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Welcome to Thursday Folks! Bitcoin is trading down at $42,465.00. Volatility have completely left the building and downside risk is looming in the air. Will this weekend be up or down? Let's get on with the news...
SUMMARY
Yesterday, Jamie Dimon and Peter Schiff continued to be the "OLD MEN yelling at Bitcoin," calling it a pet rock.(6)
On-chain indicators like threshold of long/short holders, realized capitalization, liquid supply, and coin days destroyed are signaling the start of a long-term bull market. Now that the Spot Bitcoin ETF has launched there is still some downside risk for the price of Bitcoin.(2) Bitcoin now surpasses silver to become the second largest ETF commodity in the US.(2) By the end of March it will be possible to send inscription-based tokens between Conflux and Bitcoin; bringing EVM-compatibility to the Blockchain. Texas cold weather made the Bitcoin mining hash-rate drop.
Top investment firm Franklin Templeton voices support for Solana Blackchain and features.(2) On chain data shows DOGE can rally in 2024.
Trump said if elected, he would not support a Digital dollar (CBDC.)(6) Meanwhile, Tether now owns $2.8B in Bitcoin after they just bought $380M.(3)
Crypto Crime amounted to over $24B in 2023.
Yes another very quite morning but stay tuned as the day goes on - more will be revealed :)
AFTERNOON
It does appear the GBTC profit-taking is putting downward pressure on $BTC according to JP Morgan. But is there a demand shock incoming? As noted above Tether has bought a lot and the spot ETFs are buying... supply shock?
EVENING
Many are still wondering if buying MSTR is better than buying the ETF. TD Cowen believes the premium at which MicroStrategy trades will disappear over time. Well here we go with the Ethereum Spot ETF dance, the SEC has delayed Fidelity's proposed ETF until March.(2)
WATCH
LISTEN
Podcast of the Day: Bitcoin's Role In The Debt End Game | Jonah Van Bourg | OTM
