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PLUS: ETF inflow streak hits 4
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What we’ve cooked up for you today…
🤔 Wisconsin to invest more?
🐓 It’s not slowing down
🔥 The streak hits four
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:05am ET
Only the top 20 coins measured by market cap feature in this section
WISCONSIN TO INVEST MORE? 🏦
BREAKING: Wisconsin Pension plan likely to invest much more in Bitcoin ETF, Marquette Professor says
Earlier this year through Q1 SEC filings it was revealed exactly who was purchasing the Bitcoin ETFs.
The State of Wisconsin Investment Board (SWIB) purchased $164 million worth of BlackRock’s IBIT and Grayscale’s GBTC.
This made SWIB the 6th largest IBIT and 13th largest GBTC holder.
It’s a big deal for a pension fund to jump onto a new ETF launch so soon.
Marquette University professor David Krause was interviewed by PBS Wisconsin to break this decision down:
“Wisconsin’s investment board has always been innovative… This is a fully funded pension fund so in a way, they have the luxury of being able to invest for the long term. They don’t need to worry as much about liquidity as, say, the pension fund for the state of Illinois, which is only funded at 50% of its level.”
But…
SWIB currently manages around $156 billion in assets.
Which means its Bitcoin holdings represent ~0.1% of its entire portfolio.
David Krause believes this is only the beginning:
“I think it’s just an entry point. I think they’re testing to see the reaction of the public to whether or not there’s resistance to owning this and they’re using it as a trial run, because it really is not going to impact the portfolio substantially, until you get to maybe a 1% or 2% positioning.”
Could other US states follow in Wisconsin’s footsteps?
We’ll have to wait until the Q2 filings are released to find out (mid July).
Click here to watch the full interview, but be prepared, it’s not the most entertaining…
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IT’S NOT SLOWING DOWN 🐓
The debt of the US government is growing at $1 trillion every 100 days.
And it’s not slowing down anytime soon.
(especially during an election year)
That’s the latest message out from Mike Novogratz.
Mike Novogratz is the CEO of Galaxy Digital, one of the Bitcoin ETF issuers.
In his latest interview, Mike broke down what’s next for Bitcoin and crypto.
Kicking the interview off, Mike explained what’s been holding Wall Street back from entering crypto all these years:
“What has stopped Wall Street at large from being a participant in the digital markets is regulatory uncertainty. It’s the fear that the FED is going to call and say: ‘No. You can’t do that.’ They feel that the SEC is going to be down their throat. As that goes away, you will see a stampede of Goldman Sachs, Morgan Stanley, Citibank and everybody else into this space.”
Regulatory uncertainty is the biggest reason we haven’t seen Wall Street enter crypto earlier.
The Winklevoss twins, co-founders of crypto exchange Gemini, actually filed for a spot Bitcoin ETF back in 2013.
More than 10 years later and they still don’t have a Bitcoin ETF…
However, now that BlackRock has entered the mix, the game has changed. But change doesn’t happen overnight:
“Now you’ve got hundreds of salesmen all around America who are learning the story themselves and picking up the phone and telling their clients ‘put 2% of your portfolio in this’, that conversation is starting to happen. This is a 10-year conversation, not a 10-week conversation.”
Mike also spoke on Bitcoin’s future price movements.
But first, here’s a wake up call for you:
US Debt is currently at ~$34.8 trillion.
Us Government Debt
And it’s growing by $1 trillion every 100 days…
With this in mind, this is what Novogratz had to say:
“We have a government that can’t stop spending money. On the left and on the right congress is failing us as citizens. They are spending too much. And that is the narrative for why Bitcoin goes higher. It’s the same narrative for gold and silver. That’s not going away.”
It’s that simple.
When the government prints money, Bitcoin goes up.
And the government is never going to stop printing money. 🖨️
THE STREAK HITS FOUR 🔥
Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)
And the inflow streak is now up to four!
Last week’s inflows came in at $185 million.
That brings May’s total inflows to $2 billion and year-to-date inflows just past the $15 billion mark.
As always, Bitcoin was the focus with $148 million in inflows last week.
Short-Bitcoin also experienced another week of outflows totalling $3.5 million. (sentiment remains positive)
Following the approval of the Ethereum ETFs, Ethereum saw it’s second week of inflows at $33.5 million.
Solana and Litecoin also experienced further inflows of $5.8m & $0.6m respectively.
Regionally, the inflows were dominated by the US which saw $130 million in inflows.
Switzerland experienced its second largest week of inflows this year at $36.8 million
Whereas Canada, Hong Kong & Germany also saw net inflows of $24.6m, $1.7m & $0.5m respectively.
May was a turnaround month for digital asset funds.
After suffering net outflows across April, May saw net inflows of $2 billion.
The biggest shift was the sentiment surrounding Ethereum, which finally broke its 10 week outflow streak.
The positive Ethereum news also seemed to have a ripple effect on Solana which has since seen consistent inflows.
Fingers crossed this inflow streak continues. 🔥
CRACKING CRYPTO 🥜
Spot Ethereum ETFs will legitimize crypto, lead to ETH supply crunch. Crypto accounting software firm Integral said on June 3 that ETH ETFs will produce an ETH supply crunch upon launch.
Qatar Central Bank launches first phase of CBDC project. The Qatar Central Bank has launched the first phase of a central bank digital currency project.
Bitcoin Sees Profit-Taking Around $70K Amid ‘Stubbornly Bullish’ Sentiment. On-chain data shows over 50% of Bitcoin supply remains inactive, a sign of strong long-term conviction in the asset.
Iggy Azalea Goes Full Solana With Mad Lads PFP as MOTHER Nears $90 Million Market Cap. Just days after launching MOTHER, rapper Iggy Azalea donned a custom Mad Lads PFP and continued bull-tweeting the meme coin.
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 hash function does Bitcoin use? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) SHA-256 🥳
This one may have been a bit tricky…
Bitcoin uses the SHA-256 algorithm as the network's Proof of Work algorithm for cryptocurrency mining
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