Gm friends,
Santa delivered this Christmas, giving us another opportunity to buy Bitcoin under $100K. If you didn’t, then corporations and institutions certainly will. And they are.
Here is your weekend crypto update…
Here’s what’s in today’s issue:
- Chart of the day: Wen new Bitcoin ATH.
- Rebecca shares her thoughts on BTC adoption on balance sheets, Russia using Bitcoin, ETFs seeing post-Christmas inflows, Tether making first crypto VC fund investment & Cardano’s lithium project.
- Today on chain.
- Altcoin Alpha.
- This week’s airdrop by Jesse.
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Chart of the Day
The question everyone wants the answer to right now is, when will Bitcoin hit new all-time highs? Well, according to CoinDesk analyst James Van Straten, Bitfinex whales have been a great indicator of BTC price movements.
Bitfinex whales sold off 20,000 BTC during the Trump rally in November. And since Bitcoin’s drop from its current ATH of $108K, they are yet to add any BTC longs.
What happens when they finally add longs? Well, if you look back at what happened during the 2021 bull market…it was after a correction that Bitcoin and Bitfinex longs increased together, and Bitcoin then went on a 70% rally. It’s time to have a little patience.
News Now
More BTC Adoption On Balance Sheets And New ETFs
It’s beginning to look a lot like the beginnings of corporate and institutional Bitcoin FOMO.
KULR Technology’s BTC Treasury
Another publicly listed company just joined the Bitcoin Standard inspired by Michael Saylor—welcome in, KULR Technology Group. The company is listed on the New York Stock Exchange and announced the launch of its Bitcoin treasury with a $21 million BTC buy….I see what they did there. That bought them 217.18 BTC at an average price of $96,556.53, with Coinbase acting as the custodian. Then of course, the stock jumped 34% to a new all-time high after the announcement.
Like MicroStrategy and others, KULR doesn’t expect this to be a once-and-done purchase. KULR is planning to allocate up to 90% of its surplus cash into Bitcoin, so this is only the beginning. KURL’s CEO has said: “He [Michael Saylor] calls BTC digital energy, which really resonated with our mission because we are an energy management company for batteries and space applications are our core.”
Bitcoin Bond ETF
Strive Asset Management, led by Vivek Ramaswamy has filed a request with the SEC for a Bitcoin Bond ETF. It’s designed to give investors exposure to bonds issued by companies that use the funds to buy Bitcoin for their treasuries. The proposed ETF will either invest directly into publicly listed companies like MicroStrategy which issues bonds to buy Bitcoin or will gain indirect access through swaps and options.
Bitcoin Standard Corporations ETF
Bitwise filed an application with the SEC on December 26 for a Bitcoin Standard Corporations ETF. The fund will offer exposure to companies that have adopted a Bitcoin standard, which Bitwise defines as holding at least 1,000 BTC on the balance sheet, to incentivize buying. Not only that, but companies in the fund will also be weighted based on the Bitcoin treasury’s market value, not market cap. So for example, Tesla would have less weighting in this ETF than MicroStrategy, even though its market cap is almost double the size. That’s because MicroStrategy owns 444,262 BTC compared to Tesla’s 9,720 BTC.
Russia To Use Bitcoin, But There’s A Catch
It’s no secret that Russia has taken an interest in crypto—it’s the key to bypassing sanctions. Now, Russia’s Finance Minister Anton Siluanov appeared on the state-owned news channel Russia-24 on December 25 to openly discuss US dollar alternatives. According to the minister, foreign trade can already be settled using Bitcoin and it’s something Russia plans to scale further.
He said: “It’s an innovation in the global settlement system, that is the future. “We can pay for the delivery of goods with digital financial assets. It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime.”
But just as it seems Russia takes a step forward with crypto, it’s 3 steps back. Russia has announced a 6-year ban on Bitcoin mining in 10 regions due to the government’s concerns over excessive energy use. The ban will affect the following regions: Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, and the occupied territories of Donetsk and Luhansk People’s Republics.
BTC And ETH ETFs See Post-Christmas Inflows
Bitcoin ETFs
After four consecutive days of major outflows totaling more than $1.5 billion, the US Bitcoin ETFs saw a Christmas miracle. There were $475.2 million worth of net inflows on December 26, which was surprisingly led by Fidelity’s Wise Origin Bitcoin Fund ($254.4 million), followed by the ARK 21Shares Bitcoin ETF ($186.9 million) whilst BlackRock’s IBIT came in third ($56.5 million).
Ethereum ETFs
Now the Ethereum ETFs fared much better than the Bitcoin ETFs before Christmas. With $184.4 million in net inflows across December 23 and 24, this pushed the total net inflows since inception to $2.5 billion. This was followed by a massive $117.2 million in net inflows on December 26. So whilst Bitcoin takes a breather, Ethereum is looking more attractive.
Tether Makes First Crypto VC Fund Investment
2024 has become the year of diversification for Tether. After announcing earlier this week it’s made a $775 million investment into Rumble, Tether is throwing some cash into the world of crypto venture capital for the first time. Tether has invested $2 million into Arcanum Capital’s Arcanum Emerging Technologies Fund II.
