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- 🥜 Why Bitcoin is crashing
🥜 Why Bitcoin is crashing
PLUS: BlackRock Is Bullish
GM to all 37,106 of you. Crypto Nutshell #204 chillin’ out.🍹 🥜
We’re the crypto newsletter that's more vibrant than a candy mogul offering a golden ticket to his factory... 🍫🎟
What we’ve cooked up for you today…
✋ Vanguard blocks Bitcoin
🪨 BlackRock is bullish
🤔 How many wallets are there?
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:20am ET
Only the top 20 coins measured by market cap feature in this section
VANGUARD BLOCKS BITCOIN ✋
BREAKING: Investment giant Vanguard blocks clients from buying bitcoin ETFs
Vanguard has blocked customers from purchasing newly approved Bitcoin ETFs.
(Vanguard is the 2nd largest asset manager in the world, behind BlackRock.)
On day 1 of the ETFs, Vanguard customers were hit with a curveball.
Attempting to purchase any of the Bitcoin ETFs would result in a "trade cannot be completed" warning.
A Vanguard spokesperson gave the following reason for this decision:
“Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.”
Twitter posts began popping up everywhere of customers closing their Vanguard accounts.
However, ETF analyst Eric Balchunas believes Vanguard’s stance will soften in the coming years:
“Vanguard’s decision to bar trading in new spot Bitcoin ETFs on its platform is on-brand for the firm but a position that we think may soften in the coming years as it looks to grow the advisory business”
This move from Vanguard becomes even more strange when you consider the fact that customers were allowed to purchase GBTC before it became an ETF…
Where’s the consistency? 🤨
As it stands, Vanguard has no plans to launch their own Bitcoin ETF.
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BLACKROCK IS BULLISH 🪨
“It’s an asset class that protects you.”
That’s what the CEO of the world’s biggest asset manager said today about Bitcoin.
Larry Fink is the CEO of BlackRock, the world's largest asset manager. They currently have over $10 trillion in assets under management.
They are a behemoth in the financial world.
Today, Fink was interviewed by CNBC. They spoke about the launch of BlackRock’s Bitcoin ETFs & the future of crypto.
Safe to say - he’s bullish.
Here are 4 highlights from the interview:
1. Larry Fink is now a big believer in crypto
To begin the interview, Fink acknowledged he was first against crypto, but has come around to it.
“For the first 3 years of thinking about it - I was a naysayer. Then about 2 years ago, I switched. As I said, I’m a big believer.”
2. In Fink’s view, Bitcoin is digital gold
Fink believes that Bitcoin is a risk-off asset. An asset that can protect against not only inflation, but also geo-political risks.
“I believe it goes up if the world is more frightened and fearful of the geo-political risks. It is no different to gold and what it represented for over 1,000 years. It is an asset class that protects you.”
3. Bitcoin is superior to gold
Fink pointed out, in contrast to gold, Bitcoin has a definite, limited supply.
“Unlike gold, we manufacture gold. We are almost at the ceiling of the amount of Bitcoin.”
4. Fink sees value in having an Ethereum ETF
Fink was asked if he believes the SEC will approve an Ethereum ETF.
Just a reminder - BlackRock has an active Ethereum ETF application with the SEC.
Their current win-to-loss ratio with ETF approvals is 576 wins to 1 loss.
“I see value in having an Ethereum ETF. As I said, these are just stepping stones towards tokenization. I really do believe this is where we are going to be going.”
It’s incredible to see the CEO of the world’s largest asset manager speak so positively about crypto.
With the Bitcoin halving coming up in April & Ethereum ETF deadlines in May, all dips should be viewed as gifts. 🫡
HOW MANY WALLETS ARE THERE? 🤔
Another nice and simple one for you.
Today we’ll be taking a look at the number of addresses with a non-zero balance.
This metric is really useful. It provides a high level overview of the Bitcoin Network’s user base/activity.
Increasing number of addresses: indicate increased adoption levels. This goes hand in hand with expanding on-chain activity 📈
Decreasing number of addresses: indicate users are purging their entire wallet balance (major sell-offs) 📉
This metric has basically always been trending up. (besides the large drop in early 2018)
As of today there are 51,486,06 addresses with a positive balance. (1 satoshi counts btw) 😱
This is just shy of the all-time high at 51,752,681 addresses.
Here’s the interesting part though. 2023 saw the rate of growth of this metric rapidly increase.
2023: this metric increased by 8,223,644 addresses
2022: this metric increased by 3,615,236 addresses
The Bitcoin Network continues to expand every single day. 📈
Expect to see this metric continue to exponentially rise as we continue deeper into the bull run. 😎 🐂
CRACKING CRYPTO 🥜
Jim Cramer calls "major top" for Bitcoin a week after praising its growth. Jim Cramer, the outspoken host of CNBC’s “Mad Money,” recently sparked discussions in the financial community with his latest views on Bitcoin
Vanguard among MicroStrategy’s largest shareholders, indirectly exposed to Bitcoin. Vanguard Group Inc. held over 1 million shares of MicroStrategy stock in September, giving it indirect exposure to Bitcoin's price.
Bitcoin ETF fee war continues as Franklin Templeton undercuts Bitwise. The financial services giant undercut a previous low mark set by Bitwise, a day after the first spot BTC funds launched in the US.
BlackRock CEO Larry Fink Backs Ether ETF. The asset management giant may now be looking to list an equivalent product for ether, the native token of the Ethereum blockchain, as part of its ongoing journey toward tokenization.
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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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”)
The Bitcoin ______ is the set of rules that define how the Bitcoin system operates. |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) Protocol 🥳
The Bitcoin protocol is the set of rules that define how the Bitcoin system operates.
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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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