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PLUS: BlackRock saves the day
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GM to all 63,294 of you. Crypto Nutshell #293 keepin’ guard... 💂 🥜
We’re the crypto newsletter that's as enthralling as a team of hackers uncovering a vast conspiracy while being pursued by a ruthless corporation... 💻🕵️♂️
What we’ve cooked up for you today…
🦹♂️ BlackRock saves the day
💸 It’s just simple economics
⚖️ Exchange balances
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:45am ET
Only the top 20 coins measured by market cap feature in this section
BLACKROCK SAVES THE DAY 🦹♂️
BREAKING: Grayscale outflows pick up as BlackRock records big inflow day
On Wednesday, everyone thought the Grayscale outflows were finally slowing down. (Net outflows were “only” $17.5 million, the lowest since launch)
But then Thursday saw outflows of $124.9 million…
Luckily BlackRock had a standout day with $192.1 million in net inflows.
Here’s the breakdown:
BlackRock IBIT: $192.1 million 🥇
Bitwise BITB: $11.1 million 🥈
Valkyrie BRRR: $8.4 million 🥉
In total the Bitcoin ETFs purchased ~1,300 Bitcoin yesterday. (~400 more than the daily issuance)
In other ETF news, BlackRock is continuing their ETF marketing blitz.
ETF analyst Eric Balchunas posted the following to Twitter:
Jan Van Eck, CEO of VanEck, recently spoke at Paris Blockchain Week.
During his talk he made a very interesting statement.
So far, the majority of ETF inflows have been from retail demand…
“I was surprised, but I don’t think it’s traditional investors yet. I still think 90% of the flows are retail. You’ve had some Bitcoin whales and some other institutions move some assets in, but they were already exposed to Bitcoin.”
Next month could see the arrival of some major institutional investors.
According to Jan, the Bitcoin ETF landscape is still in its infancy. 👶
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IT’S JUST SIMPLE ECONOMICS 💸
This billionaire believes Bitcoin can hit $250,000.
This year….
Let’s break it down.
For those of you who don’t know Tim Draper, here’s some of his credentials:
A Venture capitalist who made early investments in Coinbase, Tesla & SpaceX 🚀
Worth ~$2 Billion dollars 💰
Purchased 30,000 Bitcoin in 2014 from the U.S Gov that were seized from the Silk Road 🚓
Speaking at Paris Blockchain Week, Draper gave a bullish price target for 2024:
“If I had to predict, maybe we could see $250,000 by the end of the year; I mean, it’s looking pretty good.”
There’s 2 core reasons behind this price prediction:
The Bitcoin halving - supply shock
The Bitcoin ETFs - demand shock
As many have said before, it all comes down to simple economics.
“If you’re a Bitcoin buyer, don’t bet against the halving. It changes everything. The supply shrinks, the demand increases and the price goes up. That’s natural economics — supply and demand,”
Bitcoin’s supply and demand dynamics are just that good.
And $250,000 is only a ~3.6x from where we are today…
It’s not unreasonable to expect that from a post-halving Bitcoin.
Just take a look at what past halvings have done to Bitcoin’s price:
Quick reminder that the halving is only ~8 days away.
Things are about to get spicy. 🌶️ 😎
EXCHANGE BALANCES ⚖️
Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 2,299,295 Bitcoin available for sale on exchanges.
That’s ~11.68% of the entire circulating supply.
Two weeks ago exchange balances were 2,320,458 BTC.
That’s a decrease of 21,163 BTC across all exchanges.
(~$1.5 billion at todays prices)
During past bull runs, coins were being sent to exchanges.
This time, coins are leaving exchanges.
There’s barely any Bitcoin currently available for sale.
That’s a recipe for rocket fuel with the halving just around the corner. 🚀
CRACKING CRYPTO 🥜
BlackRock tokenized BUIDL fund now convertible to USDC 24/7 via Circle integration. This smart contract provides BUIDL investors with a near-instant, 24/7 off-ramp, leveraging the core benefits of tokenized assets.
El Salvador’s newest Hilton hotel to tap into tokenized debt on Bitcoin. Digital asset securities platform Bitfinex Securities is tokenizing a to-be built Hilton hotel in El Salvador on the Bitcoin layer 2 “Liquid Network.”
Here’s what the current state of Bitcoin development looks like ahead of the halving. Many Bitcoin developers are looking to increase interest in the network via tools that will allow more users to join the blockchain ecosystem.
Pepe Coin Spikes on Coinbase International Plan to List Perpetual Futures. The crypto exchange's off-shore arm will open perpetuals market for the popular meme coin on April 18.
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”)
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 🥳
On average, it takes 10 minutes to mine a block (confirm transactions).
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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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