It’s a tokenized fund focused on accelerating the growth of decentralized Web3 projects. This includes the Bitcoin ecosystem, the intersection of blockchain and AI, blockchain infrastructure, innovations in payments, and privacy-focused technologies. A portion of the fund will also focus on integrating Tether’s stablecoins into companies for payments.
Cardano’s Lithium Project
Argentina has the world’s third-largest Lithium reserves and is a major player in the Lithium industry. So Cardano has partnered with 3 big players in Argentina’s Lithium industry to tokenize the metal. With the EV industry alone projected to grow to $1.3 trillion in the next three years, the demand for Lithium is set to skyrocket.
Cardano will be working with Atómico 3, Zengate, and Alto Grande to launch the world’s first Lithium tokenization project in Q1 2025. This project will use blockchain technology to convert Lithium property rights into tokens, allowing investors to trade fractional shares 24/7 without physically handling or owning the metal.
Today On Chain
With 2024 coming to a close, let’s take a look at the top 5 blockchains by total-valued locked (TVL) according to CoinStats. Cos the more funds locked up in smart contracts, the more DeFi adoption a blockchain has.
So drumroll, please…
5/ Arbitrum: $3.41 billion TVL across 773 protocols
4/ Binance Smart Chain: $6.05 billion TVL across 862 protocols
3/ Solana: $6.2 billion TVL across 213 protocols
2/ Tron: $8.34 billion TVL across 68 protocols
1/ Ethereum: $121.26 billion TVL across 1,354 protocols
It’s no surprise that Ethereum remains the king of DeFi. But Bitcoin is nowhere to be seen despite being the number one cryptocurrency by market cap and growing its TVL by over 50% this month alone. But when it comes to DeFi, Bitcoin sits in 13th place with just $429.52 million in TVL.
With more blockchains integrating support for Bitcoin DeFi, it will be interesting to check back in on these rankings in a year or two from now.
❗REMINDER: Not your keys, not your crypto❗
That’s why you should always self custody your coins with best-in-class Ledger wallets.
I have been using Ledger wallets since 2017 and I love them.
Altcoin Alpha
- FLOKI is hoping to launch a Floki exchange-traded product (ETP) for European investors in early Q1 of 2025. If approved, FLOKI would be the only meme token other than DOGE with an institutional product in Europe. Watch this space…
- Bitget will migrate to a single ecosystem token by merging the Bitget Wallet Token (BWB) into Bitget Token (BGB). The new and improved BGB token will integrate with Bitget Wallet and power features such as Fair Launchpool and multi-chain gas fee payments.
- BONK burned over 1.8% of its entire supply during its BURNmas community holiday token burn event on December 26. In total 1.69 trillion tokens worth over $51 million were permanently removed from circulation.
- Ronin [RON] will launch the gaming prediction market Forkast on the network in January. Forkast will allow users to stake tokens and earn rewards whilst making gaming, esports and Web3 predictions.
- MOODENG jumped over 14% in price after Ethereum co-founder Vitalik Buterin announced he’s become the adoptive father of Moo Deng, after donating 88 ETH to Thailand’s Khao Kheow Open Zoo.
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Weekly Airdrop
Doodles Airdrop Incoming
With a not-so-cryptic message from Doodles creator Burnt Toast this week. (TOKEN IS COMING) It’s safe to say that the Doodles Airdrop is just around the corner. Meaning that right now is one of the last opportunities you’ll get to qualify. Having discussed multiple Doodle NFT drops on Zora Marketplace this year. Doodles is one of the most interesting NFT projects of 2024.
The Doodles project is far from another pointless NFT endeavor. Managing partnerships with McDonalds to issue their special holiday cups this season.
As well as working with Arizona Ice Tea to rebrand their flagship products. Doodles are something that everyone and their mother is going to want to gain some exposure to. So here are three options for how you could potentially qualify for the upcoming token drop.
Starting off with the free option You’ll want to log in to the Doodles Website using your Web3 wallet and Create your own Doodles Avatar. If you’ve happened to acquire any wearables from the Doodles collection, this is where you can attach them to your avatar. This will, at the very least, give your wallet some interaction with the Doodles platform.
If you’ve missed the chance to mint one of the available 14 Doodles NFTs on Zora, then now’s the last opportunity to pick some up for a few dollars. Most are below $3 and can be purchased on Zora, Optimism, Arbitrum, Base, and several other Networks.
Finally, the last and most expensive option for participating in the upcoming Airdrop would be acquiring an original Doodles character. Doing this will guarantee you a token reward but it’s still up in the air on whether that value will exceed or meet the starting price of 8.4 ETH to grab one of these NFTs.
Final Notes
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
If you really want to take advantage of fastest growing asset class EVER, then the Premium subscription is for you.
Premium Members get access to:
- My updated portfolio
- Technical Analysis from Rekt Capital
- Deep dives on altcoins
- DeFi tutorials
- Airdrop reports
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The time to build your portfolio is now. Don’t get left behind.
See you next time!
Lark and the Wealth Mastery Team
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Legal Disclaimer
Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
You can find a full disclosure of all my crypto & venture investments here.
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
