- Crypto Nutshell
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- 🥜 This is getting ridiculous
🥜 This is getting ridiculous
PLUS: Huge Coinbase outflows
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What we’ve cooked up for you today…
🤑 Longest active inflow streak
🏦 This changed their mind
📉 Huge Coinbase outflow
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:25am ET
Only the top 20 coins measured by market cap feature in this section
LONGEST ACTIVE INFLOW STREAK 🤑
BREAKING: BlackRock and Fidelity’s Bitcoin ETFs make history with record streak of inflows
BlackRock and Fidelity have recorded inflows every single day since launch.
That’s 59 days straight…
An absolutely incredible achievement.
To put that into perspective. It’s currently the longest active inflow streak for an ETF.
And the 18th longest inflow streak of all time.
ETF analyst Eric Balchunas stated that this is unheard of for a newly launched ETF.
The sheer amount of records the Bitcoin ETFs have broken is getting ridiculous…
In other ETF news, Grayscale’s outflows are once again increasing.
Yesterday, Grayscale experienced net outflows of $303.3 million.
As all other ETFs (besides Bitwise) had a relatively “poor” days, this resulted in overall outflows of $223.8 million.
Here’s the breakdown:
Bitwise BITB: $40.3 million 🥇
BlackRock IBIT: $21.3 million 🥈
ARK Invest ARKB: $9.3 million 🥉
Surprisingly, Bitcoin completely shrugged off this huge outflow as it’s currently trading just shy of it’s all time high…
Incredible strength. 💪
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THIS CHANGED THEIR MIND 🏦
$12 billion in ETF flows is only just the beginning.
We’ve got a long way to go.
That’s the latest out from Matt Hougan.
Matt Hougan is the Chief Investment Officer at Bitwise, the 4th largest Bitcoin ETF issuer.
He knows what he’s talking about when it comes to ETFs.
Speaking at Bitcoin Investor Day, Matt was asked the following question:
What changed TradFi’s opinion on Bitcoin? Was it just that the ETFs were approved or did other factors like price movement play a part?
This was his answer:
“It’s just ‘ETF gets approved’. That’s a huge deal. It’s ETF gets approved, it’s BlackRock’s in the market. This is not the Bitcoin of yesteryear, this is now considered an institutional asset.”
Continuing on, Matt added:
“I also think ETFs being approved and BlackRock coming in means that it’s not going to zero. Which is a material difference for these advisors. They are worried about looking foolish to their clients.”
Matt also explained what typically happens when a new ETF launches.
“What happens is there's a lot of excitement and flows initially. And then it actually just builds over time.”
Using GLD (first US gold ETF) as an example:
When GLD launched, it experienced record breaking inflows of $1 billion in the first week.
However as the years went on, assets continued to grow faster and faster.
With it’s largest inflow year being year 16 (2020).
When the Bitcoin ETFs were approved, retail investors, RIA’s and independent financial advisors finally had access to Bitcoin.
However, they have yet to be approved platform wide on Morgan Stanley, Wells Fargo etc.
Matt explained that old firms like these take time to approve new investment categories.
(Think of the amount of compliance meetings they’d have to go through… 🥱)
That’s why flows build over time.
Matt also commented on the great success of the ETFs and whats to come:
“We’re off to a great start, we’ve pulled in $12 billion in flows. But the US wealth management industry is $45 trillion…”
$12 billion out of $45 trillion…
That’s a ridiculously small percentage. (0.0267%)
But according to Matt, these ETF flows are only just getting started.
HUGE COINBASE OUTFLOW 📉
Today we’ll be taking a look at Coinbase’s Bitcoin balance.
As always, here’s how to interpret the chart:
Decreasing exchange balance: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balance: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Over the last 30 days, 85,000 Bitcoin have been withdrawn from Coinbase.
That’s over $6.07 billion at todays prices.
And it marks the second largest outflow ever for Coinbase over a 30-day period.
The largest being 86,000 Bitcoin withdrawn back in March 2021.
Since March 2020, Coinbase’s Bitcoin balance has been in free fall.
And since the launch of the ETFs, Coinbase experienced additional withdrawals of 120,000 BTC. (across February & March)
This brings their current balance to 294,000 BTC. Which is a significant drop from the 1 million BTC they held back in December 2020.
Clearly a majority of investors are looking to hold their Bitcoin for the long-term.
With this trend continuing, there simply isn’t that much Bitcoin available for sale.
And with the halving fast approaching, a supply shock is on the way.⚡
CRACKING CRYPTO 🥜
BlackRock and Fidelity's Bitcoin ETFs make history with record streak of inflows. Bloomberg ETF analyst Eric Balchunas observed on April 8 that two spot Bitcoin ETFs are among the 20 ETFs with the longest inflows.
SEC defers decision on Bitwise, Grayscale Bitcoin ETF options. The SEC has delayed its decision on whether to approve options trading of spot Bitcoin ETFs on the New York Stock Exchange.
What analysts say the bitcoin halving is set to do for MicroStrategy stock. One analyst nearly doubled his price target for MicroStrategy stock on Monday as industry watchers anticipate upward price action.
Crypto Market Cap to Double to $5 Trillion by Year-End. Brad Garlinghouse highlighted several macroeconomic factors behind the potential growth of the total crypto market value.
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 much did Beeple's record breaking NFT sell for? |
MEME CORNER 😂
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Trivia Answer: C) $69 million 🥳
In March 2021, Christie's opened bidding on Everydays at $100. A fortnight later, the sale closed at $69,346,250, shattering the world record price for an NFT.
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