BITCOIN ETFs to Flip Gold This Year

Hey it’s Archie!

Bitcoin sits above $52,000 and is poised to shoot up again as I type this newsletter.

As I said in the lead up to the ETF approvals, fund allocation to Bitcoin can’t be priced in ahead of time, and we are seeing that as ETFs accumulate $400-$600m a day on average over the last 6 trading days.

Let’s dig in!

🚨Today’s Issue

• Bitcoin ETF Trading Update

• Gold vs Bitcoin

• Michael Saylor’s 3 catalysts for $5m BTC

• Banks beg SEC to make it easier for them to hold Bitcoin

QUICK BITES

Bitcoin Snippets

• Ed Snowden: “Bitcoin is the most significant monetary advance since the creation of coinage." 

• RFK Jr: Presidential candidate says he will “make sure that your right to use and hold Bitcoin is inviolable.”

• Bitcoin Mining: Ethiopia to build $250M Bitcoin mining and AI data facilities to make use of cheap renewable hydro-energy.

• Bitcoin Up 333% since 2020: Bitcoin is the number 1 performing asset class since MicroStrategy first bought some in August, 2020.

• Coinbase: Still has not implemented the Lightning Network, despite promising more than a year ago.

• CNBC Anchor calls out SEC Chairman on LIVE tv:

ETFs

Bitcoin Trading Update

• 9 New Bitcoin ETFs now hold $14.15b Bitcoin.

• $3.2 Billion inflow in the last 7 trading days

• Grayscale outflows account for $7b and have slowed down to a range of $60m-130m per day.

  

• Net TOTAL Inflows: $7b.

• Bitcoin ETF launch a 10/10 - Bloomberg’s Senior ETF Analyst gave the perfect rating when I spoke to him this week.

  

NOTE: Flows are the value of funds on the day they enter the fund.
Assets account for the value of the Bitcoin held by the fund, which can change after they flow into the fund.

Example:
If $1 enters the fund on day 1 = $1 of inflow.
If Bitcoin doubles in value the next day, flow recorded on day 1 remains the same, but the value of the Bitcoin within the ETF doubles to $2.
So flow values do not equal asset value.

BITCOIN vs GOLD

Bitcoin ETFs Will Flip Gold ETFs

• Gold ETFs have a accumulated $91 Billion in assets since launching in 2004.

• The first gold ETF and still the biggest, GLD took 3 years to accumulate $7.2b in assets.

• The 9 New Bitcoin ETFs have a total of $13.2 Billion in assets after just 26 trading days.

• BlackRock alone has $6.2 Billion in assets since launching on the 11th of January.

• It seems inevitable that Bitcoin ETFs will overtake the total value of assets held by Gold ETFs by the end of 2024, or sooner, should market conditions continue to gain momentum.

$5m BITCOIN

Michael Saylor’s 3 Catalysts for Bitcoin to Hit $5m per BTC

UPDATE:

✅ - Spot ETF approval: launched in January 11.

✅ - Fair value accounting rules from FASB: Policy has been updated, coming into effect officially end of 2024, but companies can adopt the new rules now if they want to.

📮 - Banks custody and lend against Bitcoin as collateral - coming soon (see next story!)

BANKS & BITCOIN

Banks Write to SEC to Allow Them to Hold Bitcoin for Customers

That’s not a joke. They are literally begging for a rule change after missing out on key roles in the Bitcoin ETF process, and having seen the massive demand for Bitcoin ETFs, they’re now lobbying the SEC to let them into the game and hold Bitcoin on behalf of their customers.

One day soon, bank customers will have a separate line on their app that shows their balance of bitcoin next to their fiat balance, and they will be able to buy/sell natively within the app. You can already do it on some banks and there are white label solutions that were being sold in the last bull market.

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Cheers,

Archie 🙌

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