It’s been one whole week since the Bitcoin ETFs launched onto the US stock markets.
Everything is not as it seems.
Bitcoin’s price has dumped but adoption is pumping.
Bitcoin is changing the game.
Here is your weekend crypto update and it’s full of the good, the bad and the ugly…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on what’s happened after 1 week of BTC ETFs, Ethereum and Manta’s hiccups with launches, Bitcoin’s hash rate plummeting, rent being paid in Bitcoin in Argentina & inflation soaring due to Red Sea crisis.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on whether or not Azuki NFTs are making a comeback.
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👀 Bitcoin ETFs: 1 Week Later
Celebrating 3 major milestones
After only a week, BlackRock’s spot Bitcoin ETF has become the first to hit $1 billion in assets under management (AUM).
That’s 25,067 Bitcoins and almost $60,000 in cash as of Thursday 18 January.
Fidelity has also joined the $1 billion club.
In just one week, Bitcoin has overtaken Silver to become the second-largest commodity ETF asset class in the US. Behind only Gold. That’s massive.
Collectively, the spot Bitcoin ETFs have already crossed $10 billion in trading volume.
It’s just GBTC bursting the bubble, with $1.18 billion in outflows due to its high fees. But the other ETFs could gobble this up. So, the reallocation continues.
Bitcoin ETF updates
Cathie Wood loves her own spot Bitcoin ETF so much that Ark Invest has bought $15.9 million worth of it for its Next Generation Internet ETF.
Van Eck will be delisting its Futures ETF by February 6 to go all-in on its spot Bitcoin ETF.
Proshares is taking advantage of the mainstream adoption and has filed for 5 further Bitcoin Futures ETFs including 2 long and 3 short Bitcoin ETFs.
Jamie Dimon bashes Bitcoin (again!)
JP Morgan CEO, Jamie Dimon has been bad-mouthing Bitcoin once again on CNBC.
He said “I’m not trying to make a joke here, there are use cases: money laundering, fraud, tax avoidance, and sex trafficking” and Bitcoin “does nothing, it’s a pet rock.” Even though JP Morgan is an authorized participant in the spot Bitcoin ETFs.
With every appearance he makes, he says he needs to stop talking about Bitcoin. But he just can’t!
😱 Ethereum And Manta Launch With Hiccups
Ethereum pushed live its Dencun upgrade on the Goerli testnet. But obviously, it came with a 4-hour delay due to a software bug.
Once the bug was fixed, the upgrade was completed. That’s 1 testnet down and 2 to go before its mainnet launch in February.
The draft schedule for the Dencun upgrade is as follows:
January 17 – launch on Goerli testnet
- January 31 – launch on Sepolia testnet
- February 7 – launch on Holesky testnet
- End of February – launch on mainnet
Layer-2 network Manta also suffered from hiccups the same day as its token listing launch.
Manta was hit by a DDoS attack in the hours after it began issuing its MANTA token on exchanges like Binance and KuCoin. This means an attacker hit the server with a ton of traffic to stop users from accessing the network.
It resulted in sluggish network speeds, withdrawal delays and impacts on gas fees. MANTA reached an all-time high of $2.70 upon launch on January 18 and a market cap of $500M.
😱 Bitcoin Hash Rate Plummets
Along with Bitcoin’s price plummeting, so too is the hash rate.
Bitcoin’s hash rate has dropped 34% since hitting an all-time high of 630 EH/s during the spot ETF frenzy.
Things took a turn for the hash rate on January 14, when Texas was hit with freezing temperatures. Texas accounts for around 29% of the hash rate in the US.
The ice storm meant that Bitcoin miners had to power down and temporarily turn off operations. It’s during high-demand times like these that Bitcoin miners can shut off in seconds to make energy readily available and cheaper for those who need it the most.
The miners are also behind a lot of Bitcoin’s selling pressure right now.
In full-on dumping mode, the miners sold over 10,000 BTC alone on January 17. It marked the biggest daily decline in miner reserves in over 12 months.
Bitcoin miner reserves are at their lowest levels since July 2021—1.83 million BTC.
🏠 Argentina Rent Gets Paid In Bitcoin
Argentina has seen its first agreement between a landlord and tenant signed in Bitcoin.
Back in December, it was announced that contractual agreements could be paid in Bitcoin. As part of newly elected President Milei’s plans to advance its Bitcoin adoption.
The contract was signed in Rosario, Argentina’s third most populated city. The monthly payment equals $100 in Bitcoin and the transfer will happen through local crypto platform, Fiwind.
