Bitcoin Bulls On The Move? ⬆️
Bitcoin Bulls On The Move? ⬆️
Bitcoin hits $48k, S&P 500 tops 5,000. Good things ahead? Analysts predict. Chinese miners head to Ethiopia. Bitcoin ETFs and halving dynamics. Super Bowl ads skipped.
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Markets... both the stock and crypto are doing well.
Bitcoin hits $48k.
S&P 500 breaks 5,000 for the first time.
Crypto market nears $1 trillion ($945B) valuation - not seen since Nov 21'
Crypto Gains: Bitcoin and ether saw notable increases, with bitcoin up 12% and ether rising by 9% over the week.
Stocks Are Up, Too: The S&P 500 closed above 5,000 for the first time, marking a 1.4% gain over five trading days. The Nasdaq Composite also saw a 1% rise at the close, up 2.4% for the week.
Why is crypto up? GBTC sales slowing + robust inflows into other ETFs.
Bitcoin ETFs witnessed $2.7 billion in inflows, boosting ETF assets to $10 billion.
See the drop👇🏻
What Predictions Then?
Some analysts are eyeing a $112,000 Bitcoin price target for 2024.
CryptoQuant CEO Ki Young Ju sees a potential $114 billion increase in Bitcoin's realised cap.
Breaking the six-figure barrier?
ARK Invest's report suggests BTC can reach to $2.3 million, if 19.4% of all assets enter the market.
Also👇🏻
And the caution
Glassnode warns of "high-risk" Bitcoin market in early bull run stage
Valkyrie Funds expects fewer Bitcoin spot ETFs by year-end👇🏻
Also, folks betting on a rate cut in March might be a bit disappointed. The odds have dipped from 40% to about 17%.
Layoffs? yes. But, jobless claims were slightly lower than anticipated, with a 4% drop from the previous week.
New Destination for Mining? ⛏️
Chinese Bitcoin miners are venturing into Ethiopia.
The fuel?
Beijing's crackdown on Bitcoin mining
Ethiopia's recent allowance for Bitcoin mining
Chinese Bitcoin miners have set up operations near Ethiopia's Grand Ethiopian Renaissance Dam, attracted by some of the world's lowest electricity costs and a government open to mining, despite a ban on cryptocurrency trading.
Meanwhile, US Bitcoin mining giant eyes Africa
Marathon Digital, North America's largest public crypto miner, is expanding globally, with Africa as its latest target for exploration.
Africa is attractive for miners seeking low-cost energy and favourable climates.
Where’s ETF?🚨
9 spot Bitcoin ETFs have purchased 216,309 Bitcoins (worth $10.3 billion) in the 21 days👇
Bitcoin Halving ✂️
Grayscale highlights that Bitcoin's upcoming halving and the introduction of ETFs could significantly benefit its market price.
Currently, 6.25 Bitcoin are mined per block, requiring $14 billion annually to maintain prices.
Post-halving, this demand drops to $7 billion, easing sell pressure from miners.
Halving cuts miners' revenue by 50%, often leading them to sell more Bitcoin to cover costs, which can depress prices.
Read: What is Bitcoin Halving?🌛🌜
ETFs as a Counterbalance: The recent launch of nine Bitcoin ETFs could absorb this sell pressure by creating a steady demand for Bitcoin.
Miners' Preparation: Ahead of the halving, miners have been raising funds and selling coins to increase liquidity. For example, Marathon Digital plans a $750 million equity raise.
Miner net position change👇🏻
Ordinals as a Revenue Opportunity: The emergence of Ordinals inscriptions on the Bitcoin blockchain offers a new revenue stream for miners through transaction fees. Ordinals have already contributed over $200 million in transaction fees, accounting for about 20% of miners' revenue.
Super Bowl Ads 🏈
Super Bowl LVIII is on February 11, and there are no crypto ads this time.
Why? Prefers global outreach over the Super Bowl's U.S.-centric audience, aiming for educational rather than hype-based crypto marketing.
The 11 spot Bitcoin ETFs issuers were expected to release their ads.
But, major firms like BlackRock and VanEck have not announced plans for Super Bowl advertising.
But, NFL All Day Gains Traction
During the NFL playoffs in January, Dapper Labs' NFL All Day released promotional NFT packs, leading to significant sales.
A Tom Brady NFT sold for over $40,000.
An Aaron Rodgers NFT fetched $34,000.
Although NFL All Day hasn't matched the success of Dapper Labs' NBA Top Shot, which saw massive sales in late 2021 - $10 million in sales since the NFL season started in September, according to CryptoSlam!.
Now Biden posted this after Super Bowl. What is it about?👇🏻
Also👇🏻
In The Numbers 🔢
$6 billion
That’s EigenLayer's TVL after lifting its deposit cap temporarily from February 5, tripling its value in just 5 days.
Here's what you should know:
Ranking: Now ranks within the top 5 DeFi protocols, outperforming Uniswap and lending platforms like Spark and Compound.
Key Contributions: Significant holdings include 993,000 stETH from Lido, 209,000 swETH from Swell, and 192,000 mETH from Mantle, totalling about $3.5 billion.
Network Security: Operates without a native token, utilising an open marketplace where validators lock staked ETH into Actively Validated Services (AVS), adhering to specific smart contracts.
Implications of Cap Removal: Initially set to prevent single-token dominance and ensure network safety, the cap's removal signals a healthy staking ecosystem.
Benefits: Enhances innovation and growth opportunities for liquid staking protocols; offers LST restakers similar rewards to native restakers, albeit temporarily.
The Surfer 🏄
Authors have requested a California court to dismiss similar lawsuits filed by The New York Times, John Grisham, and others in New York.
The Governor of the Bangko Sentral ng Pilipinas (BSP) has announced plans to introduce a wholesale CBDC in the next few years.
New Zealand bank governor criticized stablecoins, stating that they are not a reliable substitute for fiat money and are not stable.
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