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- 🥜 Supply Shock
🥜 Supply Shock
PLUS: MicroStrategy does it again...
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What we’ve cooked up for you today…
💪 They just keep buying
⚡ Supply shock is here
🤑 Ethereum sets a new record
💰 And more…
Prices as at 2:40am ET
THEY JUST KEEP BUYING 💪
BREAKING: MicroStrategy acquires another 15,400 bitcoin for $1.5 billion, taking holdings to 402,100 BTC
Another week, another MicroStrategy buy…
This time MicroStrategy acquired an additional 15,400 Bitcoin for ~$1.5 billion. (Average of ~$95,976 per BTC)
This brings MicroStrategy’s total holdings to 402,100 Bitcoin, acquired for ~$23.4 billion. (Average price of ~$58,263 per BTC)
At todays prices, MicroStrategy’s Bitcoin holdings are worth ~$38.46 billion.
Which means they’re sitting on unrealized profits of ~$15.06 billion. 🤯
Fun fact: MicroStrategy now hold ~1.91% of the total maximum Bitcoin supply
But it gets even crazier…
This is the 4th week in a row that MicroStrategy has purchased Bitcoin, the previous 3 weeks being:
November 24: 55,500 Bitcoin for ~$5.4 billion
November 17: 51,780 Bitcoin for ~$4.6 billion
November 10: 27,200 Bitcoin for ~$2.03 billion
Also, in case you missed it, Michael Saylor presented to the Microsoft board yesterday on why they should invest in Bitcoin. (Check that out here)
But MicroStrategy isn’t the only big dog out there buying Bitcoin…
Bitcoin miner Marathon Digital just announced plans to raise $700 million.
With the proceeds raised being used to purchase even more Bitcoin.
Marathon Digital currently holds 34,794 Bitcoin. Which means they have the second largest Bitcoin holdings out of publicly traded companies.
But they’re also 367,306 Bitcoin behind MicroStrategy…
(No one’s ever catching MicroStrategy)
At least more and more companies are waking up to the infinite money glitch…
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SUPPLY SHOCK IS HERE ⚡
Over the last month, Bitcoin has essentially gone straight up. 📈
Even its pull-backs have been tiny.
So, what’s going on?
Supply shock.
That’s the latest out from Willy Woo.
Willy Woo is the O.G on-chain Bitcoin analyst.
He came up with many of the on-chain analytics we use today.
This week, he pointed out Bitcoin is facing nothing short of a supply shock.
In his latest post, Woo pointed out that Bitcoin reserves on exchanges have plummeted.
If you look at the analytics, he’s not wrong:
Bitcoin supply on exchanges is falling, fast.
Short-term traders are selling off, but someone - or something - is scooping up those Bitcoin at an alarming rate.
I wonder who could be buying…?
Michael Saylor right now
Jokes aside, it’s pretty clear that coins are moving from short-term holders to long-term holders.
Holders like Michael Saylor, MicroStrategy & the Bitcoin ETFs.
What does this mean?
When Bitcoin supply on exchanges drop, it’s a sign that buyers are pulling coins off exchanges to put into cold storage.
This indicates they plan on holding them for the long term.
In simple terms:
More demand + Less supply = Higher prices.
Bitcoin is the only asset on Earth where its supply remains fixed, no matter how much its price rises.
You cannot print more Bitcoin.
Welcome to supply shock. Prepare for fireworks. 🎇
ETHEREUM SETS A NEW RECORD 🤑
The inflow streak is now up to eight!
Last week Digital asset funds saw $270 million in net inflows.
That’s a notable drop off compared to prior weeks…
But, inflows are still inflows!
And this also brings year-to-date inflows to a new record of $37.3 billion.
What’s that?
Bitcoin wasn’t the inflow king for once?
Yep…
Ethereum actually came out on top last week with net inflows of $634.4 million.
This marks a dramatic turnaround in sentiment and also brings brings year-to-date Ethereum inflows to $2.2 billion.
Which means Ethereum finally beat its 2021 inflow record of $2 billion.
XRP also had an incredible week, experiencing net inflows of $95 million. (It’s largest inflow ever)
Whilst Bitcoin had a rough week, seeing net outflows of $457 million.
As usual, the focus was still on the US, which saw inflows of $266 million.
Hong Kong, Germany and Australia also experienced inflows of $38.7m, $12.3m and $9.5m respectively.
Whilst Switzerland, Sweden and Canada all saw outflows of $26.2m, $16.6m and $10m respectively.
Last week was a little different to say the least…
We had both Ethereum and XRP seeing more inflows than Bitcoin.
One explanation for this is the large amount of profit taking we saw as Bitcoin approached $100,000.
Remember, this is a MASSIVE psychological barrier and it’s going to take a lot to break through it.
Also there’s been rising expectations that we’ll see a US XRP ETF launch next year
How can you not be extremely bullish for crypto in 2025?
CRACKING CRYPTO 🥜
WisdomTree joins race for spot XRP ETF as 4th filing amid impending SEC leadership change. WisdomTree joins race for SEC approval as XRP's market cap surges past $135 billion.
Coinbase Plugs Apple Pay Into Its Fiat 'Onramp' for Third-Party Crypto Apps. The integration means self-custody wallets and the like can now let users pay for crypto purchases with the popular app included by default on every iPhone.
US gov’t transfers $1.9B BTC seized from Silk Road to Coinbase Prime. A wallet that contained Bitcoin associated with the 2021 seizure from an individual who stole crypto from the Silk Road marketplace has moved.
Bernstein believes Ethereum ETF staking yield is likely to be approved under crypto-friendly 'Trump 2.0' SEC. Analysts at Bernstein said that despite ether’s underperformance this year, the risk-reward ratio is now attractive.
WHAT WE’RE READING 📚
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Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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 considered the first altcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Namecoin 🥳
The very first altcoin to be forked from Bitcoin was Namecoin. Namecoin was introduced in April 2011 and based on Bitcoin's source code.
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