Mar 13, 2024

BlackRock Is Overpowered 🪨🚀📸


BlackRock Is Overpowered 🪨🚀📸 Valko

Top News

Specs’ Insights

BlackRock’s $IBIT saw a record $1B+ in net inflows yesterday

⌐◪-◪ → BlackRock’s spot Bitcoin ETF just broke $1B in daily net inflows for the first time, bringing their total AUM to over $15B.

This is also the first time BlackRock’s daily inflows overtook Grayscale’s outflows. No wonder Grayscale is launching a low-fee “mini” Bitcoin trust, they are desperate to stop the bleeding.

The demand for spot Bitcoin ETFs is absolutely incredible. In just two months after their introduction, they’ve captured 90% of the daily trading volume for ETFs that offer Bitcoin exposure, leaving futures ETFs in the dust at 10% market share.

There is no denying the incredible product-market fit of these Bitcoin ETFs. I’m excited to see how the market reacts when other countries’ pending spot Bitcoin ETFs come online. Things have never been more bullish.

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Bitcoin breaks $73,000 ~36 days before the halving

⌐◪-◪ → Bitcoin just established a new all-time high of $73,704, and investors are showing no signs of slowing down — as seen with the record spot Bitcoin ETF inflows.

We’ve all heard the saying “buy low, sell high”, and it looks like Bitcoin investors, new and old, are completely ignoring that advice.

It seems foolish, but I also can’t blame them. The FOMO is real and also, 3 of the last 4 times Bitcoin hit a new all-time high, it doubled in 18 days or less.

For this historical trend to hold, Bitcoin has to hit $140k in the next ~11 days. While that’s certainly possible, don’t forget that this cycle is a clear divergence from previous ones, given the pre-halving all-time high.

As for me, I’m going to keep dollar cost averaging and hodling to infinity and beyond

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Drake posts a video of Michael Saylor to his 146M Instagram followers

⌐◪-◪ → Drake just posted a clip from a Michael Saylor interview to his 146M Instagram followers. Probably nothing.

This isn’t the first time Drake showed his pro-crypto side, back in 2022 he posted a picture of a diamond-encrusted Ledger hardware wallet.

The clip refutes the idea that Bitcoin needs to become a currency, with Saylor saying “Nobody’s trying to buy a cup of coffee with a fraction of their building on 5th Avenue”.

I think this a pretty powerful point, as it frames Bitcoin as what I refer to as an ‘end game’ asset, one which people strive to acquire and hold for the long term as a store of value, just like real estate.

Anyway, I’m sure we’ll see many more celebrities enter the fold now that the market’s back. Hopefully, Drake’s post wasn’t a top signal.

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Everything Else

⛓️ Crypto & DeFi

  • $1.4B BTC mined last year by once-bankrupt Core Scientific

  • MakerDAO announces 2x new tokens in 'Endgame' launch details

  • Ether.Fi to release ETHFI token on Binance launchpool next week

  • Starknet optimizes code for cost savings following Dencun upgrade

  • Swell plans L2 'restaked rollup' and native governance token

  • Vega creates derivatives market for crypto points

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • Terraform Labs allowed to hire law firm Dentons in bankruptcy case

  • US Gov concludes existing copyright laws are sufficient for NFTs

  • SEC orders First Trust to declare it’s BTC ETF application abandoned

  • Yuga Labs says Rider Ripps destroyed keys intentionally

  • COPA trial proves ‘Beyond Doubt’ that Craig Wright isn’t Satoshi

  • Crypto mixer ‘Bitcoin Fog’ operator convicted of money laundering

  • CTFC is writing new rules for prediction markets

🌎 Rest of the World

  • Sweden Central Bank wants 'as little BTC as possible' in the country

  • Nigeria asks Binance to submit list of top 100 users

  • OKX gets in-principle license approval in Singapore

  • UK NFT projects may need to register with financial authorities

  • EU approves new sanctions laws with the ability to freeze crypto

  • Thailand approves tax exemption for crypto earnings

🖼️ NFTs & Metaverse

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Specs Chat is more than just a group chat, it’s a community designed to help you become a better crypto investor and operator.

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