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The 83rd Hoot
The Germans Big Mistake ❌ + ETH ETF Approved & Live... 🚀
Matt Brimacombe
July 22nd, 2024
GOOD MORNING & HAPPY MONDAY ☕️
BIDEN IS OUT. TRUMP IS IN.
BITCOIN $84K & ETH $4.8K BY END OF AUGUST 🐂
THE CRYPTO DENIERS & NON-BELIEVERS ARE GOING TO HATE US VERY SOON (IF THEY DON’T ALREADY, LOL).
Scatt's Weekly Seeds:
🌱The Germans Big Mistake ❌
🌱BlackRock CEO Gives BTC the Nod 🫡
🌱ETH ETF Approved & Live… 🚀
🌱Spot Bitcoin ETF Balances 👀
Memes of The Week
Year-to-Date Returns:
Dow: 6.89%
S&P 500: 17.41%
Nasdaq Comp: 18.09%
Bitcoin: 59.56%
Ethereum: 53.43%
Solana: 62.45%
News Breakdown:
The Latest in Crypto:
7-DAY CRYPTO MARKET CAP CHANGE: $1.44B (huge)
CRYPTO INVESTMENT PRODUCT FLOW: $32B
JD VANCE IS THE FIRST BTC HOLDER ON A PRESIDENTIAL TICKET
CRYPTO STOCKS ARE SOARING AMID RALLY
BLACKROCK CEO LARRY FINK IS A ‘MAJOR BELIEVER’ OF BTC IN PORTFOLIOS
TRUMP SAYS JP MORGAN CEO HAS SUDDENLY ‘CHANGED HIS TUNE’ ON ANTI-BTC STANCE
TRUMP SAYS EXPERIENCE WITH BTC BEEN “EYE-OPENING” & DOESN’T WANT ANOTHER COUNTRY TAKING OVER THIS SPHERE
STATE STREET EXPLORING CREATING ITS OWN STABLECOIN
STRUGGLING BTC MINERS MAKING DEALS WITH AI FIRMS
MARK CUBAN SAID VCs ARE BACKING TRUMP AS A BITCOIN PLAY
NORTH KOREANS REPORTEDLY HACKED INDIAN CRYPTO EXCHANGE WAZIRX FOR $230M
PAYMENT GIANT STRIPE TO ALLOW EUROPEANS TO BUY BITCOIN AND CRYPTO WITH DEBIT AND CREDIT CARDS
MARKETS ARE BEGINNING TO PRICE IN A TRUMP VICTORY IN NOVEMBER
This Week’s Economic Calendar:
Existing Home Sales (Tuesday)
New Home Sales (Wednesday)
PCE Inflation Index (Friday)
The Germans Big Mistake ❌
Germany has ~$2.6T in debt.
Their monthly debt service is about $44B.
They seized 50,000 Bitcoin at basically a zero cost basis.
And sold it all within a week or 2 for a net total of $2.8B, less than 10% of 1 MONTHLY payment.
They have already missed out on $500mil+ in unrealized gains since the sale.
Maybe Bitcoin would’ve made a difference?
Point is, they weren’t even open to considering it - classic.
Mark my words - this will be taught in textbooks in 50-75 years time as one of the more prominent economic blunders of our time.
BlackRock CEO Gives BTC the Nod 🫡
$10.2 trillion.
That’s how much money BlackRock advises.
Which makes the CEO a pretty important guy, right?
Well he’s just come out and said that he is a BIG believer of Bitcoin in one’s portfolio.
Arguably the most important person in finance ON EARTH, just legitimized Bitcoin as an investment…
And more so, he admitted to being wrong about it a couple years prior where he referred to it as a “fraud & pyramid scheme”
Hard to argue with that, eh?
ETH ETF Approved & Live… 🚀
Biggest news of the week.
Largely expected since their 19-B approvals in May, but the timing was always up in the air…
Ethereum ETFs will go live this Tuesday!
Where we will likely see 21Shares (BlackRock) steal the show and be responsible for most of the volume.
Total AUM/inflow expectations are about 20-30% of the spot Bitcoin ETFs.
I personally think we do a little more than that - especially considering the staking feature of ETH (which is not apart of the ETFs now, but likely will be in a few years)…
Like I said at the beginning: ETH to $4.8k in August 🎯
Spot Bitcoin ETF Balances 👀
Monstrous.
Over 900,000 Bitcoin is what the spot ETFs alone have collectively bought since launching in January.
And BlackRock and Fidelity are responsible for about ~550,000 of that.
BlackRock are currently buying about $100-$150mil A DAY in Bitcoin.
Fidelity something similar.
The institutions are here, folks.
All the haters, the deniers, and the non-believers are about to experience severe FOMO.
Just you wait.
Crypto Cold Storage Options:
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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.