WTFBitcoin Week 43, 2023
Bitcoin is experiencing massive inflows.
TLDR: 43m inflow in bitcoin in one day. Bitcoin exchanges are getting drained. Bitcoin trading derivatives market reaches milestone of $1,000,000. Institutional money on the sidelines until ETF approval.
Hey there niblings, it’s uncle Bam again, with a summary of the most insightful events in the Bitcoin space. Back at it again digesting all the important news for you.
A couple of weeks ago, I had a conversation with a friend who was getting ready to buy a full bitcoin. As the price hovered around $27,000-$28,000 he mentioned was going to “wait a bit”, for the price to come a little lower, and proceed to the deploy the capital entirely.
When I saw him again this week, and we now range around $34,000, guess what was big surprise? HE DID NOT DEPLOY.. unfortunately. He proceeded to ask me if he should do it now, or wait for price to retrace a bit further.. But I couldn’t answer that question. To be fair, who would? It is a personal decision to make.
The risk of not dollar cost average into Bitcoin, is the expectation to “buy a little cheaper”, since there is no deterministic rule to know what that actually means, “a little bit cheaper” will always sound enticing, ultimately making us wait forever while increasing the resistance to execute the “buy order” as price continues to go higher. It is a risky thing.
And while one trying to "beat the market" and to find himself more intelligent than the rest of the world.. Well, big pockets are already re-evaluating and considering higher allocations, since at the end of the day.. Bitcoin is still very cheap and about 50% below the all time high..
The cat is out of the bag, or so it seems. Bitcoin is beginning to be spoken about more openly again in mainstream media. It definitely brings back memmories reminiscent to late 2020, as big banks attribute the latest appreciation to institutional investors, and CNBC Market Alert starts talking about the incoming halving (video worth watching)..
So who knows, maybe it is time indeed to get some of those sats, as it seems the institutions are starting to attempt front running the halving.. But well, let’s now go on and enjoy more of these bitcoin bullish news 🗞️🗞️!
THE NEWS
1. Relai announces the integration of Lightning, allowing users to sign up for the beta, and stack sats through self custodial Lighting using Breeze SDK.
"By integrating the #Bitcoin Lightning Wallet, we are not only enhancing the user experience but also propelling Bitcoin's adoption as a daily transactional currency." - Adem Bilican, Co-Founder and CTO of Relai
2. Universal Money Address (UMA) standard was open sourced by Lightspark.
“Money needs to move like email, so we’ve extended Lightning and LNURL to support compliance and FX. Users will be able to send/receive fiat & crypto via their UMA-enabled exchange, wallet, or bank.” – David Marcus
3. LNMarkets shares they’ve reached $1,000,000,000 traded on their derivatives platform, the first Lightning Network powered Bitcoin derivatives trading platform.
4. Leading Mining hardware manufacturer MicroBT presents next generation Bitcoin Mining rigs with the WhatsMiner M60 series.
5. OpenSats announces long-Term Support for Furszy, a developer focusing in privacy and performance on the Bitcoin network.
6. Bob Burnett, Chairman and CEO at Barefoot Mining, shares that Mining equipment suppliers have started increasing prices significantly, which has been a sign of the market understanding the price having bottomed out.
7. ZapplePay just shipped AutoZaps, a decentralized ‘Patreon’ where every npub gets their own page where people can set up recurring payments to them, allowing for subscritions to be done on Lightning.
8. Marathon Digital to raise $750M through equity offering Additionally, the company officially unveiled their second UAE bitcoin mining site in Abu Dhabi at Masdar City.
INSTITUTIONS
9. BlackRock’s bitcoin ETF will use the ticker: IBTC. It seems that preparations are under way for the Spot ETF to be finally approved likely soon.
10. There's so much pent up demand for Bitcoin — $200 Trillion of Institutional assets that can't touch it until an ETF is approved - Ernst & Young, Big 4 global consulting giant
11. Morgan Stanley says next Bitcoin halving may be the beginning of a new bull market.
"Signs indicate that crypto winter – Bitcoin’s cyclical bear-market decline – may be in the past." - Denny Galindo, Morgan Stanley Analyst.
12. Matt Hougan, the CIO of BitwiseInvest, did a webinar on bitcoin for financial advisors. The show rate of advisors who attended vs. the ones who just signed up was the highest of any webinar he has previously done in the last 10 years.
13. Goobit Group AB (publ) publishes investment memorandum for the rights issue starting on October 27, 2023.
The purpose of the issue is to solidify it's position as a transparent, accountable and secure #bitcoin company.
14. Friendly reminder that BlackRock bitcoin study from 2022, determined that the most optimal Bitcoin allocation in a portfolio is 84.9%.
PERFORMANCE
15. Bitcoin sets new all time highs in multiple counties around the world: Argentina, Egypt, Laos, Lebanon, & Turkey. This is just a reminder of how fiat currency is designed to depreciate forever.
16, Bitcoin seems to have decoupled from the long lasting correlation to the Nasdaq and S&P, at least in the last couple of weeks..
ADOPTION
1.7 Video of kids buying fruits with Bitcoin in Brazil.
18. You can now top up an anonymous e-sim card with Bitcoin from a Chaumian Mint.
19. Google searches Bitcoin have surged globally in the last 3 weeks.
FUNDAMENTALS
Public funds saw a $43m inflow into bitcoin in October 23rd, that's 10% of the YTD total in one day
But not only institutions are accumulating, the Bitcoin accumulation trend score went 1 for the first time since the FTX collapse. That was the last time accumulation was this strong across all cohorts. The time before that was the Luna collapse.
On top of these massive accumulation, the bitcoin available on exchanges continue to dwindle. But this wouldn’t come as a surprise, as we have seen a strong appreciation in the last couple of days.
Have a great weekend niblings.
Stay humble & stack sats.
Share some love with Uncle Bam for cup of coffee ☕ or a nice ribeye 🥩 <3
But more importantly, buy some sats for yourself.
Lightning Address: bamthemexican@noah.me