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- 🥜 Why is Bitcoin Pumping?
🥜 Why is Bitcoin Pumping?
PLUS: Massive ETF Inflows
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What we’ve cooked up for you today…
🤔 Why is Bitcoin pumping?
💪 There is no second best
🌊 Inflows not slowing down
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:30am ET
Only the top 20 coins measured by market cap feature in this section
WHY IS BITCOIN PUMPING? 🤔
BREAKING: Bitcoin crosses $50,000 for the first time in over two years
Do you remember the last time Bitcoin traded above $50,000?
It was the 27th of December 2021.
778 days ago…
And just to show you how different Bitcoin was the last time we hit $50k, checkout this post from @MitchellHODL
This time really is different.
But why is Bitcoin pumping? 🤔
Simple.
The Halving is only 68 days away
And the ETFs are purchasing a sh*tload of Bitcoin every single day
Everyone underestimated the amount of Bitcoin that the ETFs would be purchasing daily.
At this rate, supply cannot keep up with demand. (more on this in the next two sections)
To top it off, all of this is happening whilst the google search trends for “Bitcoin” still looks like this:
Retail still isn’t paying attention yet.
If you’re here, reading this. You’ve won.
We’re still early. 😎
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THERE IS NO SECOND BEST 💪
Have you ever found yourself wondering:
“Bitcoin is pretty good but what’s the second best crypto asset?”
If this is you, do yourself a favour and watch this video.
Yesterday, the king of Bitcoin - Michael Saylor appeared on CNBC for a quick interview.
Saylor once again broke down why Bitcoin is the apex investment.
When asked about his outlook on Bitcoin, this was Saylor’s response:
“It’s now the worlds most popular investment asset. It’s novel. It’s digital. It’s global. It’s unique. And it’s uncorrelated to traditional risk assets because it doesn’t come with exposure to any given country, currency, company, quarterly result, product cycle, competitor, not to weather, not to war, not to an employee base or supply chain”
For these reasons, Saylor believes Bitcoin is a natural addition to the portfolio of any responsible investor.
Going further, this is the future of Bitcoin according to Saylor:
The next 10 years represent the “Bitcoin Gold Rush Era” ⛏️
Demand will continue to increase while supply continues to constrict 📈
Fear, uncertainty & doubt will diminish 😄
Distribution, awareness, & regulatory clarity will mature 👨⚖️
Saylor also praised the launch of the Bitcoin ETFs, which now allow mainstream investors to enter the market.
As a result, demand for Bitcoin has dramatically increased:
“People are beginning to realise that there’s 10 times as much demand for Bitcoin coming in through these ETFs as there is supply coming from the natural sellers who are the miners”
The best part?
The Bitcoin halving hasn’t even happened yet.
We’re about to witness an insane supply shock.
Are you ready? 😎
INFLOWS NOT SLOWING DOWN 🌊
Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)
And it was another MASSIVE week.
Last week saw net inflows of $1.12 billion.
This brings year-to-date inflows to $2.7 billion.
What’s more is that assets under management is at its highest point since early 2022 at ~$59 billion.
If you’re new around here, or not quite sure what we mean by digital asset investment products, checkout this short article.
Breaking these flows down by asset, Bitcoin once again stands out. (is anyone surprised by this?)
Last week Bitcoin experienced net inflows of $1.09 billion. (98% of inflows)
But it was also a notable week for Ethereum and Cardano, with net inflows of $16.5m and $6.1m respectively.
Regionally, the United States once again dominated the inflows.
Last week the US experienced net inflows of $1.11 billion.
Germany and Canada had minor outflows out $17.2m and $10.3m respectively.
Whilst Switzerland saw net inflows of $38.9 million.
As you can expect, a majority of the action is still focused on the US Bitcoin ETFs.
According to CoinShares, outflows from Grayscale have slowed down considerably.
However, there is still the potential sale of Genesis’s Grayscale holdings valued at $1.6 billion on the horizon…
CoinShares also notes that inflow momentum for the Bitcoin ETFs is not slowing down.
In fact it’s only getting faster… 🔥
CRACKING CRYPTO 🥜
Grayscale, DCG stand against Genesis plan to liquidate $1.6 billion in trust shares. Crypto companies Digital Currency Group and Grayscale push back on bankrupt Genesis' $1.6 billion asset sale plan.
Bitcoin soaring past $50K without retail FOMO and high leverage is good for BTC. Bitcoin price enters ‘Up Only’ mode as BTC hits $50,000 for the first time in 2 years.
Crypto players skip Super Bowl ads, plot other marketing opportunities. Coinbase launched spot and print advertisements on Monday highlighting “the inefficiency of physical money.”
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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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”)
Which of the following USD Stablecoins is currently the largest, measured by market cap? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) USDT 🥳
USDT is the largest stablecoin with a market cap of ~$96.5 billion.
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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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