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- The 78th Hoot
GOOD MORNING, EVERYBODY ☕️
WE ARE HALFWAY THROUGH JUNE.
1 WEEK CLOSER TO A FULL FLEDGED BULL MARKET 📈
Scatt's Weekly Seeds:
🌱Where is All the Bitcoin? 📊
🌱How Many People Own 1,000+ Bitcoin? 🧐
🌱Solana & DOGE ETF? 🔜
🌱Crypto & The Elections 👀
Memes of The Week
Year-to-Date Returns:
Dow: 2.39%
S&P 500: 13.87%
Nasdaq Comp: 17.84%
Bitcoin: 57.50%
Ethereum: 55.77%
Solana: 39.28%
News Breakdown:
Crypto Market:
7-DAY CRYPTO MARKET CAP CHANGE: $9B
CRYPTO INVESTMENT PRODUCT FLOW: $2B
TRUMP DOUBLES DOWN ON CRYPTO SUPPORT AT FUNDRAISER EVENT
U.S. BTC ETFS ATTRACTED NET INFLOWS FOR 18 DAYS STRAIGHT
JAPANESE PUBLIC CO. METAPLANET BUYS ADDITIONAL 23.35 BTC AS PART OF IT’S RESERVES
ALL TOP CRYPTO VCS SAW AUM VALUATION INCREASES IN 2023
WORLD’S LARGEST BANK ICBC PRAISES THE EVOLUTION OF BITCOIN, ETHEREUM AS INNOVATIVE FINANCIAL ASSETS
BASIS TRADE DRIVING SHORT INTEREST IN BTC FUTURES TO RECORD HIGH AMONG LEVERAGED FUNDS
TETHER WILL INVEST OVER $1B IN DEALS OVER NEXT 12 MONTHS
TRUMP WANTS ALL REMAINING BTC TO BE ‘MADE IN THE USA’
TERRAFORM LABS TO PAY $4.5B TO SETTLE SEC FRAUD CASE
TAIWAN CREATES BITCOIN AND CRYPTO INDUSTRY ASSOCIATION UNDER GOVT. GUIDELINES
ATTACKS AGAINST TRUMP FOR ACCEPTING BTC DONATIONS HAVE BEGUN (🤡)
BINANCE CEO TENG SEES LANDMARK YEAR AS CRYPTO GOES MAINSTREAM
MICROSTRATEGY TO RAISE $700M IN STOCK TO BUY MORE BITCOIN
TAUNTON FIREFIGHTERS BECOME 4TH UNION IN THE USA TO ADD BTC TO IT’S BALANCE SHEET
This Week’s Economic Calendar:
U.S. Retail Sales (Tuesday)
Juneteenth Holiday (Wednesday)
Housing Starts & Building Permits (Thursday)
Existing Home Sales (Friday)
Where is All the Bitcoin? 📊
It’s a great question.
So let’s dive in and see a full breakdown:
57%: Individuals
17.6%: “Lost BTC”
6.6%: Yet to Be Mined
5.2%: Satoshi (Creator) Wallet
3.9%: BTC ETFs
3.6%: Corporations
3.4%: BTC Miners
2.7%: Government
The thing you have to remember with this financial and technological phenomenon that is Bitcoin…
Is that there is only so much ‘pie’ to go around. There will be NO more.
The US Dollar pie continues to increase to ‘ensure everyone gets some’.
Notice the difference?
Economics 101: What does it tell you?
How Many People Own 1,000+ Bitcoin? 🧐
The whales.
The institutions are buying.
And the number of entities that own more than 1,000 BTC is almost at an all time high.
THE BIG BOYS HAVE OFFICIALLY ARRIVED.
You cannot front run them anymore.
You can now only join the wave.
Solana & DOGE ETF? 🔜
BTC ETF? ✅ ETH ETF? ✅ Time for SOL ETF?
BTC ETFs are pumping. We are waiting for ETH ETFs to go live.
And there are now rumors that BlackRock have started the application process for a Solana ETF.
This would be game-changing for the coin that has a less than $100B market cap.
Sooo… let’s be realistic. What are our odds?
There are 2 components to consider:
BTC and ETH have both had futures ETFs approved and trading before spot ETF was approved. SOL does not have one
SOL is currently considered a ‘security’ (not a commodity) and has open court cases with Coinbase and Kraken about it
But you know what isn’t a security and can actually launch an ETF?
Dogecoin - the ultimate memecoin.
Jokes aside - it has a serious chance of being next in line on the ETF rollercoaster.
Crypto & The Elections 👀
Elections: The crypto swear word of 2024.
Election years are always INCREDIBLY active.
Politicians start doing and saying things you’d never think they would have.
Money starts flowing in directions you never thought was possible.
So, we’re just a few months out from D-Day and where are things?
Well, the stock market has made ~25 new all time highs in 2024 so far…
Bitcoin is trading at $65-70k, and ETH is at $3.5k.
And if the stock market prices in things 6-9 months in advance..
Who do you think people are betting on winning the elections?
Well, the biggest bank in the world (JP Morgan) says Trump.
Let this stew.
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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.