Ok enough talk about parties and food - lets take a look at what’s going on in each of the news categories!

LATEST NEWS 📰

🙌 ADOPTION

• The Human Rights Foundation awards 10 BTC to 13 worldwide projects, advancing education, privacy, and financial freedom.

• Ark Labs opens as a new company dedicated to building solutions for the Ark protocol, a new Bitcoin layer two that simplifies large-scale Bitcoin payments without compromising self-custody.

• Spencer Shrader, Indianapolis Colts NFL kicker, reports to be taking his entire signing bonus in Bitcoin.

⚖️ LEGAL

• Japanese exchange DMM is set to buy $320 million in Bitcoin to compensate users affected by last week’s hack.

• Turkey’s Finance Minister, Mehmet Şimşek, confirms there are no plans to tax profits on stocks or crypto assets.

• Bybit exchange now allows mainland Chinese citizens living overseas to trade on its platform, despite China’s crypto trading ban.

📈 MARKETS

• Semler Scientific discloses a $17 million Bitcoin purchase on top of their initial $40 million buy two weeks ago, now holding 828 Bitcoin. They plan to raise $150 million to buy more.

• Marquette University Professor David Krause says that the State of Wisconsin Investment Board’s purchase of $162 million in Bitcoin ETFs is a legitimizing event and predicts other states will follow.

• Australia opens trading to its first spot Bitcoin ETF, and Thailand’s SEC approves its first spot Bitcoin ETF.

⛏️ MINING

• Riot Platforms increased its stake in Bitfarms Ltd. to 12% amid a contentious report from short seller Kerrisdale Capital.

• Bitdeer introduces the SEAL04 Bitcoin mining chip, offering enhanced performance and reduced power consumption (as low as 5 J/TH). The chip is set to launch in Q2 2025.

• Large shipment of Bitaxe Bitcoin home miners gets delivered to the Bitcoin Farmers Market in El Salvador.

🗳️ POLITICS

• Canada makes a rare interest rate cut before the US moves on rates, aiming to avoid a “financial wrecking ball.”

• Senator Ted Cruz reports buying 3 Bitcoin miners, beginning his mining journey.

• President Bukele of El Salvador does an interview with Tucker Carlson following the inauguration of his second term, which will span from 2024 to 2029.

BAMS 2 SATS 🧢

This week surprised us with a beautiful run above $70,000, with many calling for a new all-time high. However, it ended with a price “dump” just when many expected an explosive move upward to commence.

We have witnessed 19 consecutive days of inflows for Bitcoin ETFs, with this past week reaching the second largest on record at $886.6 million. This week’s inflows represent approximately 26,000 Bitcoin, or about two months’ supply of mined Bitcoin.

Simultaneously, there were massive outflows of Bitcoin from exchanges, with over 100,000 Bitcoin withdrawn in the last 30 days.

So why does the price remain flat or even trend downward by the end of the week? Coincidentally, Bitcoin has never been more massively shorted than it is right now.

While it is true that hedge funds’ short interest in Bitcoin is at an all-time high, these positions are more speculative and could indicate a carry trade where the hedge fund is long Bitcoin elsewhere. Nevertheless, I wonder if the short sellers know what they are risking, or if perhaps the same institutions are attempting to suppress its price via futures while they accumulate more of the real asset.

Whatever the case, the demand for Bitcoin is clear, and it is becoming increasingly difficult to hide. It seems to be just a matter of time before the price begins to reward all the Bitcoin holders.

Remember to stay humble and stack those sats!
Bam

WILL THE POWER LAW BREAK? 💹 

By now I’m sure you’ve heard of the Power Law (if not, have you been living under a rock or are you just not on Bitcoin Twitter?)

Check out our latest video below in which Luke Mikic and the infamous Checkmate dive into will the Power Law break?👇