Today’s Nuggets
Bitcoin in Sniffing Distance of All-Time High
Post-Halving Sting Hits Miners
Bank of Canada Cuts Rates
Post-Halving Consolidation Almost Finished
The Much Bigger Next Wave
Shorts In Danger
Bitcoin Miners’ Supply Hit All-Time Low
7.2% of the BTC Supply Now in US ETFs
It is day 100 of the BTC ETFs!
I cannot believe that I have been analyzing these things for 100 days… it has gone by so fast.
Crypto Market Update:
The crypto market cap is at $2.7 trillion, with a massive volume of ~$100 billion.
The Crypto Fear & Greed Index is at 75.
The price of Bitcoin hit $71,800.
Bitcoin is up 6.2% in June and we are only five days in. This is alongside the 11.5% from May after the red April.
Today, BTC was within 2.9% of its all-time high, within sniffing distance.
It is only a matter of time before we break a new all-time high.
This is not what people expected…
I did talk about the turning point of a big pension fund in the US allocating to Bitcoin in Wisconsin, which turned heads. This is causing pension fund FOMO.
Everybody needs a piece of this as we go forward.
This image sums it all up.
People were bored and were waiting for something to happen. Then, suddenly it does.
Jack Mallers, Founder/CEO of Strike, made a profound statement that Bitcoin will save many people - it already has!
This is the life raft.
Again, being in early and hard has never mattered more.
As expected, there is pain with the Bitcoin miners out there…
As I say, the post-having sting has arrived and miners reveal falling production in their June statement. CleanSpark reported a 42% decline in Bitcoin production from 721 Bitcoin down to 417. Despite this drop, they have outperformed industry expectations. RIOT got onto a short seller's list recently with a 43% month-to-month decline from about 415 BTC down to approximately 215.
The miners are feeling the pain and this is expected. This is part of what happens at the Halving and it is a time to reflect and figure out what will happen next.
A Japanese firm called DMM was hacked for about $300 million. To compensate users affected by last week's hack, they will buy all of the Bitcoin back, which I calculate to be about 4,600.
So, it begins!
The European Central Bank is next. Then, it will become
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