A Million Count For Bitcoin ETFs 🧮
Global Bitcoin ETFs hold over 1M BTC. ETFs markets to grow to $450B, Bernstein report. Record $14.9B inflows in 2024 so far. Beware of the Mt.Gox BTC fire sale. YouTube co-founder’s Pajamas on Solana.
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Global Bitcoin ETFs hold over 1 million Bitcoin.
That's 5% of the circulating BTC supply worldwide, and worth over $70 billion.
US dominates with more than third of the ETFs holding, over 850k BTC
Grayscale and BlackRock lead the pack: Over half of all the Bitcoin in Bitcoin ETFs, with nearly 300,000 BTC each.
Bitcoin holdings number crunching
Outside the US
BTCetc Bitcoin Exchange Traded Crypto (BTCE): 22,490 BTC (Germany)
Bitcoin Tracker Euro (COINXBE): 17,830 BTC (Sweden)
Bitcoin Tracker One (COINXBT): 14,580 BTC (Sweden)
7 Hong Kong Bitcoin ETFs: 5,789 BTC (combined)
Hashdex (HASH11): 7,900+ BTC (Brazil)
Bitcoin and Ether ETF markets expected to grow to $450B
Analysts Gautam Chhugani and Mahika Sapra, from Bernstein research.
“This would signify flows exceeding $100 billion over the next 18-24 months into crypto ETFs.”
The broker predicts a bitcoin cycle high of $150,000 in 2025, and has a year-end price target of $90,000.
Digital Assets year-to-date inflows record $14.9 billion
According to CoinShares, digital asset investment products saw cumulative flows representing an all-time record of $14.9 billion for the year so far.
Saylor says what?
Now the Bitcoin ETFs holdings are nearly five times the size of Michael Saylor’s Bitcoin stash.
Saylor said: “The single most important thing that happened in this epic was the approval of the spot Bitcoin ETFs … That was the crossing of the chasm which said that Bitcoin is not a multi-one hundred billion dollar asset class, bitcoin is a ten to 100 trillion dollar asset class.”
He believes this marks Bitcoin's transition from a "multi-hundred billion dollar" asset class to a potential $10 trillion to $100 trillion giant.
Millennium is exploiting Bitcoin with ETFs?
Millennium invested $2 billion in Bitcoin ETFs, including BlackRock's offering.
But, this move isn't necessarily a bullish signal for Bitcoin. Analysts suspect Millennium is executing a "basis trade."
What's a Basis Trade? It's a strategy to profit from price differences between Bitcoin's spot price (current market price) and its futures price (predetermined price for a future date) on exchanges like CME.
So, why not just buy Bitcoin directly? The basis trade allows Millennium to potentially profit regardless of whether Bitcoin's price goes up or down.
This is because the spot and futures prices are expected to converge eventually. When Bitcoin futures become more expensive than the spot price (due to high demand), there's a temporary price gap.
Millennium might be betting on this gap closing, allowing them to pocket the difference.
Read: Basis Trading: Definition, How It Works, Example
Block That Quote 🎙️
Silk Road founder Ross Ulbricht.
"Thank you. Thank you. Thank you.”
That’s Ulbricht expressing his gratitude towards former President Donald Trump for promising to commute his life sentence if re-elected.
Trump pledged to support the crypto industry and commute the sentence of Ross Ulbricht on day one.
The audience at the Libertarian Convention cheered for nearly half a minute in support of freeing Ulbricht.
Read: 'Give Me Liberty, or Give Me Death!' 🤌
Ulbricht is currently serving a life sentence without parole for his involvement in Silk Road, a dark web marketplace tied to Bitcoin's early history.
It’s been a long time.
Justin Sun also wants Trump?
Beware Of The Mt.Gox Fire Sale
Bitcoin falls after Mt. Gox wallets move over $9 billion worth of BTC.
