Anyone want a #free ticket to this year's #Permissionless? I sadly can no longer attend and don't want it to go to waste. If so, shoot me a DM 🙌
#Crypto#BlockWorks
The story of Bitcoin is so incredible. Zero to a trillion in 15 years, the only asset in history where retail was able to get the cost basis low for years and front run billions of institutional capital.
One of my biggest lessons from being in bitcoin since 2013 (invested since 2015) is that bitcoin redefines time: blocks instead of sec/min/hrs/etc. A bitcoin 'year' is 1 halving cycle, 210,000 blocks (~4 Roman years) and has a spring, summer, autumn and winter.
#Blackrock took 11,500 $BTC from Supply in 2 days
900 Bitcoin are issued daily, and you can see Blackrock's move into their cash supply from last night into Bitcoin, buying the dip. Now, they mostly hold Bitcoin.
The key point is 11,500 BTC were sucked from the system in 2 days by 1 player.
That alone is approximately 13 days of supply.
In addition, IBIT Spot ETF only managed an average of 25% of the volume over two days - so we can assume 46K in 2 days was sucked out (yeah, I know $GBTC impacted this). Net net, if this pace continues, we're facing a severe supply crunch.
Assuming 11,500 x 4 = 46,000 or 23,000 per day, that's 25.56 times the daily production consumed by US ETFs per day alone... forget about retail investors, other global ETFs etc.
Ignore the price fluctuations; this asset is incredibly hard, and if this continues, we will face an extreme supply crunch. #Bitcoin ETF launch was a huge success (despite egregious GBTC fees)
Spot #bitcoin ETFs crossed $1.2 billion in trading volume in first 30 min of trading!
It's not fancy but here's the Cointucky Derby as im watching it. @vaneck_us's $HODL got a later start than the others but @Grayscale's $GBTC and @BlackRock's $IBIT are HOT out of the gate.
#Japan is the most overworked country in the world, leading to workplace deaths and #suicide 😵
The #USA is the only country in the world that has more working hours than the Japanese 🤔
The GBTC discount has been closing in for the entirety of 2023.
GBTC currently trades at an 18% discount to NAV (net asset value), up from a 48% discount to NAV late last year.
🔴 Breaking
US judge rules $XRP is not "necessarily a security on its face"
It's a big win for @Ripple and also for the crypto industry because #Ripple is one the most centralized projects
On June 15th, @blackrock, the world’s largest asset manager with nearly $10T under management, filed a #Bitcoin spot ETF with the SEC.
Here’s why this ETF gets approved.
One crypto sector is estimated to reach $16 Trillion by 2030:
Real World Assets.
This will be the CATALYST for mainstream Crypto adoption.
Here's your 2023 guide to RWAs (and the top protocols):
@realSmarDex Been a SDEX Hodler since week 1 and really want this DEX to grow and this giveaway definitely will definitely do the trick! LFG 🙌��� 🤞 @realSmarDex
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