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🥜 Selling continues...
PLUS: Will It End?
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We’re the Crypto Newsletter that's more thrilling than a Formula 1 race at Monaco's hairpin turns... 🏎️ 🏁
What we’ve cooked up for you today…
😱 Outflow streak reaches 5
🤑 Bitcoin’s IPO moment
💸 Bitcoin wallet check
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:55am ET
Only the top 20 coins measured by market cap feature in this section
OUTFLOW STREAK REACHES 5 😱
BREAKING: Bitcoin ETFs see record 5-day outflow
The outflow streak continues.
Yesterday saw net outflows of $51.6 million for the Bitcoin ETFs.
That makes 5 straight days of outflows. 😮
However, it does appear to be slowing down, as we mentioned it would yesterday.
But here’s something we bet you didn’t expect…
Franklin Templeton EZBC: $29.6 million
Valkyrie BRRR: $25.5 million
BlackRock IBIT: $18.9 million
Franklin Templeton & Valkyrie both had higher inflows than BlackRock for the day.
Here’s the summary for the week:
Grayscale sold 30,582 Bitcoin
New ETFs bought +17,018 Bitcoin
Net change this week: -13,564 BTC
We’ve also got two interesting charts from Twitter user HODL15Capital to show you.
The first shows the strong investor demand for BlackRock’s IBIT:
And the second shows the number of Bitcoin held between BlackRock (IBIT) and Grayscale (GBTC).
It won’t be long before BlackRock overtakes Grayscale…
Unfortunately it wasn’t the greatest week for the Bitcoin ETFs.
Overall we saw net outflows of $887.6 million.
Just keep in mind, eventually, Grayscale will run out of Bitcoin to sell…
TOGETHER WITH MASTERWORKS 🎨
Which platform delivered millions to investors in 2023?
Masterworks just wrapped up another banner year, selling over $21.9M of paintings in 2023 and delivering the proceeds to investors. Talk about a Happy New Year…
So, what did investors do with their cash? Charter a yacht in Ibiza? Finally close on that Alpaca farm? Maybe save a little? Naaah.
Either way, Masterworks wants to do the same thing for you. This award-winning platform is unlocking an asset class that was once only available to billionaires.
To kick off the new year, Masterworks is inviting readers to open a free, no-obligation account today. Isn't it time you check them out?
Past performance is not indicative of future returns, investing involves risk. See disclosures masterworks.com/cd.
BITCOIN’S IPO MOMENT 🤑
The launch of the ETFs was Bitcoin’s IPO moment.
Traditional investors finally have access to the asset class.
That’s the message out from Hunter Horsley.
Hunter Horsley is the co-founder and CEO of Bitwise, one of the Bitcoin ETF issuers.
Meaning he has a unique insight into what’s going on behind the scenes.
Yesterday, Horsley broke down the success of the ETFs and what it means for Bitcoin going forward.
“The launch of the Bitcoin ETFs was a turning point for the space. Now is the time that a lot of traditional investors finally feel that they can engage… I sometimes think of it as Bitcoin’s IPO.”
Horsley uses OpenAI as an example to get his point across.
You’ve surely heard of OpenAI before…
Wouldn’t it be great if you could invest in them right now?
Well for the general public that’s not possible until they go public.
For many traditional investors, Bitcoin has been the same.
These investors haven’t been able to invest in Bitcoin.
Now with the launch of the ETFs?
They can.
This is why the ETFs are such a big deal.
Continuing on, Horsley was asked whether this recent correction scared any of his clients.
This is what he had to say:
“Amongst our client base, people are pretty optimistic about the outlook for Bitcoin. We haven’t seen clients change their mind or change their positioning… A lot of our clients take a long-term outlook.”
The people investing in the ETFs aren’t here for a quick trade.
They’re the type of people to hold this for the next 10+ years…
None of the newly launched Bitcoin ETFs have experienced significant outflows yet.
Something to keep in mind. 🧠
BITCOIN WALLET CHECK 💸
Today we’ll be taking a look at the number of addresses with a non-zero balance.
This one is pretty straight forward.
It provides a high level overview of the Bitcoin network’s user base/activity.
But it’s important to understand that one wallet does not equal one user. A user can have many wallets.
What matters here is the trend of the chart.
Increasing number of addresses: increasing adoption levels 📈
Decreasing number of addresses: indicates users are selling their entire balance or consolidating wallets 📉
Immediately you can see how this chart has always been trending upwards.
A clear sign that the Bitcoin Network has expanded every single year.
However, every now and then, this metric dips. As Bitcoin approaches new all-time highs, some investors decide to take profits.
As of today there are 51,284,300 addresses with a positive balance.
Two weeks ago this metric was at 51,455,957 wallets.
That’s a decrease of 171,657 wallets.
Which is to be expected, as corrections also cause some investors to panic sell.
Regardless, zoom out a little and the trend is clear:
A growing Bitcoin network.
CRACKING CRYPTO 🥜
BlackRock sees Bitcoin as integral part of financial system. BlackRock's Head of Digital Assets said that the company's clients have minimal interest in crypto apart from Bitcoin and Ethereum.
US government asks for court approval to sell private jets tied to Sam Bankman-Fried. Damian Williams said the U.S. government wanted to execute an interlocutory sale of two aircraft tied to FTX and SBF.
JPMorgan analysts warn that bitcoin looks ‘overbought’ despite correction. Bitcoin, as of Friday afternoon, was holding on to $63,000 after a slight dip to $62,000 earlier in the day.
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”)
How often are new Bitcoin created? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) 10 minutes 🥳
Bitcoin adds a new block to the ledger about once every 10 minutes. Because miners are rewarded 6.25 BTC per block, about 900 Bitcoin are minted each day.
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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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