The failed bitcoin exchange moved over 140,000 Bitcoins from Mt. Gox wallets to a single unknown address early Asian morning hours on Tuesday.
The market reacted negatively, with Bitcoin dropping 1.4% to $67,680 after reaching a high of over $70,000 on Monday.
Details of the transfer: As per blockchain sleuths at Arkham Intelligence, all of Mt. Gox's Bitcoin was consolidated in a single new address over several transactions.
This is the first transfer out of the Mt. Gox-related cold wallets since July 2019.
What's the story?
Mt. Gox was at one point by far the world's biggest bitcoin trading platform. Handling 70% of global transactions at its peak.
Founded by Jed McCaleb, it began offering Bitcoin trading in 2010, he later sold it to Mark Karpelès in 2011.
Between 2011 and 2014, the exchange experienced faced numerous challenges - hacking incidents, service disruptions, and regulatory pressure to shut down.
In 2014, Mt. Gox filed for bankruptcy after a hack resulted in the loss of 850,000 BTC - worth $450 million at the time and nearly $58 billion now.
Since then some 200,000 BTC has been recovered.
Many creditors are still waiting to be repaid. They have been waiting 10 years to get some of their bitcoin back.
In September last year, Nobuaki Kobayashi, the trustee overseeing the Mt. Gox estate, extended the deadline for repaying its creditors by a year to October 31, 2024.
This is a long-awaited repayment plan for Mt. Gox creditors, investors fear a potential sell-off by creditors receiving their Bitcoin.
Mt. Gox stated in the latest official announcement said that they have not yet made direct repayments of BTC or BCH through designated cryptocurrency exchanges, nor have they sold BTC and BCH to make repayments from the proceeds.
Former Mt. Gox CEO Mark Karpelès expressed a similar view.
In The Numbers 🔢
$110 million
Grayscale’s Ethereum ETF outflow prediction by Kaiko.
If Grayscale's Ethereum ETF follows its Bitcoin Trust's path, this could happen in the first month according to the report.
Grayscale's Ethereum product (ETHE) is currently the largest ETH investment vehicle with over $11 billion in assets under management.
Why the Outflows? When Grayscale's Bitcoin Trust converted to an ETF, investors redeemed 23% of their holdings.
Saw outflows of $6.5 billion during the first month of trading.
This might happen with the Ethereum ETF too, as the discount to its value narrows.
Discount Disappearing: Grayscale's ETHE currently trades at a discount, but that's likely to shrink once it becomes an ETF. This could incentivise investors to redeem their shares.
YouTube Co-founder’s Pajamas on Solana
Remember the very first cat video uploaded to YouTube in 2005? The one featuring a feline named Pajamas grooving to Nick Drake?
Well, that video is now the inspiration behind a memecoin with a market cap exceeding $25 million.
Steve Chen, YouTube's co-founder and former CTO, has surprisingly emerged as a champion for this memecoin project called Pajamas (PAJAMAS).
Chen wasn't initially involved with the project, but after being tagged by numerous users, he decided to invest.
He reportedly dedicates a significant amount of time (80-100 hours a week) to supporting it.
The memecoin runs on the Solana blockchain and pays homage to Chen's upload, a pivotal moment in internet history (and feline entertainment).
Sadly, Pajamas the cat is no longer around, but its legacy lives on in the digital currency realm.
The Surfer 🏄
A crypto wallet linked to Donald Trump holds $10 million worth of assets. The wallet's holdings include $7.12 million worth of MAGA tokens and 463.441 ETH. The wallet previously sold off $2.4 million worth of ETH in December 2023.
Investor turns $2,700 of Shiba Inu into $1.2 million by holding it for over three years. Purchased around 48 billion SHIB for 2 WETH in January 2021. Sold SHIB for $1.24 million, a 47,592% increase of the initial investment.
Total value locked (TVL) on TON blockchain surpasses $300 million. TVL has increased over tenfold since early March. 1 million wallets onboarded during token generation event for Notcoin game.
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