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- 🥜 too much demand
🥜 too much demand
PLUS: ETFs taking over
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What we’ve cooked up for you today…
💰 The ETFs are taking over
📈 There’s too much demand
🌊 HODLer breakdown
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:05am ET
Only the top 20 coins measured by market cap feature in this section
THE ETFs ARE TAKING OVER💰
BREAKING: Fidelity sets new daily inflow record
The ETFs continue to dominate with total daily inflows of $472.5 million.
This was despite $374.8 million in Grayscale outflows.
Checkout the daily flows in the table below:
But the biggest news of the day came from Fidelity.
Fidelity set a new daily inflow record with $473.4 million. 😱
That’s massive.
In fact, it was basically double BlackRock’s inflows for the day.
Also, just to show how BIG these ETFs are getting, we’ve got some interesting charts to show you.
Did you know that BlackRock only needs 5,468 more Bitcoin to match MicroStrategy? 🤯
That’s an insane accomplishment considering they’ve only been live for ~2 months.
Fidelity’s not too far off either…
The next chart shows the amount of Bitcoin that BlackRock has been purchasing daily.
The orange horizontal line is the amount of new Bitcoin entering the supply.
BlackRock alone has purchased more Bitcoin than what is being produced every single day.
What a crazy stat.
The Bitcoin halving is only going to make this supply / demand equation even more nuts. 😎
Less than 40 days to go now… 🕒
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THERE’S TOO MUCH DEMAND 📈
Bitcoin could reach $150,000 within the next year.
For those of you who don’t know Tom Lee, here’s a quick rundown on some of his credentials:
Managing Partner and Head of Research at Fundstrat Global Advisors
25 years of experience in equity research
Top ranked by Institutional Investor every year since 1998
Appearing on CNBC for an interview, Lee was quick to give his Bitcoin price prediction:
“Sometime in the next 12 - 18 months, Bitcoin could be over $150,000. That’s because the backdrop for Bitcoin is much more favourable today.”
Lee had three key reasons for this price prediction:
“We’ve got more visible demand from the spot ETFs and we know the supply dynamic is improving with the halving coming up… And Bitcoin’s already faced the peak of regulatory backlash.”
The Bitcoin ETFs are essentially the regulatory stamp of approval for Bitcoin.
Institutional grade investors finally have access to Bitcoin. That’s why we’ve been seeing wild price movements.
Two days again, BlackRock alone saw net inflows of $788 million…
Lee explains that the market is currently out of balance. There’s a crazy amount of demand and not enough supply being produced to match it.
“As long as there’s strong spot demand and there aren’t eager sellers, you do have a market that’s out of balance. There’s too much demand for Bitcoin and not enough supply created.”
It comes down to simple economics.
In scenarios where demand heavily outweighs supply, the price HAS to go up to accomodate. 🚀
HODLER BREAKDOWN 🤑
It’s time to check in on the supply of Bitcoin last active 1+ years ago.
We love this chart. It’s simple to understand and extremely useful.
It categorises coins based on how long it’s been since they last moved on-chain. (as a percentage of the circulating supply)
Metrics rising: long-term holders are accumulating coins 📈
Metrics declining: long-term holders are selling coins 📉
Taking a look at the chart below you’ll notice significant dips in these metrics when Bitcoin reaches new all-time highs. (especially with the 1+ year age band)
Here’s the breakdown for each cohort (compared to what it was 2 weeks ago):
🔴 Supply last active 1+ years ago: 68.09% (down from 68.87%)
🟠 Supply last active 2+ years ago: 55.96% (down from 56.49%)
🟢 Supply last active 3+ years ago: 44.91% (up from 44.45%)
🔵 Supply last active 5+ years ago: 31.62% (up from 31.58%)
The 1+ and 2+ age bands have slightly decreased.
But the 3+ and 5+ age bands have slightly increased.
However looking at the chart above, you’ll notice that all metrics are still incredibly close to their all-time highs.
As Bitcoin just set a new all-time high, some long-term holders took the opportunity to lock in profits. Checkout yesterday’s newsletter for a deeper dive into this.
Long-term conviction in Bitcoin is (essentially) still at all-time highs. 😎
Who on earth is selling just before the halving?
We certainly aren’t…
CRACKING CRYPTO 🥜
Fed chair Powell confirms regulator has no plans to recommend, adopt CBDCs. Jerome Powell told lawmakers the Fed has no plans to introduce a CBDC without explicit Congressional authorization.
Bitcoin retail interest returns, pushing BTC spot trading volume to 12-month high. Along with the growing retail interest, Bitcoin transfers to Coinbase have also started to surge. Are investors preparing to take profit?
FTX, BlockFi score tentative settlement agreement. The settlement between FTX and BlockFi, which also involves affiliated debtors, remains subject to court approval.
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”)
When was the first Bitcoin Halving event? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) November 2012 🥳
The first bitcoin halving occurred in November 2012. The following halving was in July 2016, and the most recent halving was in May 2020.
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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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