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- 🥜 You only have 10 days
🥜 You only have 10 days
PLUS: Inflows are back
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What we’ve cooked up for you today…
😺 Everyone’s copying Saylor
📅 You only have 10 days
🤑 Inflows are back baby
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:30am ET
Only the top 20 coins measured by market cap feature in this section
EVERYONE’S COPYING SAYLOR 😺
BREAKING: Bitcoin miner Marathon Digital to raise $250M to buy more BTC
Well well well…
It sounds like Marathon Digital can’t get enough Bitcoin.
The largest Bitcoin miner in the world just announced plans to raise $250 million of convertible senior notes.
And just like Michael Saylor’s MicroStrategy, these funds will be used to purchase additional Bitcoin.
“MARA intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”
Fred Thiel, CEO of Marathon Digital posted the following to Twitter.
Marathon Digital already holds 20,818 Bitcoin, worth ~$1.2 billion at today’s prices and just shy of 0.1% of the total supply.
This puts them firmly in second place out of public companies that hold Bitcoin.
Sidenote:
Isn’t it ridiculous that MicroStrategy’s holdings are more than 10x that of second place Marathon’s?
Top 10 public companies that own Bitcoin
This latest move to raise capital for Bitcoin purchases is straight out of MicroStrategy’s playbook.
In fact, Marathon now joins Semler Scientific and Metaplanet who have both recently made similar moves.
(although this ones a little different because Marathon is already involved with Bitcoin but the point still stands)
$250 million is a lot of Bitcoin…
Do they know something that we don’t? 👀
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YOU ONLY HAVE 10 DAYS 📅
10 days.
With Bitcoin, that’s all you get.
That’s the message out from mathematician, Fred Krueger.
Fred Krueger is a mathematician out of Stanford University.
Over the last year, he’s turned into one of the most influential Bitcoiners in the space.
In his latest update, Fred gave us a warning. 🚨
“Almost all the returns of Bitcoin happen in 10 days or so in a year.”
Fred is referencing some of the work done by Tom Lee, a well known American entrepreneur and financial analyst.
In his analysis of Bitcoin, he found that all of Bitcoin’s gains are made within 10 days of each year.
Takeaway those days? Returns go negative. 📉
“One thing you need to keep in mind, Bitcoin makes most of its gains within 10 days of every year. If you take out the best 10 days in a single year, Bitcoin actually has negative returns.”
The takeaway?
Unless you are Nostradamus, trading Bitcoin is a terrible strategy.
You miss those 10 days? You’re toast. 🍞
“I think what the last week should teach you is that Bitcoin should only be held and never sold.”
When Bitcoin moves, it moves fast. 🚂
INFLOWS ARE BACK BABY 🤑
After one week of outflows…
Inflows are back!
Last week, Digital asset funds saw net inflows of $176 million.
Trading activity was also much higher than usual at $19 billion for the week. (weekly average this year is at $14 billion)
Hold on, what’s this?
Bitcoin wasn’t the inflow king last week?
That’s right, last week Ethereum actually came out on top with $155.4 million in inflows.
Bitcoin was miles behind with only $13 million in inflows for the week.
Bitcoin actually started the week with outflows but saw significant inflows towards the end.
Solana, XRP & Litecoin all saw net inflows of $4.5m, $0.7m & $0.1m respectively.
Last week was a bit of an outlier…
All regions actually saw inflows last week, and it was relatively spread out. (this doesn’t happen often)
The United States experienced net inflows of $89 million for the week.
Switzerland, Brazil and Canada all saw inflows totalling $27.8m, $17.1m & $3.4m.
Seems like there’s positive sentiment all around right now.
Expanding on that positive sentiment statement above…
Short-Bitcoin also experienced it’s largest outflow since May 2023, totalling $16 million.
That’s 23% of assets under management (AUM), reducing AUM to its lowest level since the start of the year.
That’s a big deal, and signals a complete sentiment shift from institutional investors.
Things may just be turning around…
CRACKING CRYPTO 🥜
El Salvador's Bitcoin City port transformation secures $1.6 billion investment. El Salvador secures historic $1.6 billion port investment from Turkish firm.
SEC Files Fraud Charges Against Promoters of NovaTech, Alleged $650M Crypto Pyramid Scheme. The SEC alleges that the scheme raised money from over 200,000 investors worldwide, many of them Haitian-Americans, following a similar suit filed in June by the New York Attorney General.
Crypto user fat fingers $90K fee for a $2K ETH transfer. An unknown user appears to have accidentally spent $89,200 to transfer just $2,262 in ETH.
Coinbase calls for SEC to rethink rule on decentralized exchanges, calling it 'irrational'. The U.S. SEC should withdraw its rule proposal that would loop in decentralized exchanges and start over, Coinbase's Paul Grewal argued.
WHAT WE’RE READING 📚
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