Today’s Nuggets
1 Million Bitcoin in Six Months
Fundstrat’s “Bitcoin Surgeon” Predicts End-of-Year Price
BlackRock BTC ETF Pulls in Same as QQQ
English Football Club Adds BTC to Treasury
Franklin Templeton Believes BTC Needs L2s
China to Unban Bitcoin?
60-90 Days Left to Stack
Let us discover what a couple of days left to stack means and where we are now.
Crypto Market Update:
The market cap is over $2.4 trillion and the volume is $85 billion, which is good.
The Fear and Greed is 71.
The BTC market dominance is 54.5%.
The ETH market dominance is 17.2%.
Bitcoin is up 6.5% so far in July.
It was down 6.8% in June. We are nearly at that tipping point where it negates the June downfall and has a net equal over the last two months.
We look forward to more action ahead. Remember, summers are quiet, but some things are percolating behind the scenes that you need to know about.
The ETFs accumulated almost 1 million Bitcoin in just six months.
I like to look at it two other ways:
Nine ETFs stacked 900,000 in six months; and
Perhaps 15M BTC at the max will ever exist because so many are lost. The ETFs now have a 14th of the circulating BTC supply in six months.
The other day, BlackRock bought nearly $530 million worth of Bitcoin.
They are beyond dominating this ETF race and are sucking it all in.
28,000 Bitcoin is approximately three months of issuance by one shop in three weeks.
Chewie (a community member) asked me the other day if the Supply Crunch was returning. I said, “not just yet, but maybe soon”.
If this continues, yes, it is definitely returning…
Tom Lee was on this show with Nat Brunell and delivered another classic.
Tom is very put-together and interesting.
We have 20 weeks to go in 2024 and Tom still forecasts a $150,000 Bitcoin by year-end.
We will look at some charts and try to break this forecast down, but a large part of what Tom Lee is pinning his target on is the consumption by BlackRock.
The BlackRock ETF is doing the same as the NASDAQ ETF does.
The QQQ represents an entire sector. Pinch me because I would never have expected this so far this year in just six months.
An English football club owned by a Bitcoiner added $4.5 million worth of Bitcoin to its treasury.
This treasury strategy is getting a little bit out of control and could fuel the supply crunch.
Franklin Templeton believes that Bitcoin needs Layer 2s, which have the potential to unlock lots of new use cases and opportunities for Bitcoin.
As you know, I have a lot of
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