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- 🥜 Why the Bitcoin ETF war just begun
🥜 Why the Bitcoin ETF war just begun
PLUS: Coinbase is ready...
GM to all 32,092 of you. Crypto Nutshell #190 goin’ to war. 🪖 🥜
We’re the crypto newsletter that's more inspiring than a story of an underdog boxer getting a shot at the world title... 🥊🏆
What we’ve cooked up for you today…
👍 Coinbase is ready for the ETFs
⚔️ The Bitcoin ETF war is heating up….
📈 The expanding Bitcoin Network
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:15am ET
Only the top 20 coins measured by market cap feature in this section
COINBASE IS READY FOR THE ETFS 👍
BREAKING: Coinbase says it has extensively prepared for Bitcoin ETF approval
Coinbase has been gearing up to provide services for spot Bitcoin ETF applicants.
Multiple ETF applicants including BlackRock, Franklin Templeton and Grayscale have selected Coinbase Custody to manage their Bitcoin holdings.
VanEck has also mentioned Coinbase Custody as a possible additional custodian. However, they'll be going with Gemini initially.
“We have extensively prepared for ETF approval… Our systems have been designed and tested to handle added trading volume, increased liquidity and general increases in demand on our systems.”
The reason so many ETF applicants are opting for Coinbase Custody is simply due to the fact that they are regulated.
Set up as a trust company, Coinbase Custody is regulated by the New York Department of Financial Services and audited by Deloitte & Touche.
In other ETF news, multiple last minute amendments to ETF applications were filed early this morning. (we’ll break these down in the next section)
All signs are pointing to a wave of approvals on January 10.
This is a done deal. 😎
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THE BITCOIN ETF WAR IS HEATING UP ⚔️
Today was the final deadline for institutions to submit amendments to their spot Bitcoin ETF applications.
All the action was covered by Bloomberg ETF Analyst, Eric Balchunas.
BlackRock was the first to drop their amendment. This made them the first horse officially ready in the ETF race.
We then saw amendments from:
Valkryie
Bitwise
Fidelity
WisdomTree
Invesco
These contestants are now officially ready for the ETF war.
The action will begin on January 10th - the deadline for approvals.
There were 2 main highlights that came from the amendments.
The first was that institutions are trying to attract investors to their ETFs by offering favourable fee structures.
Here’s what we know so far:
Disclosed spot Bitcoin ETF Fees:
Grayscale - 2%
Valkyrie - 0.8%
ARK Invest - 0.8%
Fidelity- 0.39%
Invesco - 0.00% for the first 6 months and first $5 billion invested. Then 0.59% thereafter.
We know that the biggest asset managers in the world going to have a marketing war over Bitcoin.
Now we know they’ll also be having a war over fees.
All to try and attract investors to buy into their Bitcoin ETF.
The second highlight was a bombshell from Bitwise. 💣
They indicated they are ready to seed their ETF with $200 million dollars.
This is a massive 20x increase on BlackRock’s disclosed seed of $10 million dollars.
ETFs are a winner takes all market. Once a dominant ETF emerges, the bulk of investments flow to them.
This means we are going to see an all out war over Bitcoin from the biggest institutions in the world.
Who can get the most investors to buy into their ETF?
Get ready for early January. It is going to be explosive. ⚔️
THE EXPANDING BITCOIN NETWORK 📈
Today we’ve got a nice and simple one for you.
We’ll be looking at the number of addresses with a non-zero balance.
This metric is super useful as 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) 📉
From the chart above we can see that this metric has virtually always been trending upwards. Very rarely do we see a down trend (when these do happen they follow price all-time highs and are relatively minor).
As of today there are 51,617,188 addresses with a positive balance (even 1 Satoshi counts). 😱
That’s an all-time high by the way…
2023 has seen the rate of growth of this metric rapidly increase. The biggest reason for this increase was the introduction of Bitcoin Ordinals.
Ordinals are essentially NFT’s for the Bitcoin Network.
The Bitcoin Network continues to expand every single day. 📈
Expect to see this metric continue to exponentially rise as we continue into the bull run. 😎
CRACKING CRYPTO 🥜
Ark raises concern over Coinbase concentration in Bitcoin ETF filings days before potential approval. As the anticipation of the approval of a spot Bitcoin ETF finally comes to a head, the Ark 21Shares Bitcoin Trust has made 16 significant clarifications and additions to its S1 filing across several areas.
Republican lawmakers call for the removal of SEC’s Gary Gensler over bias and damage to the digital asset industry. In a bold move, U.S. Congressman Warren Davidson, with support from House Majority Whip Tom Emmer, has advocated for the firing of SEC Chair Gary Gensler in 2024, attributing his stance to alleged corruption and abuses of power.
VanEck launches media campaign after claiming it ‘would rather buy and hold Bitcoin’. Asset manager VanEck released a ‘Born to Bitcoin’ ad campaign on social media, featuring the ‘Buy Bitcoin’ sign a fan held behind Janet Yellen in 2017.
BlackRock names Jane Street, JPMorgan as authorized participants for its proposed bitcoin ETF. The disclosure comes amid rampant speculation about potential approvals for spot bitcoin ETF products in the US
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”)
What percentage of Bitcoin has been held for 1+ years? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) ~70% 🥳
Currently ~70% of Bitcoin has not been moved in over a year. Checkout yesterdays newsletter for the full breakdown.
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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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