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- 🥜 Putin Pumps Bitcoin
🥜 Putin Pumps Bitcoin
PLUS: ETFs Break Record
GM to all 43,118 of you. Crypto Nutshell #231 creepin’ in. 🎃 🥜
We’re the crypto newsletter that's less terrifying than a family dealing with supernatural forces in a haunted house... 👻🏠
What we’ve cooked up for you today…
🏆 Bitcoin ETFs shatter record
📈 Putin pumps Bitcoin
💪 Bitcoin’s Hodlers
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:30am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN ETFs SHATTER RECORD 🏆
BREAKING: BlackRock & Fidelity Bitcoin ETFs see largest debut month of any ETF in 30 years
Out of 5,535 ETFs that launched in the US over the last 30 years, only two have acquired over $3 billion in assets within 30 days.
Those two ETFs?
The BlackRock & Fidelity Bitcoin ETFs. 🏆
And they still have 2 days to go…
ETF analyst Eric Balchunas, posted the following chart comparing ETF assets 1 month after launch:
BlackRock and Fidelity are so far ahead it’s not even funny.
Plus Ark Invest and Bitwise also made the list.
The Bitcoin ETFs represent 4 of the top 25 ETF launches after 1 month in US history.
Balchunas believes the competition between the 10 Bitcoin ETFs was the driving factor behind this record.
“I think the real unseen force here is competition. 10 ETFs launching on same day w/ some stud issuers just made everyone hustle their ass off.”
Some believe that Grayscale’s outflows have largely “boosted” inflows into other ETFs. (investors exiting Grayscale and moving to BlackRock etc.)
But Nate Geraci, president of The ETF Store had this to say:
No matter which way you look at it, the launch of the Bitcoin ETFs has been historic. 😎
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PUTIN PUMPS BITCOIN? 📈
Tucker Carlson just released an interview with Vladimir Putin…
And it’s going viral…
The interview mainly focused on geopolitical issues such as the Ukraine war.
However, Putin also had a lot to say about the United States.
Specifically, he spoke on the devaluation of the U.S Dollar and the unprecedented amount of government debt:
“Their use of the US dollar as a tool for foreign policy is one of the biggest strategic mistakes made by the White House. No matter how many dollars are printed, they are quickly disbursed all over the world. Inflation in the US is minimal which is normal, but they won’t stop printing and the debt is now $34 trillion.”
When asked whether the US dollar’s status as the reserve currency of the world is changing, Putin had this to say:
“Look at what is going on in the world. Even the United States allies are now downsizing their dollar reserves. Seeing this, everyone starts looking for ways to protect themselves. But the fact that the United States applies restrictive measures to certain countries, such as placing restrictions on transactions, freezing assets, etc., causes grave concern and sends a signal to the whole world.“
Putin then goes on to explain that until 2022, nearly 80% of all foreign transactions in Russia were settled in US dollars.
Today that number is down to 13%. Putin made it clear that it wasn’t Russia that banned the use of the dollar.
Whatever your stance may be on Putin or the Ukraine war, he does have one thing correct.
Debt in the U.S has gotten completely out of control. The fiat monetary system is deeply flawed.
If only there was a better option…
Bitcoin.
(Checkout this 60 minutes interview with Jerome Powell for deeper dive into the debt situation)
Perhaps coincidentally, as soon as the Putin interview was released, Bitcoin began to pump…
🚀🚀🚀
That’s what we call the Putin pump.
*BRICS is an acronym for the powerful grouping of the world's leading emerging market economies, namely Brazil, Russia, India, China and South Africa.
BITCOIN’S HODLERS 💪
It’s time to check in on the supply of Bitcoin last active 1+ years ago.
We love this chart as it’s nice and simple. (but extremely useful)
It categorises coins based on how long it’s been since they last moved on-chain. (as a percentage of the circulating supply)
Metrics rising: long-term holders are accumulating coins 📈
Metrics declining: long-term holders are selling coins 📉
Here’s the breakdown for each cohort (compared to what it was 2 weeks ago):
🔴 Supply last active 1+ years ago: 69.31% (down from 69.61%)
🟠 Supply last active 2+ years ago: 56.67% (up from 56.45%)
🟢 Supply last active 3+ years ago: 43.69% (up from 43.57%)
🔵 Supply last active 5+ years ago: 31.52% (down from 31.53%)
The 1+ and 5+ age bands have slightly decreased.
But the 2+ and 3+ age bands slightly increased.
However looking at the chart above, you’ll notice that all metrics are still incredibly close to their all-time highs.
Keep in mind, Grayscale played a large role in the small decline we’ve seen across all age bands recently. (the selloffs have been slowing down)
We expect to see these metrics rise as we progress through the bull run.
Long-term conviction in Bitcoin is (basically) still at all-time highs. 😎
CRACKING CRYPTO 🥜
78% of crypto industry expect new Bitcoin all-time high within 12 months. Finder industry survey shows bullish sentiment throughout the crypto industry for Bitcoin over next 12 months.
Kraken secures VASP registration in the Netherlands. Crypto exchange Kraken was granted a virtual asset service provider registration with the Dutch Central Bank, according to an announcement on Feb. 8.
A decade in, Coinbase’s fortunes remain closely tied to bitcoin. SEC troubles and potentially lower stablecoin yields make bitcoin trading a noticeably stable part of Coinbase’s business.
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”)
When did popular altcoin Solana launch? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) March 2020 🥳
Solana was first opened to the public in March 2020, with its first block being created on 16 March 2020.
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