Both parties in the deal are crypto enthusiasts, so it looks like this was a match made in heaven! More of this, please!
President Milei has also been defying the status quo by showing up at Davos 2024 and saying the quiet part out aloud.
In his fiery speech at the World Economic Forum’s annual meeting, he said “The Western world is in danger. “The state is not the solution, the state is the problem. Long live freedom” Wow. Refreshing words to hear, for sure.
🧐 Red Sea Crisis To Send Inflation Soaring?
The shipping crisis in the Red Sea is already a bigger issue for supply chains than the pandemic.
The rebel attacks currently on cargo ships and tankers are causing long delays which is backing up supply chains. Data on vessel delays has been analyzed and the damage is worse than in 2020.
An inflationary pressure like this could cause inflation rates to spike higher once again.
They say, “Bad luck comes in threes.” That’s what happened in the 1940s and 1970s with three separate periods of high inflation in one decade. Are the 2020s going to be a repeat?
We could see inflation rise once again in the West before it’s able to settle back down to the 2% target.
Macroeconomist, Lyn Alden, has warned for some time now that inflation could indeed spike up again in 2024-2025. Due to supply chain issues not being fully resolved.
Luckily this time around, there is vessel capacity that currently isn’t being used which could ease the problem. This is something to keep your eye on.
What do you think will happen next to inflation? Reply to this email and let me know.
Existing Projects / Tokens
- Celestia [TIA] stakers should be receiving several airdrops over the next several months because multiple new projects are/will be building on top of Celestia. Here’s a good thread for how to stake TIA.
- Chainlink’s [LINK] cross-chain interoperability protocol (CCIP) has integrated with Circle’s USDC to allow crypto users to be able to easily transfer USDC across multiple blockchains. Ethereum, Arbitrum, Optimism, Avalanche, and Base will be the first blockchains to allow for such transfers, with more to follow.
- Mozaic [MOZ] has received a grant from the Arbitrum Foundation. Mozaic says the grant will go to audit costs and incentives for the upcoming launch of Mozaic’s Theseus Vault, which will be doing a test launch next week. Mozaic is an Arbitrum-based yield farming protocol.
- MultiversX’s [EGLD] Sirius upgrade happened on the 16th. Sirius reduces the infrastructure costs for MultiversX’s validators and node operators. Additionally, MultiversX says they have a big announcement set for January 31st.
- Hypr Network [HYPR] has tapped Polygon’s CDK to build a gaming-focused L2 chain. The new chain will also use Celestia’s data availability layer for speed and affordability.
- Solana [SOL] is receiving some big compliments from Franklin Templeton, the asset manager that just launched a spot Bitcoin ETF. They’re saying that Solana’s tech presents a powerful use case for decentralization, DeFi, NTFs, and other innovations.
Upcoming Projects / Tokens
- Jupiter Exchange’s [JUP] token launch is set for January 31st at 10am EST. Jupiter Exchange is a highly anticipated DEX for Solana.
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Web3Go Reiki Passport Airdrop
Web3Go is a data intelligence network that connects humans, data, and AI. Web3Go includes a data-as-a-service platform called Analytix, an AI user-generated Chat bot known as Reiki, and the discussion sub-community Rye Alpha. The vision of Web3Go is to create an infrastructure that facilitates the acquisition, comprehension, and dissemination of data, knowledge, and experiences.
Web3Go has recently launched its Gold Passport Airdrop to reward early users of the platform. All you have to do to participate is Create an Account using your Web3 Wallet or Google account by clicking on the Login link in the upper right corner. If your account is created using Google Connect, a pop-up window will prompt you to link a Web3 wallet. This process will take you to your Reiki Account Profile Page where you’ll want to choose the Link option next to Wallet. This will bind your BNB Wallet address to your Web3Go Account.
Once that’s completed you can choose the “Mint Passport” option from your profile page. Keep in mind that you will need to hold a small amount of BNB, around $0.15 in your wallet to pay for gas. Minting this Passport will unlock 100 Gold Leaves and the Web3Go Taskboard where you can complete simple tasks to earn more gold leaves. With the majority of these tasks being educational-based quizzes about the project, refer to the Web3Go Documents section for all the information needed to complete them.
Are Azuki NFTs Making a Comeback?
The anime-themed Azuki project is one of the biggest names in NFTs, releasing its first PFPs in January 2022 and building a strong brand, but also going through some major price corrections in 2023.
The project has now announced multiple future developments, taking in a points system for collectors, an anime series, Web3 gaming, and physical collectables, and looks overall to be in a good position to make gains and expand in 2024.
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Lark and the Wealth Mastery Team
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