Bitcoin News Weekly #18

TDLR:

• MicroStrategy acquires 3,000 BTC, nearing 1% of total supply.

• BlackRock recommends a 28% Bitcoin allocation.

• The WEF shares a positive video covering Bitcoin mining in Africa.

• Coinbase crashes due to an extremely high surge in traffic.

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LATEST NEWS

🙌 Adoption:

• MicroStrategy adds 3,000 BTC to their holdings, totaling 193,000 BTC at an average purchase price of $31,544.

• Coinbase crashes amidst a surge in traffic as Bitcoin surpasses $60,000 for the first time since 2021.

• Accumulation addresses, where funds are stored and not spent, see an all-time high in inflows, while exchanges witness nothing but outflows in 2024.

⚖️ Legal:

• BlackRock recommends certain clients via email to allocate 28% of their portfolio to Bitcoin.

• The Biden Administration rescinds the unfounded "emergency" declaration on Bitcoin mining and eliminates unlawfully collected data.

• UK announces that starting from the end of April, law enforcement will have the authority to freeze crypto assets linked to criminal activities without a conviction.

📈 Markets:

• BlackRock’s spot Bitcoin ETF begins trading in Brazil.

• Wells Fargo and Bank of America's Merrill Lynch now provide spot Bitcoin ETFs to wealth management clients upon request.

• Vanguard’s CEO Tim Buckley announces retirement by year-end, coincidentally after stating no intention to offer Bitcoin ETFs to its clients.

⛏️ Mining:

• The World Economic Forum shares a video demonstrating how Bitcoin mining facilitates affordable electricity for the operations of a chocolate factory in Congo.

• Riot acquires 31,500 M60S miners from Micro BT, intending to triple its operations. Despite the upcoming halving, it anticipates mining more Bitcoin per day by the end of 2024 compared to its current output.

• BitFuFu, a Singapore-based Bitcoin miner backed by Bitmain, starts trading on Nasdaq after merging with Arisz Acquisition Corp.

🗳️ Politics:

• Coinbase reports that Texas voters are inclined to support presidential candidates who align with the Bitcoin and cryptocurrency industry.

• El Salvador’s congress passes a tax code amendment, changing the threshold for requesting buyer documents from $200 to $25,000.

• President Nayib Bukele tells Peter Schiff to "Cry harder" after Schiff insists El Salvador sells their Bitcoin.

Bam’s 2 Sats:

This week in the world of Bitcoin was a banger! Bitcoin experienced a significant surge, marked by a massive green candle on the charts. Prices skyrocketed from approximately $51,000 to highs of $64,000 before settling above the $60,000 threshold. For those who may have overlooked it, allow me to illustrate the key factors propelling this remarkable performance.

A pivotal moment occurred with the unexpected success of Bitcoin Spot ETFs. The trading volume was remarkable, with the New 9 issuers acquiring a record-breaking 30,029 BTC this week alone. BlackRock led the charge, with daily inflows surpassing $1 billion, boosting their total to a staggering 161,265 BTC. Fidelity also made an impressive haul and now holds 104,129 bitcoin. This monumental influx of institutional interest has undoubtedly played a significant role in propelling Bitcoin's price to new heights.

As the numbers demonstrate, a significant supply shock is occurring within the Bitcoin market, driven by the ETFs. Remarkably, the ETFs absorbed five times the volume of newly minted Bitcoin over the course of five days.

We're at a critical juncture where anticipating a market correction feels natural and expected. However, it's crucial to recognize that this scenario was anticipated; it was only a matter of time until institutional players entered the scene. The era of significant accumulation by institutions has officially begun, igniting a wave of FOMO across the market. This sentiment isn't confined to institutional investors and is likely to spread to retail investors, further attracting institutional players. This creates a new reflexive phase of market dynamics for Bitcoin.

To back it up with some data, just this last week we have also seen:

• Morgan Stanley, an asset manager with $1.3 trillion AUM, is now considering offering the spot Bitcoin ETFs to its customers.

• Wells Fargo and Bank of America’s Merrill Lynch have begun pushing the Bitcoin ETF to its clients.

• Other countries (such as Brazil) starting to offer BlackRock’s bitcoin ETF.

• The biggest inflow to accumulation addresses ever seen.

• Massive outflows from exchanges.

While a temporary dip in Bitcoin's value is possible, it's expected to be short-lived. With the halving date approaching, the eagerness to accumulate Bitcoin is evolving into a spirited competition. The race is intensifying, especially considering that acquiring whole coins will soon become much more challenging, if not permanently out of reach for the average person.

Stay Humble & Stack Sats,
Bam

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