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- 🥜 We're back baby
🥜 We're back baby
PLUS: ETH ETF Hope
Today’s edition is brought to you by Animus Technologies.
GM to all 58,219 of you. Crypto Nutshell #276 countin’ down. 🕒 🥜
We’re the crypto newsletter that's not as unnerving as waking up in a psychiatric hospital with no memory of how you got there... 🏥🤫
What we’ve cooked up for you today…
🤑 We’re so back
🏦 Ethereum ETF update
😢 The streak is over
💰 And more…
MARKET WATCH ⚖️
Only the top 20 coins measured by market cap feature in this section
WE’RE SO BACK 🤑
BREAKING: The ETFs finally record a net inflow day, after 5 straight days of outflows
The ETFs are back! 🥳
After 5 straight days of outflows, they’ve recorded a net inflow of $15.4 million.
(quite a small inflow, but you get the point…)
This was despite significant outflows from Grayscale at $350.1 million.
Fidelity came out on top:
Fidelity FBTC: $261.8 million 🥇
BlackRock IBIT: $35.5 million 🥈
Franklin Templeton EZBC: $20.5 million 🥉
The chart below show the daily flows of the Bitcoin ETFs.
Yesterdays inflows, whilst still positive, were way smaller than what we’ve been used to.
Regardless, it’s good to see the inflows resume.
Off the back of this good news, Bitcoin also had a standout day.
Breaking through $70,000 at the time of writing.
Things are once again looking good.
We’re so back. 😎
TOGETHER WITH ANIMUS 👾
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ETHEREUM ETF UPDATE 🏦
Last week we discussed how the Bloomberg analysts lowered their odds of an Ethereum ETF approval in May 2024.
The reason they believe the odds have decreased is due to a lack of communication from the SEC.
But, Craig Salm believes this is nothing to worry about.
Craig Salm is Grayscale’s Chief Legal Officer.
So it’s safe to say he knows what he’s talking about when it comes to the approval of the ETFs.
Salm explained that in the months leading up to the Bitcoin ETF approval, Grayscale and others had constructive conversations with the SEC.
These conversations were based around the finer details of how the ETFs would function.
“All of these issues were figured out and are identical when comparing spot Bitcoin to Ethereum ETFs. The only difference is rather than the ETF holding bitcoin, it holds ether. So in many ways, the SEC already has engaged and issuers simply have less to engage on this time.”
According to Salm, the SEC and regulators have already hashed out the finer details.
The only difference is that these ETFs will hold Ether rather than Bitcoin.
“Perhaps I will feel differently as we get closer to final approve/deny dates in late May 2024, but at this point, I don’t think perceived lack of engagement from regulators should be indicative of one outcome or another.”
Very interesting to see Grayscale’s CLO addressing the “lack of engagement” narrative.
We do agree with his take though.
There really isn’t that much new info that the SEC would need from issuers that it didn’t get from the BTC applications.
There is still hope we’ll see the Ethereum ETFs in May… 🤞
THE STREAK IS OVER 😢
Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)
Last week saw record weekly outflows of $942 million, ending the 7 week streak of inflows.
This brings year-to-date net inflows to $12.26 billion.
96% of the flows were from Bitcoin, which saw $904 million in net outflows.
Ethereum, Solana and Cardano also felt the pressure, seeing outflows of $34.2m, $5.6m and $3.7m respectively.
Funnily enough it was actually a good week for Polkadot ($5m) and XRP ($1.2m).
The US took on the lions share of outflows last week, seeing $860 million leave funds.
But poor sentiment was also experienced all around the world.
Sweden, Switzerland, Hong Kong and Germany experienced outflows of $36.9m, $25.2m, $35m and $4m respectively.
However, Brazil and Canada saw net inflows of $8.9m and $8.4m.
Last week was a rough week for digital asset investment funds.
The likely reason for this was the recent price correction led to hesitancy from investors.
This hesitancy led to much lower inflows into the new US ETFs.
However things are beginning to turn around. (as seen by today)
The 25th of March marked the end of the 5 day outflow streak for the US ETFs. (as mentioned earlier)
CRACKING CRYPTO 🥜
Why anonymous crypto wallets are NOT being banned in the EU. EU regulation sparks debate on crypto anonymity and financial freedom.
Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low. BTC reserves on Coinbase hit a nine-year low as Bitcoin accumulation resumes.
London Stock Exchange eyes crypto ETN listings in late May. The London Stock Exchange is looking to list crypto exchange traded notes by the end of May following a shift in stance by the FCA.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
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 type of network is the Bitcoin network? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Click to watch 😂
Trivia Answer: D) Peer-to-peer network 🥳
Bitcoin uses a proof-of-work system to form a distributed timestamp server as a peer-to-peer network.
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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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