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- 🥜 Insane Bitcoin Chart
🥜 Insane Bitcoin Chart
PLUS: Huge ETF Day
Today’s edition is brought to you by Incogni.
GM to all 58,219 of you. Crypto Nutshell #277 countin’ down. 🕒 🥜
We’re the crypto newsletter that's as exhilarating as a group of rebels planning a heist against an oppressive government... 🏴🔥
What we’ve cooked up for you today…
🤑 Huge day for the ETFs
🏦 This is getting out of hand
🤔 Where are we in the cycle
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:55am ET
Only the top 20 coins measured by market cap feature in this section
HUGE DAY FOR THE ETFs 🤑
BREAKING: Fidelity's Bitcoin ETF posted second consecutive day over $260 million in inflows
The inflows are well and truly back now. 🥳
Tuesday was a much more impressive day for the ETFs with $418 million in net inflows.
Here’s the winers of the day:
Fidelity FBTC: $279.1 million 🥇
BlackRock IBIT: $162.2 million 🥈
ARK Invest ARKB: $73.6 million 🥉
Twitter analyst HODL15Capital posted the following breakdown:
But here’s where it gets even juicier. 🧃
With this amount of inflows, the newly launched ETFs:
Bought 100% of newly mined Bitcoin
Bought 100% of Bitcoin sold by GBTC
Bought an additional 5,092 Bitcoin from other willing sellers
The ETFs also operate on a T+1 settlement basis, meaning they’ll purchase this Bitcoin the day after.
So we could likely see some upwards price action tomorrow morning.
ETF analyst Eric Balchunas also posted an insane statistic to Twitter.
The chart below shows the top 30 funds ranked by assets in the first 50 trading days.
IBIT & FBTC take out the top two spots and it’s not even close.
Even ARKB & BITB make the list!
To say the Bitcoin ETFs beat all expectations, would be an understatement.
Insanity. 🤯
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THIS IS GETTING OUT OF HAND 🏦
The US government’s debt is out of control.
Bitcoin is the saving grace. 🙏
That’s the latest message out from Jack Mallers.
Jack Mallers is the CEO of Strike, a Bitcoin investment and payments company.
Speaking with Bloomberg Technologoy, Mallers broke down the impact of the upcoming halving.
And really it’s quite simple…
“If demand remains the same and the Bitcoin sold [from the miners] gets cut in half, it should have an impact on the price to the upside.”
Common sense really.
Mallers then continues to explain just how bad the current situation really is.
The US government is in debt. That’s no secret.
😮
Traditionally with debt you have two options:
Default on the loan
Pay back the loan
But the US government has a third option:
“The government unfortunately has a third option: they can print more money, devalue the debt that they owe and allocate more capital to themselves.”
The US government cannot default on its debt - that would be catastrophic for everyone.
Yet they cannot afford to pay it back.
So the only option they have is to print more dollars…
“They can make more real estate, they can find more gold. They cannot make any more Bitcoin.”
The fiscal situation in the U.S is beyond the point of no return.
And it’s only going to get worse.
Choose the life raft. 😎
WHERE ARE WE IN THE CYCLE 🤔
Today we’ve got an insane Bitcoin chart for you.
We’ll be taking a look at the Price Performance Since Cycle ATH chart.
All this chart is doing is tracking Bitcoin’s price performance relative to the previous all time high.
Keep in mind, the majority of on-chain analysts (including us) consider the April 2021 Bitcoin ATH as the true cycle all-time high.
This is because at this point, bear market sentiment set in, with leverage being the main catalyst for the November 2021 ATH.
This allows us to see how this cycle compares to previous ones.
🟠 2011 to 2013 Cycle
🔴 2013 to 2017 Cycle
🔵 2017 to 2021 Cycle
⚫️ 2021+ Cycle
Notice how closely the previous cycles track each other?
(not including 2011 - 2013 as Bitcoin was just taking off)
In fact the market today is in a near identical spot to December 2020. 🤯
That is nuts.
Recently, this cycle has been slightly outperforming previous cycles.
(The demand from the ETFs are playing are huge part)
Isn’t it strange how well Bitcoin’s cyclical patterns hold up?
But remember, past performance isn’t a clear indicator of what will happen in the future…
CRACKING CRYPTO 🥜
KuCoin assures users funds are safe after US levies criminal charges. KuCoin has assured users of operational stability after the US DOJ announced it has filed criminal charges against the exchange.
Hashdex’s new spot Bitcoin ETF to begin US trading on Wednesday. Hashdex has announced trading of its Hashdex Bitcoin ETF (DEFI), the 11th spot Bitcoin ETF in the U.S.
SEC seeks $1.9B from Ripple in proposed final judgment. Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty said on Monday that the SEC was seeking near $2 billion.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
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”)
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MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) KYC 🥳
Crypto KYC, or Know Your Customer, is a legal requirement for centralized exchanges to verify their users' identities.
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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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