The 68th Hoot

Top Crypto Narratives in Q1 👀

April 9th, 2024

GOOD MORNING ✍🏼

HAPPY MONDAY TUESDAY.

ONE DAY LATE… AND WE ALREADY MISSED YOU MORE THAN WE’D LIKE TO ADMIT.

Scatt's Weekly Seeds:

🌱Top Crypto Narratives in Q1 👀

🌱$1 Billion Bitcoin at $70k 🤑

🌱DOJ To Sell $2bn Seized Bitcoin…

🌱Crypto Fundraising Comeback 🔜

Meme of The Week

Year-to-Date Returns:

  • Dow: 3.19%

  • S&P 500: 9.07%

  • Nasdaq Comp: 8.28%

  • Bitcoin: 70.73%

  • Ethereum: 61.67%

  • Solana: 73.18%

News Breakdown:

Crypto Market:

  • 7-DAY CRYPTO MARKET CAP CHANGE: $862M

  • CRYPTO INVESTMENT PRODUCT FLOW: $8B

  • BINANCE NAMES FIRST BOARD OF DIRECTORS

  • SOLANA BREAKS $200 AS INTEREST AND MEMECOIN INTEREST SPIKES

  • SPOT BTC ETF TRADING VOLUME TRIPLES IN MARCH: HITS $11BN

  • CRYPTO VC FUNDING INCREASED 50% IN MARCH

  • GOLDMAN SACHS SAYS ZERO CLIENTS ARE INTERESTED IN CRYPTO (YEAH, RIGHT…)

  • MORGAN STANLEY RACING TO OFFER ALL CLIENTS ACCESS TO BITCOIN ETFS

Credit & Debt Markets:

  • 10-YR TREASURY YIELD: 4.425%

  • HOME DEPOT EYEING A $12.5B DEBT PACKAGE TO HELP FUND SRS DISTRIBUTION ACQUISITION

  • GEO GROUP PRISON OPERATOR SEEKING $1.6B SECURED & UNSECURED FINANCING WITH $400M LEV. LOAN

  • JAPANESE RAKUTEN RAISED $1.25B THROUGH US JUNK BOND

  • CORNELL UNIVERSITY TO RAISE $1.1B THROUGH ISSUANCE OF TAXABLE AND TAX-EXEMPT BONDS

  • WORLD BANK LOOKING TO RAISE $1B IN A DEBUT HYBRID NOTE

This Week’s Economic Calendar:

  • Consumer Price Index (Wednesday)

  • Wholesale Inventories (Wednesday)

  • Producer Price Index (Thursday)

  • Import Price Index & Consumer Sentiment (Friday)

Top Crypto Narratives in Q1 👀

Crypto is a crazy place.

Still arguably in its ‘wild west’ stage.

But there are some overarching narratives/themes that you should pay attention to (hint: some are incredibly profitable)…

Here are the best performing ones from last quarter 👇🏼

Shoutout to coingecko who put together some quality charts every now and then 🤝🏼

Point being: Pay close attention to the narratives and make some bets on which ones you think are gonna be next.

Some are native to crypto… some (like AI) are not.

$1 Billion Bitcoin at $70k 🤑

Conviction.

Without it, you will not survive in any financial market - especially crypto.

Well, while we’re on the topic… someone just bought $1.1 BILLION of Bitcoin at an average price of $70k.

If this was 1 Million, different story… this is 1,000x bigger.

We’re now talking about a nation state/big institution.

And paying $70k per Bitcoin?!

Do they know something we don’t??

Billion dollar buys coming in… you know we are on the verge of being BACK IN THE BULL, BABY.

… BACK IN 🤝🏼

Long story turned short…

The DOJ seized A LOT of Bitcoin from Silk Road (yes, the illegal website that sold drugs, ammo, guns etc.) a long time ago.

And it has been selling off chunks for years.

Well, $2bn of the full amount (50,000 Bitcoin) was transferred to an address at Coinbase Prime.

We’re not sure if it’ll be sold on the open market or privately auctioned off, or if its actually already been purchased by someone.

If it is still to be sold, I don’t think it’ll have that much of an impact on the market.

Will likely be slurped right up again by several buyers.

The cool part though?

They were able to transfer/wire $2 BILLION US DOLLARS worth of Bitcoin for a total cost of $1.48 and it settled in about 5-10 mins.

Revolutionary, guys.

Crypto Fundraising Comeback 🔜

We’re back!!

Venture capital and other investment funds are heading to crypto again!

In March:

  • Crypto projects raised $1.16B: a 52.5% increase from Feb & largest month since Nov. 2023

  • There were 180 publicly announced investments (highest since April 2022)

  • “Infrastructure Projects” was the most popular ($283mil)

  • At least 50% of all the investments in March were check sizes between $1 and $5 million.

  • 10% of deals saw $20m+ in investments

And even better news?

Bloomberg reported that Paradigm is in talks to raise a $750mil fund which would be the biggest crypto fundraise since April 2022.

Are you starting to see the signs now?

Crypto Cold Storage Options:

Check us out on👇🏼:

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy, sell or hold any assets or to make any financial decisions. Please be careful and do your own research.