Back

News

Feb 12, 2024

Wall Street Loves Bitcoin 📈💰🚀

Valko

Wall Street Loves Bitcoin 📈💰🚀 Valko

Top News

Specs’ Insights

Over 92% of Bitcoin supply now profitable as price soars past $47,000

As Bitcoin breaches the $47,000 mark, the profit percentage of its supply offers clues to its pricing cycle.

⌐◪-◪ → Bitcoin is approaching 95% of supply in profit, which usually marks a market top, but the halving is ~64 days away (10,000 blocks).

For context: we got to 93% of total supply in profit when Bitcoin was at $49,000.

The inverse is also true, when less than 50% of supply is in profit, it usually marks a market bottom.

Here’s a nice chart visualizing this metric.

Let me know in Specs Chat!

Farcaster revenue hits $600,000 during protocol’s second wave of attention

Farcaster has overtaken FriendTech in weekly revenue as it faces its first big test in creating a sustainable system.

⌐◪-◪ → It’s starting to feel like Farcaster might actually work as the platform hits $600k in total revenue.

We’re seeing tons of die-hard crypto-twitter users abandon the legacy platform in favor of Farcaster, citing higher engagement and a better signal-to-noise ratio.

The most interesting part is Farcaster is not free to use, the protocol charges users ongoing storage fees to host the data that’s generated by daily use. Storage fees are $5/year for 5000 posts, 2500 reactions, and 2,500 follows.

The real question is, will Farcaster’s decentralized + paid model hinder mainstream adoption or will it support a healthier ecosystem with far less noise/bots?

Do yourself a favor, join me on Farcaster.

#Bitcoin ETFs are buying up 12.5x more bitcoin per day than the daily issuance - @APompliano

Number go up!

⌐◪-◪ → As the world celebrated Super Bowl Sunday, Bitcoin crossed back over the $48,000 threshold, roughly 1 month after the spot Bitcoin ETF approvals.

Wall Street doesn’t just like Bitcoin, they love Bitcoin.

Never in the history of Wall Street, with over 5,500 ETFs launched, have we seen a fund hit $3B AUM in under 30 days. BlackRock and Fidelity both just did it.

From a supply/demand perspective, the Bitcoin ETF’s net inflows are roughly $500M/day, but there are only 900 new BTC mined a day. With a value of $43M, that means there’s 12.5x more demand for Bitcoin than there is created daily.

With the halving around the corner, things are looking mega bullish.

💬 Join Specs Chat

Everything Else

⛓️ Crypto & DeFi

🏦 Wallstreet & VC

  • Sora Ventures launches $2M Liquid Fund for BTC ordinals ecosystem

🏛️ Legal & Regulatory

  • FTX files to sell subsidiary acquired for $10M to CoinList for $500k

  • New York expands fraud case against digital currency group to $3B

🌎 Rest of the World

🖼️ NFTs & Metaverse

  • EtherRock #76 and #46 sell for a total of 380 ETH ($945k)

  • Ethereum NFT volume approaches yearly high

  • NFT of Tom Brady sells for $40k ahead of Super Bowl

  • Pixels airdrop begins ahead of Ronin Games token launch

  • Yuga Labs “loot” mint sees high fees, community outraged

  • Doodles break out and hit a 3.6 ETH ($8.9k) floor

Join The Conversation!

Unlock Specs’ full potential by joining Specs Chat, where members chat with Valko, add context to the daily crypto news, and share a diverse set of perspectives.

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

💬 Join Specs Chat

Valko

Share this post