Bitcoin News Weekly #1

TLDR:

• Tether and MicroStrategy stack 15% of all Bitcoin issuance.

• Speculation shows high chance of ETF approval after re-filings.

• $24 billion in crypto spot exchange volumes (8-month high).

• More global banks to offer bitcoin-related services.

Hey there, it's Bam! I'm thrilled to announce my new collaboration with Bitcoin News. From now on I’ll be working alongside the team to help bring you the latest highlights from the Bitcoin ecosystem.

Together, we’ll ensure you stay up to date on all new developments to ensure you’re onboard for the Bitcoin revolution. Now without further ado, let's dive right in!

LATEST NEWS

Adoption:

• Tether increased their Bitcoin holdings by 6,619 bitcoin in the last quarter.

• MicroStrategy acquired an additional 155 bitcoin for $5.2 million and now hold 158,400 bitcoin.

• LN Markets achieved a milestone of $140 million in trading volume in the past month, more than double than any other month of their operations to date.

Legal:

• VanEck has refiled a spot Bitcoin ETF application with the SEC. This reaffirms their dedication to providing a regulated Bitcoin investment avenue for both retail and institutional investors, amid rising competition from firms like BlackRock.

• Bitcoin Magazine and the Federal Reserve are in a legal dispute involving an offering of merchandise bearing a parody of the name “FedNow,” an instant payment system used by the Federal Reserve.

• FTX advisers have been cooperating with the FBI by providing customer account information and transaction records. This includes extracting data on specific customers' trades, investigating accounts, and analyzing cloud-computing data.

Markets:

• Spot exchange volumes surpassed $24 billion, reaching an 8-month high amid expectations of an imminent Bitcoin ETF approval.

• Kasikornbank, Thailand’s 2nd largest bank, is acquiring a 97% stake in a local Bitcoin and crypto exchange.

• Zodia, bitcoin and crypto firm owned by banking giant Standard Chartered, is launching in Hong Kong.

• St. Galler Kantonalbank, Fifth-largest Swiss cantonal bank, to partner with SEBA Bank for Bitcoin trading services.

Mining:

• Biggest European Bitcoin mining firm Northern Data AG acquires €575 million in a loan agreement with the Tether group of companies

• Bitcoin miner Marathon tests bitcoin mining with methane gas from waste landfill.

• 100AcresRanch is using his bitcoin mining rig to control the temperature for his turtles’ habitat, an alternative approach to maximize the benefit of mining waste heat.

Politics:

• El Salvador has the potential to become the “Singapore of the Americas”, per VanEck strategy adviser Gabor Gurbacs

• “Anti-bitcoin politicians falsely accuse bitcoin of causing terrorism and climate change because they can not speak the truth: they despise #bitcoin because bitcoin separates money from the State, bitcoin empowers the plebs to control their own money.” – Pierre Rochard

• Argentinian Libertarian Javier Milei, a bitcoin friendly candidate, has a 4-point lead over Economic Minister, Sergio Massa, for the upcoming presidential run-off.

BAM’S TAKE

It has been an incredible last couple of weeks. I usually do not talk about the price, but let’s be honest, it has not disappointed lately.. We are in the early innings of a bull market, which could be massively sparked by big inflows of money from institutions.

The probability of an ETF approval is already very high, and on parallel we see GBTC’s premium being reduced month after month since its lows of -40% a year ago, to approximately -12% nowadays. If I was BlackRock, I would probably be taking advantage of accumulating bitcoin at a discount in this shape and form, and who knows potentially even acquiring Grayscale in the future.

On another front, we have results from the Tether attestation, which were nothing but impressive. In Q3, they accumulated 6K bitcoin. If we consider both MicroStratergy and Tether’s accumulation, they took about 15% of the period’s bitcoin issuance.

As the halving approaches, and if they continue their accumulation as they’ve intended to, just these two companies alone could be scooping up 30% of all newly mined bitcoin. This of course would influence the supply shock the system is seeing, as ~88.5% of the total bitcoin issuance, hasn’t move in the last 3 months, in hopes of higher prices.

Stay Hum & Stack Sats,Bam

P.S. This is our first newsletter together so please let us know how we did below 👇