbase shares, valued at $4.1 million, on Thursday with the stock closing up 2.21% at $155.6.
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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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 is Bitcoin's average block time? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) 10 minutes 🥳
The block time on the bitcoin blockchain is 10 minutes. This means that every 10 minutes a new block of transactions is added to the blockchain and transactions within the block are considered to be 'processed'.
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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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