Bitcoin Smashes $64,000 as Bulls Takeover

Hey, it’s Archie!

Bitcoin just broke $64K and a new all-time high in USD terms is within sight. ETFs are breaking records and Michael Saylor just won’t stop buying!

Let’s dig in 🙌

🚨Today’s Issue

• Bitcoin ETF Trading Update

• Michael Saylor Buys More

• Bitcoin Breaks $64,000

• All Time High Around the World

NEWS

Bitcoin Snippets

• Bitcoin Market Cap breaks $1 Trillion for the first time since the last bull market.

• Reddit bought Bitcoin with its excess cash and may continue to do so with future cash flows

• BlackRock hosts Institutional Digital Assets Summit, which was essentially a Bitcoin marketing event.

• Fidelity and Accenture hosted 100 bank executives and asset managers in Paris last week to learn more about Bitcoin and how to prepare as an institution.

  China: still has 15% global share of the Bitcoin mining hash-rate, despite an official ban on

• European Central Bank say Bitcoin "fair value is zero" has "failed on its promise" and that the ETF is proof. Bitcoin surges towards all-time high and breaks $60K.

• Nigeria: considers shutting down exchanges to stabilise its currency, the Naira. Good luck with that.

• Trump softens position on Bitcoin

PRICE

Bitcoin Just Smashed Through $61,000

• Bitcoin breaks $64,000 (as I type this) in a rally fuelled by growing mainstream adoption, Wall Street, and ETFs.

• February has been mega-bullish with the biggest monthly candle in Bitcoin history in dollar terms, marking up a $18,500 gain with one day remaining in the month.

• Bitcoin is on track for +40% gains this month, which has signalled the start of a parabolic run 4 out of 5 times since 2013.

• Leveraged traders liquidated 2 days in a row, totalling more than $300m in losses. They will never learn.

BITCOIN ETF

Bitcoin ETFs Build Momentum

• $4.9 Billion NET inflows in the last 13 days (including GBTC outflows)

  - ETFs are buying $377m $BTC per day

  - Equal to 6,388 $BTC per day

  - 7x the daily Bitcoin issuance

  

• Investors took a wait and see approach at launch.

• When outflows slowed within a week, allocations started.

• By week 3 the marketing efforts began bearing fruit.

• Higher price begets more allocation as fund managers gain confidence in asset class.

• Bloomberg’s Senior ETF Analyst gave the BTC ETF launch a 10/10.

• Bitcoin ETFs are being approved on investment advisor networks right across the US. Most advisors can’t yet offer the Bitcoin ETFs

  Bitcoin ETFs to Flip Gold ETFs

  

• Bitcoin ETFs are catching up to Gold ETFs for total assets after just 31 trading days.

• $40.7b for $BTC

• $92b for Gold

MICROSTRATEGY

Michael Saylor Buys More Bitcoin

• MicroStrategy bought another 3,000 Bitcoin for $155 million.

• It now holds 193,000 Bitcoin with an average price of $31,544 per BTC

• Michael Saylor is now $5.83 BILLION in profit on MicroStrategy's $6.09b Bitcoin investment.

• MicroStrategy’s total market cap was just $1.3b when it first bought Bitcoin in August,2020.

• Its unrealised Bitcoin profit is ~4.5x bigger than it’s total market capitalisation pre-Bitcoin.

MicroStrategy’s Bitcoin Purchases

Michael Saylor said he would continue buying Bitcoin at the top, forever. As you can see, he is staying true to his word.

GLOBAL ADOPTION

Bitcoin Breaks Global Records

• Bitcoin makes new All-Time Highs in 30 countreis

  

This is so much more profound than “number go up”.

Bitcoin is a literal lifeline for people living in under financially oppressive conditions cause by government incompetence, monetary debasement, and the resultant inflation.

Among the memes and sh!tposts, Bitcoin truly is hope!

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Cheers,

Archie

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