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- 🥜 No Bitcoin Left
🥜 No Bitcoin Left
PLUS: Institutions are her
Today’s edition is brought to you by Incogni.
GM to all 64,612 of you. Crypto Nutshell #321 spicin’ things up... 🌶️ 🥜
We’re the crypto newsletter that’s more mesmerising than a detective's pursuit of a notorious serial killer... 🕵️♂️🔪
What we’ve cooked up for you today…
🏦 They keep on coming
💸 The mainstream era
📉 Exchange balances
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:05am ET
Only the top 20 coins measured by market cap feature in this section
THEY KEEP ON COMING 🏦
BREAKING: US Bancorp, Rothschild firm disclose spot Bitcoin ETF purchases of roughly $20 million in Q1
Two days ago, Susquehanna International Group disclosed their Bitcoin holdings.
Today, we’ve got two more for you. (we told you there’d be more rolling in)
First up is US Bancorp, who disclosed total Bitcoin holdings of ~$15.5 million:
87,744 shares of Fidelity’s FBTC: $5.4 million
46,011 shares of Grayscale’s GBTC: $2.9 million
178,567 shares of BlackRock’s IBIT: $7.2 million
Edmond De Rothschild Holding SA also disclosed total Bitcoin holdings of ~$4.2 million:
103,600 shares of BlackRock’s IBIT: $4.2 million
1,300 shares of GBTC: $82,121
These aren’t just any random institutions by the way.
US Bancorp is the 5th largest bank in America with total assets over $663 billion.
And Edmond De Rothschild Holding SA is an investment management firm with $174 billion in assets under management. (founded by the Rothschilds family, one of the richest families in history)
These disclosures were part of the mandatory 13F filings with the SEC for Q1 2024.
The deadline for these filings is May 15.
So there could be some more huge announcements in the coming days. 💣
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THE MAINSTREAM ERA 💸
The launch of the ETFs was Bitcoin’s IPO moment.
Bitcoin’s mainstream era has only just begun.
That’s the latest message out from Hunter Horsley.
Hunter Horsley is the co-founder and CEO of Bitwise, one of the Bitcoin ETF issuers.
Which means he has a unique inside look into what’s going on behind the scene. 🫣
In his latest interview, Horsley explained the significance of the Bitcoin ETFs.
Hunter believes that there’s been a clear shift in Bitcoin’s perception as an investable asset.
Investment professionals are now trying to understand Bitcoin. (That’s a big deal)
“It felt to me like a new chapter for Bitcoin. In a moment where it’s viewed as not a crazy idea but something that should be figured out by professionals. A lot of people have moved on from ‘what is this crazy thing’ to ‘what should I be doing about it’. It’s very exciting to see it elevate to a new type of conversation.”
Horsley even goes so far as to compare the launch of the ETFs to an IPO.
Now everyone can invest in Bitcoin, on platforms that they are familiar with.
“The Bitcoin ETF launching was almost like the IPO of Bitcoin… Every investor in America can invest in Bitcoin today in a first class vehicle that they use for every other investment.”
Hands up if you’ve heard us say “the institutions are coming” recently… 🙋♂️
(we even mentioned it at the start of this newsletter…)
Well, Hunter was asked this exact question:
Are the institutions really coming?
And here’s what he had to say:
(keep in mind Bitwise has been around for 6.5 years, so they have a good point of comparison)
“Adoption amongst investment professionals has accelerated this year. In the first quarter we had 150 firms invest with us for the first time ever. Incredibly rapid… But it’s not done. It has begun…
Horsley explains that the due diligence that these large firms undergo can take a lonnnggggg time.
That’s why Hunter states that institutional adoption has only just begun.
Closing out the interview, Hunter gave a prediction on where he sees Bitcoin going over next year.
“I think it will go from being a thing that feels uncommon to a thing that feels common. The momentum will be towards this being a mainstream asset that investors should be taking advantage of.”
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 2,330,436 Bitcoin available for sale on exchanges.
That’s ~11.83% of the entire circulating supply.
So far, year-to-date, exchange balances have decreased by 130,349 BTC.
That’s ~$8.19 billion at todays prices…
Decreasing exchange balances is one of the key reasons that many believe this bull run is different.
There’s just isn’t that much available for sale. And it’s decreasing every single week.
Bitcoin investors have begun to realise 1 thing.
On a long enough timeline, the price of Bitcoin is inevitably going upwards.
Soon, there won’t be any Bitcoin left to sell… 🚀
CRACKING CRYPTO 🥜
US Bancorp, Rothschild firm disclose spot Bitcoin ETF purchases of roughly $20 million in Q1. Institutional investment in spot Bitcoin ETFs continues to grow as companies begin filing their 13F forms for the first quarter.
3 memorable moments from Donald Trump’s ‘Mugshot’ NFT event. Former U.S. president hosted a dinner with his “Mugshot” NFT fans and made a few memorable remarks.
Bitcoin Miner Marathon Digital Misses Q1 Revenue Expectation On Operational Challenges. The shares of the miner dipped about 1.5% in after hours trading on Thursday afternoon.
Biden backs Gensler as House advances resolution to power-check SEC. President Joe Biden has promised to back SEC Chair Gary Gensler after a resolution to overturn SAB 121 advanced out of the House.
WHAT WE’RE READING 📚
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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”)
How often is the difficulty adjustment in Bitcoin?(approximately) |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 2 weeks 🥳
Every 2 weeks, Bitcoin’s mining difficulty is adjusted. If the blocktime is faster than 10 minutes, the difficulty will adjust to become harder.
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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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