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- 🥜 This is insanity
🥜 This is insanity
PLUS: Is Bitcoin Overvalued?
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What we’ve cooked up for you today…
💰 This is insanity
🏦 Wall Street can’t get enough
🤑 We’re only getting started
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:45am ET
Only the top 20 coins measured by market cap feature in this section
THIS IS INSANITY💰
BREAKING: Spot Bitcoin ETFs break all-time high daily flows as Bitcoin’s price goes nuts
Ok. This is seriously getting out of hand now.
Turns out they were just warming up.
Wednesday was WAY bigger in terms of flows and volume.
In fact it was the biggest day since day 1, clocking in at $673.4 million net inflows. 😱
ETF analyst James Seyffart was asked on Twitter if he was surprised by these flows.
This was his response:
“I was bullish on these flows. But this is blowing away my expectations tbh. I thought we'd be talking about these numbers like 6 months from now.”
By every metric, these ETFs have completely blown all expectations out of the water.
And for anyone who called it a “sell the news” event, take a look at this chart…
As a result of the ETFs going nuts, Bitcoin’s price is exploding to match. (more on this in the next section)
It’s looking like it’ll break a new all-time high before the halving…
Which would be unprecedented.
We’re entering the “Banana Zone” as Raoul Pal would say. 😎
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WALL STREET CAN’T GET ENOUGH 🏦
Wall Street is scrambling to buy Bitcoin.
They finally realize it’s the only way to protect themselves against currency debasement.
That’s the latest message out from Anthony “Pomp” Pompliano.
Appearing on Fox Business, Pomp broke down just how insane things are about to get. (have already gotten?)
This really is the perfect storm. ⛈️
As Wall Street is entering the market, we also have the Bitcoin halving rapidly approaching.
Pomp had this to say:
“At the same time that the global financial world realised that Bitcoin might be an asset that they want to buy and they’re pouring billions of dollars into it. We’re about to see that network cut their daily production in half. Naturally you get a demand shock. You get a supply shock. Price has got to go up.”
Take a look at this.
The Bitcoin ETFs are purchasing roughly 11x the amount of Bitcoin being produced daily…
That’s an insane statistic.
When asked, what people should do with their excess cash right now, this is what Pomp had to say:
(remember this was on mainstream news)
“If you’ve got cash, the single most responsible thing you can do in the financial market at the moment is probably buy some Bitcoin… buying Bitcoin is a great way to hedge against the debasement of that currency.”
Going further Pomp explained:
“Around the world, governments are now over leveraged in terms of debt, they’re going to have to de-value their currencies… there’s only 21 million Bitcoin… There isn’t enough full Bitcoins for every millionaire to own, I think that’s going to keep driving the price up.”
And he’s not wrong.
Over the past two weeks, Bitcoin surpassed it’s all time high in 14 countries.
AND yesterday, Bitcoin exploded to a new all-time high in Australia…
Currency debasement is getting out of hand.
The answer?
Bitcoin. 😎
WE’RE ONLY GETTING STARTED 🤑
With Bitcoin pumping over the last few days - let’s take a look at the MVRV z-score.
This metric compares the market value to the realized value.
Market Value (Market cap): current price of Bitcoin multiplied by the circulating supply
Realized Value: the price at which each coin last moved multiplied by the circulating supply (check out yesterdays newsletter for a deep dive)
A market top (red zone) is categorised by market value being significantly higher than the realized value.
A market bottom (green zone) is categorised by market value being significantly lower than the realized value. (also the best time to scoop up cheap Bitcoin)
With Bitcoin’s recent price performance, MVRV has exploded.
Currently it’s at 2.67 😱
But what does this mean?
Well, the most important “zones” on this chart are the red (overvalued) and green zones (undervalued).
And as you can see, we’re currently closer to the green zone than the red zone.
Meaning, Bitcoin is far from overvalued.
But the coolest thing about this metric is that historically it has picked price highs to within 2 weeks.
So it’s definitely one we’ll be checking in on every now and then.
Here’s the key takeaway from this metric:
We’ve still got a LONG way to go this bull run. 😎😎
CRACKING CRYPTO 🥜
At $61,594 Bitcoin is at fair market price according to the power law model. Bitcoin exits the bear market as logarithmic model suggests current price is 'fair value.'
Coinbase users report zero balance bug as Bitcoin price taps $64K. Coinbase appears to be down, with widespread reports of zero account balances showing for users on web and mobile.
Bankman-Fried's legal team argues for leniency, citing philanthropy and character. Bankman-Fried, the disgraced founder of FTX, was convicted of seven counts of fraud and conspiracy last year.
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”)
What is the stock ticker for BlackRock's Bitcoin ETF? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) IBIT🥳
Crypto Nutshell readers… surely you got this one right…
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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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