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This can fuel the longest Crypto Bull Run in history
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GM. Today on Money Printer Go Brrr newsletter:
Bitcoin ETFs eat 10X more BTC than miners can make
This can fuel the longest Crypto Bull Run in history
Coinbase Pay will allow users to buy & sell crypto directly from Ledger
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Top Crypto Gainers (24h)
Bitcoin ETFs eat 10X more BTC than miners can make
Wall Street LOVES bitcoin.
They are buying up 12.5x more bitcoin per day than the network can produce.
The march to a new all-time high is underway if this continues.
I explain this on my segment with @SquawkCNBC this morning.
β Pomp πͺ (@APompliano)
1:13 PM β’ Feb 12, 2024
Bitcoin ETFs are on a shopping spree, grabbing 10 times more Bitcoin than what miners are digging up in just a couple of days.
In a single day:
βΎ ETFs added around $493.4 million in Bitcoin to their pots (~10k BTC),
βΎ miners' contribution was just 1,059 BTC
Biggest player? βΎ BlackRock's iShares Bitcoin Trust, leading the pack with the most inflows.
This imbalance between demand (ETF buying) and supply (mining) could lead to tighter Bitcoin availability and impact on market value π₯
Whoβs performing like crazy β inflows in ETFs BTC:
BlackRock's IBIT experienced the largest inflow β $374.7 million,
Fidelity's FBTC fund also saw a significant inflow of $151.9 million,
Ark 21 Shares' ARKB fund received an inflow of $40 million.
However, there were outflows of $95 million from Grayscale and $20.8 million from Invesco's BTCO, which partially offset these gains.
Why does it matter? π
These inflows make the bitcoin rare.
It reduces the amount of Bitcoin available because ETFs have to buy spot BTC from exchanges.
It boosts investor confidence & attracts more mainstream & institutional investors.
Watch full interview of Bitcoin pioneer Anthony Pompliano here π https://twitter.com/i/status/1757030179489157575
This can fuel the longest Crypto Bull Run in history
Good chance this bull cycle ends up being the largest in terms of market cap creation and longer in duration than expected:
1) First time the crypto bull market has aligned with the start of a Fed easing cycle
2) Market remains in a "buy the dip" mentality absent a severe macroβ¦ twitter.com/i/web/status/1β¦
β Daniel Cheung (@HighCoinviction)
6:00 AM β’ Feb 12, 2024
Things are starting to heat up in the crypto market:
Market cap close to $2 trillion;
Bitcoin price at $50,000;
Markets are better now than two years ago, with new positive factors.
Crypto Market Cap
The crypto scene's got some new tricks up its sleeve that are keeping things interesting:
1οΈβ£ Lower interest rates - the Fed is cutting rates, making borrowing cheaper;
2οΈβ£ Tech innovations β new blockchain & scalability solutions are making crypto faster & more efficient;
3οΈβ£ New crypto areas β growth in AI, asset tokenization, & restaking is creating fresh investment opportunities;
4οΈβ£ Friendlier regulations β big financial players entering crypto lead to more positive regulations;
5οΈβ£ Fewer bad actors β the market is cleaning up, with less room for scams & failed projects, making it more stable.
I see close to zero new interest in #Bitcoin from retail evident on X.
Engagement compared to the ETF approval week is down 80% and has returned to bear market levels again.
Despite this, a number of Bitcoin companies have reported booming January sales (by anecdote, withoutβ¦ twitter.com/i/web/status/1β¦
β Bitcoin Archive (@BTC_Archive)
8:03 PM β’ Feb 10, 2024
Bitcoin interest over time. From 17 feb 2019 to present.
π Youβre still early β the main act hasn't even hit the stage yet!
We can see this in the relatively low level of retail investor engagement, suggesting that the market is still in an early growth stage π₯.
Coinbase Pay will allow users to buy & sell crypto directly from Ledger
Weβre excited to announce that @coinbase Pay is now available as a buy provider through Ledger Live!
Use your Coinbase login to buy crypto, and have it immediately secured with your Ledger π
Read more: ledger.com/blog-ledger-liβ¦
β Ledger (@Ledger)
3:33 PM β’ Feb 13, 2024
Ledger's teaming up with Coinbase to make our crypto lives a bit easier. π₯
Ledger is a one of the most known hardware wallets that provides secure storage for cryptocurrencies.
It allows users to keep their private keys offline.
π‘ Whatβs Ledger Live app? βΎ itβs like your control panel for your hardware wallet:
a software app
you can manage your cryptocurrencies
perform firmware updates to your hardware wallet
They're plugging Coinbase Pay right into the Ledger Live app, so you can shuffle your crypto over to your Ledger wallet without fussing over additional fees. π
πThe benefits are: no additional fees, instant transactions, and no KYC (but you must have it on Coinbase).
π‘ How you to do it:
Open the Ledger Live app
Tap the Transfer button and then tap Buy
Tap Compare providers
Select the crypto you want to buy and enter the amount
Select your country
Select ACH, Visa, Mastercard or Maestro and tap Find eligible providers
Select Coinbase as a provider.
Stashing your crypto riches in a hardware wallet isn't just smart β it's like building a digital Fort Knox for your bytes of gold.
βΉοΈ Learn more about how you can do this π https://www.ledger.com/academy/how-to-make-sure-that-my-crypto-stays-safe-with-ledger
Keep your crypto safe! See you soon. β
Meme Of the Day
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