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- 🥜 Why Crypto is crashing
🥜 Why Crypto is crashing
PLUS: Supply Shock Time
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We’re the crypto newsletter that's as captivating as the adventures of a fearless archaeologist seeking ancient artifacts... 🏺👻
What we’ve cooked up for you today…
😢 Outflows are back
⚡️ Time for the supply shock
🌊 Fund flow check in
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:10am ET
Only the top 20 coins measured by market cap feature in this section
OUTFLOWS ARE BACK 😢
BREAKING: Monday sees net outflows of $85.7 million for the Bitcoin ETFs
Why is the crypto market crashing? 🤯
Well - after four consecutive days of inflows for the ETFs, outflows have returned.
Monday, April 1st, saw net outflows of $85.7 million.
Once again largely due to Grayscale, who experienced net outflows of $302.6 million.
(larger than expected - perhaps due to the previous week only having four trading days.)
Here’s the breakdown:
BlackRock IBIT: $165.9 million 🥇
Fidelity FBTC: $44.0 million 🥈
Invesco Galaxy BTCO: $4.2 million 🥉
And here’s another way to visualise the data:
Source: HODL15Capital
ARK Invest also had their first outflow day, with $0.3 million leaving the fund.
With today’s net outflows, Grayscale still has 329,249 Bitcoin.
Surely they’ll adjust their fee structure before all of their clients leave…
The markets also didn’t like these outflows, with Bitcoin dropping to ~$66,700.
This was likely a slow day due to the Easter weekend…
Let’s see if the trend reverses tomorrow... 🔄
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TIME FOR THE SUPPLY SHOCK ⚡️
We’ve witnessed the demand shock from the ETFs.
Now it’s time for the supply shock with the halving.
That’s the latest out from Anthony Pompliano.
In his latest interview, Pompliano broke down Bitcoin’s record quarterly performance:
“We just had the highest weekly, monthly and quarterly close for Bitcoin. The last four times that has happened, Bitcoin has appreciated at least 300% through the rest of the bull market.”
Bitcoin setting a new all-time high AND locking in it’s greatest ever monthly close before the halving is unprecedented.
The bull market is well and truly here. 🐂
But according to Pompliano, things are only going to get better:
“The demand shock has happened [Bitcoin ETFs]. And now we are going to have the supply shock. It’s hard to see how the price doesn’t continue to go up.”
Closing out the interview, Pompliano made a comparison between the US dollar and Bitcoin - it’s not even close…
As the current economic conditions worsen, Pomp believes that Bitcoin (and crypto) is that last bit of hope.
“If you look at the United States dollar, it’s lost 25% of it’s purchasing power since 2020. Bitcoin is up 800% since that same time period. We are watching a global store of value be adopted.”
FUND FLOW CHECK IN 🌊
Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)
And inflows are back!
Last week saw net inflows of $862 million.
This brings year-to-date net inflows to $13.12 billion.
As always, a majority of the flows came from Bitcoin.
Last week Bitcoin experienced net inflows of $865 million.
Ethereum had a poor week with $18.9 million in outflows.
You probably guessed it…
The United States dominated weekly flows, with $897 million coming in.
Canada, Switzerland and Germany all experienced net outflows of $20.3m, $15.6m & $10.5m respectively.
However, Brazil and Australia saw net inflows of $2.9m and $1.5m.
Last week was a much better week for the ETFs (compared to the week prior).
It’ll be interesting to see what happens this week.
Although it hasn’t been the greatest start, with net outflows of $85.7 million.
CRACKING CRYPTO 🥜
Coinbase CFO believe Ethereum is unlikely to be classified as a security. Coinbase CFO Alesia Haas denied that Ethereum (ETH) is a security on April 1.
Tether boosts Bitcoin reserves with latest acquisition. The acquisition makes Tether the seventh-largest Bitcoin holder.
Solana breaks $200 as memecoin and airdrop interest continue. Solana crossed the $200 mark for a few hours Sunday night, recapturing the threshold for just the second time since 2021.
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 did infamous ponzi scheme "BitConnect" shut down? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) January 2018 🥳
On January 17, 2018, Bitconnect shut down, and BCC prices crashed by 92% immediately after.
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