NUGGETS OF ALPHA
Addresses with a balance of 1+ BTC are going up with currently over 1M
Bitcoin long-term holder supply is going up with control of ~14.5M coins
Strike plans to expand its reach to around 3 billion people across 65 countries
Indonesian governor backs Bitcoin adoption with a dedicated exchange
If Tether were a country, it would be the 25th largest holder of U.S. treasuries
Tether announced it will allocate up to 15% of its net realized operating profits toward purchasing Bitcoin
The correlation between Bitcoin and NASDAQ has recently fallen to low levels
Render is on fire and up 42% this week in conjunction with its move to Solana
Tesla was up a whopping ~15% this past week
The stock market rally has been led by a small group of large-cap tech stocks
Digital asset investment products saw outflows totaling US$32M, representing the fifth consecutive week totaling US$232M
Crypto is experiencing the lowest trading volumes in years
Over 90% of yield curves are now inverted, hitting a new high since 2000
The U.S. M2 money supply went from the largest on record, followed by an unprecedented pace of contraction
Bitcoin balance on exchanges remains in a clear downtrend
The long-term holder supply is going up with now control of ~14.5M coins
Addresses with a balance of 1+ BTC are going up, with currently over 1M
The supply last active 1+ years is up and to the right
The BTC price is still playing catch up with these fundamentals.
The Bitcoin price has almost doubled since its late 2022 lows. Now, ahead of what could be a game-changing Bitcoin pivot, the chief executive of Bitcoin payments company, Strike, has said the company will expand its reach to around 3 billion people across 65 countries.
Several factors have contributed to the growth of Bitcoin adoption in Indonesia. One factor is the country's large and young population. Indonesia has over 270 million people, and the median age is 29.
Governor Ridwan Kamil of the Indonesian province of West Java (50M people) spoke about his support for Bitcoin in a recent fireside chat dubbed “The Indonesia Bitcoin Mining Campaign.” While stressing Indonesia’s attempts to adopt this digital asset, Governor Kamil gave a favorable assessment of the flagship cryptocurrency.
If Tether were a country, it would be the 25th largest holder of U.S. treasuries. It is in the U.S. national interest to responsibly distribute USD-backed stablecoins, especially in emerging markets. The U.S. should thank Tether for buying when others are ditching the Dollar.
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