Bitcoin News Weekly #21

TDLR:

• MicroStrategy now possesses over 1% of the total Bitcoin supply.

• Bitcoin on exchanges reaches its lowest level in 4 years.

• The Bitcoin Atlantis conference saw 8K+ BTC transactions over 3 days.

• Tether's market capitalization grows by $5.25 billion in March.

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LATEST NEWS

🙌 Adoption:

• During the Bitcoin Atlantis conference, 18 merchants collectively processed 8,750 transactions, amounting to 2.029416 BTC (115,100€) in just 3 days. See the case study here.

• Grab, Singapore's Uber equivalent, now accepts Bitcoin and stablecoins for e-wallet top-ups.

• Bitcoin supply on exchanges hits 4-year lows, down almost 40% ahead of the upcoming halving.

⚖️ Legal:

• Human Rights Foundation awards $500K in grant allocations to 14 Bitcoin projects around the world.

• The Bitcoin Company launches a Remittances API, enabling instant cross-border payments for any app.

• SEC seeks an increase in its 2025 budget to regulate digital assets and “meet the match of bad actors.”

📈 Markets:

• MicroStrategy purchases an additional 9,425 BTC for ~$623 million, bringing their total to 214,246 BTC, exceeding 1% of the network's supply.

• Tether issues $5.25 billion in new USDT in March, potentially contributing to the significant appreciation in the price of Bitcoin.

• Grant Engelbart, Carson Group Vice President: “We're seeing advisors allocate 3.5% of Bitcoin ETFs on average to client household portfolios.”

⛏️ Mining:

• Upstream Data Inc. reveals a prototype of the Stealth Container, aiming to help industrial miners reduce the noise from their infrastructure.

• Students from El Salvador to the UK are now learning about Bitcoin mining in the classroom.

• Collin McLelland clearly explains the ASIC technology behind Bitcoin mining.

🗳️ Politics:

• The IMF demands Pakistan impose capital gains tax on Bitcoin and 'crypto' investments to receive a $3B aid package.

• Japan's Government Pension Investment Fund, the world’s largest pension fund with $1.4 trillion in assets, is considering diversifying into Bitcoin.

• Honduras exits the World Bank arbitration body (ICSID) in conflict with the Próspera SEZ, which recently adopted BTC as its unit of account.

Bam’s 2 Sats:

This week was relatively quiet following a 20% surge in the price of Bitcoin during the first two weeks of March. With the halving expected on April 20th, less than a month away, it's surprising that there is minimal discussion surrounding it.

The conversation has been dominated by the consistent ETF net inflows since January, likely the primary reason for the recent surge to $74K per bitcoin. However, this past week marked a notable shift. There were nearly $1 billion in net outflows, though the negative trend appears to be subsiding.

Despite significant outflows from the institutional side, Bitcoin has managed to maintain a strong position above $60,000. One argument for this resilience is that not all of the GBTC outflows resulting from bankruptcy proceedings were converted into cash. Instead, a considerable portion of the GBTC sold-off was repurchased in the form of spot Bitcoin to fulfill the Gemini Earn bankruptcy redemption plan.

From my viewpoint, ETFs and the hype surrounding price breakthroughs to new ATH’s are elements that haven't been fully priced in yet. As of today we have:

• Bankruptcy proceedings running out of GBTC to sell.

• ETF buy walls of $500M-$1B per day.

• ETF channels are not yet fully established and are awaiting further approvals in major wirehouses.

• Pension funds from other countries increasingly showing interest in diversifying into Bitcoin.

• .. and Exchange balances falling to lows not seen in more than 4 years.

Additionally, there's a growing bullish sentiment for Bitcoin from the institutional side, with guest after guest on CNBC and FOX Business arguing in support of higher allocations.

“If institutional investors were to allocate a little more than 5% of their portfolios to bitcoin, as we think they will over time, that alone would add $2.3 million to our projected price” – Cathie Wood.

For instance, these are a few examples in just the last week!

• Standard Chartered, a British multinational bank with over $800B in AUM, raises its Bitcoin price target to $150,000 by year-end.

• Cathie Wood raises Bitcoin price target from $1.5 to $3.8 million

• Goldman Sachs’ head of digital assets shares that the company has seen “a big sea-change in types of clients and terms of volume” after the ETF prompted a psychological shift.

In the end, it just takes a small spark to ignite the entire movement, triggering a significant amount of FOMO from both retail and institutional investors. Considering we're still in the early stages of this bull market, many remain skeptical. There's potential for a significant upward movement, especially considering the $20 billion in shorts positioned between $70k-$75k. The liquidation of these shorts could lead to a strong rally, possibly before the halving.

Given this, it's wise not to surrender your Bitcoin to large institutions, particularly not at these price levels. Their arrival isn't merely about seizing a small profit opportunity; it's more about acknowledging the potential for the most significant wealth transfer of our generation.

Stay Humble & Stack Sats,
Bam

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