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- 🥜 Still early?
🥜 Still early?
PLUS: BlackRock Flips Grayscale
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What we’ve cooked up for you today…
🏦 BlackRock to flip Grayscale
🤷♀️ How can you not have Bitcoin?
💪 We’re still early
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:15am ET
Only the top 20 coins measured by market cap feature in this section
BLACKROCK TO FLIP GRAYSCALE 🏦
BREAKING: BlackRock's ETF could flip GBTC in Bitcoin holdings within 3 weeks
Based on current averages, BlackRock is set to surpass Grayscale’s Bitcoin holdings within the next 13 trading days.
(assuming no drastic changes in flows)
As of March 22nd, this is the current standings:
BlackRock IBIT: 243,125 Bitcoin
Grayscale GBTC: 347,587 Bitcoin
Difference: 104,462 Bitcoin
According to CoinTelegraph, on average BlackRock has been accumulating 4,120 new Bitcoin every day.
Whereas, Grayscale has been experiencing an average daily outflow of 4,140 Bitcoin.
From these averages it would take BlackRock roughly 12.63 days before it overtakes Grayscale.
When this happens, BlackRock will officially become the largest institutional holder of Bitcoin in the world.
Last week was a bit of a dud for the ETFs, so who knows…
If the ETFs pick up again, maybe BlackRock flips Grayscale sooner than we think. 👀
One thing is for sure - the outflows we have been seeing recently are about to come to an end.
Right in time for the Bitcoin halving. 💣
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HOW CAN YOU NOT HAVE BITCOIN? 🤷♀️
In terms of investable assets, Bitcoin is better than anything else.
So why do most people have zero?
That’s the latest message out from Mark Yusko.
For those of you who don’t know Mark Yusko, here’s some of his credentials:
Founder and CEO of Morgan Creek Capital ($1 billion AUM)
30+ years of financial market experience
One of the first institutional investors to invest in Bitcoin
In his latest interview, Yusko outlined 3 reasons why Bitcoin is simply the best.
Kicking things off, in terms of returns Bitcoin has been the best performing asset 12 out of the last 15 years.
“It is the best performing asset, of any asset, 12 of the last 15 years. And it’s on pace to be 13 of 16 because it’s winning this year. So why do most people have zero?”
Unfortunately for the other 3 years…
It was the worst performing asset.
Secondly, Bitcoin’s Sharpe Ratio is ridiculously good.
(The Sharpe ratio compares the return of an investment with its risk)
“The Sharpe Ratio, meaning the return per unit of risk, is the best over the past decade of any asset, and it’s not close. So again, how could anyone have zero?“
Checkout this chart from Fidelity.
Bitcoin is in a league of its own.
Bitcoin all the way in top right corner
Thirdly, Bitcoin’s correlation to bonds and stocks is extremely low. Meaning if you’re looking to build a diversified portfolio, Bitcoin is the best choice.
“The correlation of Bitcoin to bonds is 0.0 and the correlation to stocks is 0.15. So it’s the best diversifying asset if you look at the Markowitz framework for building portfolios.“
With these three reasons, Yusko believes Bitcoin is a MUST include in any portfolio.
“It’s the best diversifying asset we’ve ever had. Better than hedge funds, better than private equity, better than real estate, better than commodities, better than anything.“
When it’s laid out like this, it becomes clear.
There is no second best. 😎
WE’RE STILL EARLY 💪
Crypto has been a rocket ship so far in 2024.
Which begs the question - are we still early?
Today we’ll be taking a look at the classic Bitcoin HODL Waves.
Each coloured band shows the percentage of Bitcoin that last moved within that time period.
As the colours get cooler, the age bands get older (yellow being the oldest, representing coins last moved with 3 - 6 months).
We’ll just be focusing on coins that have moved within the last 6 months. (short-term holders)
Here’s the breakdown:
24hr: 0.44%
1d - 1w: 3.47%
1w - 1m: 9.22%
1m - 3m: 6.48%
3m - 6m: 5.28%
That’s ~24.89% of the Bitcoin supply that has moved within the last 6 months.
Which leaves ~75.11% of the Bitcoin supply having not moved in 6+ months. 🤯
That’s wild.
The cool thing about this chart is that it functions as a FOMO indicator.
As the price of Bitcoin increases, the amount of short-term holders also increases.
This is due to long-term holders deciding to take profits by selling their coins to short-term holders. 🤑
With such a limited amount of Bitcoin available for sale right now.
Combined with the halving…
Things are about to get real spicy. 🌶️ 😎
CRACKING CRYPTO 🥜
Bitcoin ETFs become hottest product in BlackRock, Fidelity's repertoire of funds. BlackRock and Fidelity Investment's spot Bitcoin funds have become the most popular funds among the companies' ETF lineup.
Cathie Wood Calls Bitcoin a ‘Financial Super Highway,’ Reiterates $1.5M Price Target. The Ark Invest CEO said the firm has been looking closely at emerging markets, where use cases of the digital asset make her believe that bitcoin is partly a risk-off asset.
Dogecoin Co-Founder Makes Unexpected Bitcoin Statement. Dogecoin's co-founder statement catches attention of crypto community.
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 🥳
The difficulty is adjusted every 2016 blocks based on the time it took to find the previous 2016 blocks. At 10 minutes per block, 2016 blocks takes approximately two weeks.
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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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