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š„ Why isn't Bitcoin higher?
PLUS: Joe Biden vetoes
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What weāve cooked up for you todayā¦
š± Democrats do a 180ā¦ Againā¦
š¤Ø Why isnāt Bitcoin higher?
š Wallet check
š° And moreā¦
MARKET WATCH āļø
Prices as at 6:25am ET
Only the top 20 coins measured by market cap feature in this section
DEMOCRATS DO A 180ā¦ AGAINā¦ š±
BREAKING: U.S. President Biden Vetoes Resolution Overturning SEC Guidance
Ahhhhhā¦
Wasnāt everyone (including us) just talking about how the democrats did a 180 on crypto - referencing the Ethereum ETF approval as politically motivated?
Well apparently thatās not the case.
President Joe Biden has vetoed the House Joint Resolution that would have repealed the SECās Staff Accounting Bulletin 121 (SAB121).
(To be fair, Biden did threaten to veto this repeal prior to the vote)
For a recap on SAB121, checkout our previous newsletter here.
In short, SAB 121 is an anti-crypto rule put in place by Genslerās SEC to stop banks from holding crypto.
Crypto hates it.
Banks hate it.
Hereās what Biden had to say:
Senator Cynthia Lummis, who took the lead on repealing SAB121, had this to say:
āCongress gave this administration the opportunity to correct its position on crypto assets, but instead of listening to the will of the American people and reigning in the SEC, President Biden doubled down on his administrationās failed policies at the expense of the American consumers.ā
Bloomberg ETF analyst, James Seyffart summarised it well:
It looks like the Democrats wonāt be as pro-crypto as we initially thought.
At least the Ethereum ETFs were approvedā¦
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WHY ISNāT BITCOIN HIGHER š¤Ø
2024 has been a monumental year for Bitcoin.
The spot Bitcoin ETFs were approved. They launched. They smashed every ETF record possible.
Now, both political parties in the U.S support crypto.
Soā¦ why isnāt Bitcoin higher?
This week, Hunter Horsley gave us an answer.
Hunter Horsley is the CEO of asset manager Bitwise, one of the Bitcoin ETF issuers.
In an interview this week, Hunter got asked the question many of us are thinking:
āWhatās your take on why we havenāt hit, say, six-figures yet?ā
Hunterās answer gave a huge amount of insight into how institutions are approaching Bitcoin.
First, Hunter pointed out that current crypto participants follow prices very closely. (this would be us)
āA lot of people who have followed the space for a long time & are enthusiastic about the space, pay fairly close attention to what's happening day-to-day, week to week.ā
However, the Bitcoin ETFs have brought in a new type of investor.
Institutions & sophisticated investors.
They operate a little differently:
āThe traditional investment professionals do not operate on the same time frame. I'll give you an example. When we launched the Bitwise Bitcoin ETF, there's a firm that was incredibly excited about it. We sent them a note, saying the product is live. They said: āThis is incredible! We can finally put this in client portfolios. We're going to jump on this ASAP. Let's set up a call next month.'āā
This new class of investors operate on an entirely different timeline:
āI say that to give an illustration. ASAP means next month. Not later today or next week. That's what moving fast looks like for these firms.ā
However, despite moving slow, Hunter believes the impact of institutions should not be underestimated.
āI think that, absolutely the price of Bitcoin is going to be discovered this year, now that it's available to a much broader set of investors.ā
Finally, Hunter left us with a gem. š
He believes that 2024 only marks the beginning of Bitcoin moving from early adopters, to the early majority:
Still early. š£
WALLET CHECK š
Today weāll be taking a look at the number of addresses with a non-zero balance.
It provides a high level overview of the Bitcoin networkās user base/activity.
Keep in mind though, one wallet does not equal one user. A user can have many wallets.
What matters here is the trend of the chart.
Increasing number of addresses: increasing adoption levels š
Decreasing number of addresses: indicates users are selling their entire balance or consolidating wallets š
And notice how this chart has always been trending upwards?
A clear sign that the Bitcoin Network has expanded every single year.
As of today there are 52,708,344 addresses with a positive balance.
Two weeks ago this metric was at 52,575,685 wallets.
Thatās an increase of +132,659 wallets. š±
Simple takeaway from this data:
Bitcoin adoption continues to grow, and 2024 marks the start of the āinstitutional eraā.
15 years into its existence and the network is still expanding every single year.
Bullish. š
CRACKING CRYPTO š„
21Shares drops Ark from ETH ETF as remaining applicants meet SEC deadline. Six spot Ethereum ETF issuers submitted S-1 amendments on May 31, with 21 Shares critically dropping Ark Invest from its filing.
Bitcoin Breaks to Low End of Trading Range, but June Data Could Be Next Catalyst. Barring a big late move, May will still go down as a strong month for the world's largest crypto.
Ripple CEO says XRP ETF 'inevitable'. Ripple's Brad Garlinghouse claimed XRP exchange-traded funds are coming.
Vitalik Buterin Explains Why āBig Blockersā Lost the Bitcoin Scaling Wars. Ethereumās creator says the best way to prevent future disputes will require new technologies like ZK-SNARKs.
WHAT WEāRE READING š
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CAN YOU CRACK THIS NUT? āļø
Select your answer below and youāll be redirected to the results page. (answer explanation can be found after āMeme Cornerā)
What is the stock ticker for BlackRock's Bitcoin ETF? |
MEME CORNER š
Because what would the crypto world be without its share of memes?
Trivia Answer: C) IBIT š„³
BlackRockās Bitcoin ETF trades under the ticker IBIT
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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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