Crypto back in vogue? 🔥😎
Crypto back in vogue? 🔥😎
Sea of green across crypto landscape. Institutions infuse boost, $1B and counting. Musk and Altman trade cheeky tweets. Billionaire Johnson burns millions chasing youth. Rock NFTs back in business.
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Bitcoin crosses $37,000, Over $1.07 Billion in Investments Kitty
CoinShares Head of Research James Butterfill reveals that investors have injected more than $1.07 billion into digital asset investment products this year, marking a significant increase from the $847 million reported earlier in the week.
"This year is the third largest year on record in terms of just pure inflows. It's just a lot of demand, a lot of interest, and I've not experienced this level of interest since 2021. When you see very large chunks, then you know institutions really are buying,"
Institutional Interest and Changing Sentiment
Butterfill suggests that the recent surge in inflows signifies a change in sentiment among investors, particularly institutions.
Despite the anonymity of allocations, he points out that large chunks indicate significant institutional involvement.
Analysts attribute Bitcoin's recent rally to the anticipation of a spot Bitcoin ETF on Wall Street. CoinShares data reveals that products associated with Bitcoin have seen $1.03 billion in inflows, constituting 96% of total allocations this year.
Changing Landscape and Reduced Stigma
Butterfill notes a shift in perception towards digital asset investments, highlighting the increasing involvement of major asset managers like Franklin Templeton and BlackRock in the crypto space.
"There’s less of a stigma associated with moving capital into digital asset investments now than in times past when you have 'some of the largest asset managers in the world' like Franklin Templeton and BlackRock wading deeper into crypto waters."
Ethereum's Deflationary Nature and Alleviated Outflows
Recent filings with the SEC and NASDAQ suggest that BlackRock is laying the groundwork for an Ethereum-based ETF. This development coincides with Ethereum's 16% increase to around $2,100 over the past week.
CoinShares reports a decrease in annual outflows associated with Ethereum from $107 million to $77 million since Monday. Butterfill emphasizes Ethereum's deflationary characteristics and its attractiveness to investors, likening it to a high-yield tech stock.
"Investors will slowly realise Ethereum is the only asset which is deflationary and offers a yield. It’s actually quite different than Bitcoin—more like a high-yield tech stock."
Bitcoin could grow by up to 10X within 12 months: Michael Saylor
With the Bitcoin halving just months away, MicroStrategy co-founder and Bitcoin bull Michael Saylor thinks that demand for BTC could grow by as much as 10X by the end of 2024. During a speech at the 2023 Australia Crypto Convention on Nov 10, Saylor gave his outlook for Bitcoin and its ecosystem over the next four to five years.
“I think that this next 12 months is going to be a big. Because demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. [...] and the supply available for sale will be cut in half in April.”
Saylor also said he expects to see a lot of competition among companies like Apple and Meta (Facebook) to get their hands on BTC to eventually sell for major profits.
“You're going to have ferocious competition and will among Wall Streeters to get the most asset share and you're going to have crypto exchanges competing and you're going to have other tech companies getting involved. [...] That’ll be one check. The other check will be when the big mega banks or Bitcoin custodians with JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and, you know [...] when they're making loans and giving mortgages and customising it and buying and selling it. I think that'll be the second check.”
Food for thought
CME BTC futures contract positions increased by 4.17% in the past 24 hours to 111,100 BTC, with a position value of $4.08 billion, accounting for 24.77% of the entire network. For the first time in history, it has surpassed Binance (103,800 BTC) and has become the exchange with the largest holdings of BTC futures contracts.
CME, Where Institutions Trade Bitcoin Futures, Flipped Binance. Is That as Bullish as It Sounds?
TTD Blockquote 🔊
Mike Novogratz, Galaxy Digital founder
“2024 literally is going to be a year of institutional adoption”
During Galaxy Digital’s Q3 earnings call on Nov. 9, founder Mike Novogratz conveyed that 2024 would witness significant institutional adoption of cryptocurrencies, driven by the anticipated approval of Bitcoin ETFs.
Bitcoin ETF Approval: A Matter of "When"
Galaxy Digital expressed confidence that the approval of Bitcoin spot ETFs is imminent, filing applications in Q3 2023. Novogratz emphasized that the question is no longer "if" but "when" these ETFs will receive approval from the United States Securities and Exchange Commission (SEC).
Institutional Investment Landscape
Novogratz projects that institutional investment could peak in 2025, particularly in tokenisation and wallets.
He emphasizes the importance of maintaining dollar-backed stablecoins as a central element in the broader cryptocurrency ecosystem.
He underscores the dominance of the US dollar and the necessity of having a dollar-backed stablecoin that aligns with American values and gains global acceptance.
Novogratz believes that the approval of a Bitcoin ETF will bring institutional confidence and bring a substantial influx of capital into the cryptocurrency space. This, he says, will provide the necessary breathing space for the entire ecosystem to flourish.
Challenges with an Ethereum Spot ETF
While discussing the potential approval of an Ether spot ETF, Novogratz notes potential challenges. He suggests that an Ethereum ETF might not be as well-received as a Bitcoin ETF, citing the complexities of Ethereum's staking model and staking yields.
TTD ETF🚨
BlackRock has argued that the US Securities and Exchange Commission doesn't have any legitimate reason to treat spot-crypto and crypto-futures exchange-traded fund applications differently👇🏻
TTD Joke 😜
Sam Altman v Elon Musk … fun. fun. fun.
TTD WTF 😵💫
Billionaire Bryan Johnson burned $4M Chasing Not Ageing
Johnson told Diary of a CEO YouTube and podcast host Steven Bartlett—adding that the money has primarily been spent on scientific research and measurement protocols.
Johnson recounted that he began his anti-aging journey in 2021 with the launch of the Blueprint Project, with which he aims to reduce biological age by enhancing the health and function of his organs.
“It’s probably $3 million to $4 million at this point … I have the erection of an 18 year old.
What I was trying to do was something akin to a four-minute mile or Amelia Earhart flying a plane across the Atlantic or someone climbing Everest. People didn't think was possible, and then once one person demonstrates it, it opens it up for everyone else, because if I can do it everyone else knows they can do it too.
High quality sleep is achievable, and that if you do that, it could potentially give you the best cognitive and emotional performance of your life."
TTD Rock 🪨
An NFT from the EtherRocks collection, EtherRock #95, traded hands this morning for 100 ETH, or just over $209,000.
An Ordinal from the visually identical Bitcoin Rock collection sold for 2.99 BTC, worth just over $111,000.
The JPEGs do not come with any affiliated memberships or perks, or anything that doesn’t meet the eye.
They are, quite simply, lightly illustrated images of nearly indistinguishable gray boulders that don’t even feature backgrounds.
EtherRocks first launched in 2017 to little fanfare. Only during the height of the NFT bull run, in late 2021, did the 100-piece collection catch fire—largely as a means to poke fun at the absurdity of value and the crypto market.
Individual EtherRocks regularly sold at the time for hundreds of thousands of dollars a piece; one sold for the equivalent of $1.3 million.
EtherRocks buyer
“Monetary value of art is all an illusion. The pet rocks present the perfect shock value, it’s so stupid that it’s perfect. Fate loves irony.”
TTD Surfer 🏄
Singapore-based cryptocurrency lending platform Hodlnaut has been ordered by the High Court to liquidate, repay 17,000 customers.
The Indian Supreme Court declined to consider a Public Interest Litigation (PIL) that aimed to establish regulations and a framework of guidelines for cryptocurrency trading in India.
Singapore-based dtcpay to launch a payment system that will use fiat and cryptocurrencies for in-store and online payments.
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