Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: The Good News Catalogue (Pt. 7)

• 🔎 This seems important: How the heck is Bitcoin still climbing??

• 🤝 Partner: Get exclusive access to this $2.1 trillion investment banking secret​

• 🔪 Let's dissect this: What ever doesn't kill you...

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
DeFi, Protocols.

💅 This is cool:

The Good News Catalogue (Pt. 7): Three Pieces of Positive News That’ll Give You the Zoomies

In one sentence: BTC is now just a 2.4% move away from breaking all-time-highs, 99.96% of BTC holders are now in profit, and there’s a 70% chance we see an ETH ETF approval in May.

Hold your arms out in front of you.

Ok, now to each side.

Are you out of reach of any dry wall?

Good.

Cause we have three new pieces of positive news that’ll have you manically punching the air with excitement…

1. Bitcoin rounded $67.4k, which means we are now just a 2.4% move away from breaking all-time-highs (!!!).
    

2. This move up in price has brought 99.96% of Bitcoin holders into profit, according to IntoTheBlock.
    

3. Bloomberg ETF analyst Eric Balchunas reckons there’s a 70% possibility for an Ethereum ETF approval by May 23.
    
   (That’s WAY higher than we’d previously expected).

Whichever way you slice it…

It’s an exciting time to be in crypto!

🥇 Want the news before anyone else?

🔎 This seems important:

How the Heck Is Bitcoin Still Climbing??

In one sentence: The $7.4B invested by ETFs over Jan/Feb, makes up ~6% of the current supply available for sale, and has helped push the BTC price from $44k to $67k so far in 2024.

Wondering how Bitcoin (and by proxy, the rest of the crypto market) is still climbing? Same!

Cause — sure, the Bitcoin ETFs have gobbled up ~$7.4B of BTC so far…

But Bitcoin is valued at $1.3T in total right now, and $7.4B worth of investment is a drop in the ocean by comparison.

So how does that work?

An easy parallel is real estate:

If there are more buyers than there are sellers, home prices will go up.
If there are less buyers than there are sellers, home prices will go down.

“What is this, amateur hour? You think I don’t already know that!?”
— you, probably.

True! But here’s the tricky part…

While Bitcoin has a value of $1.3T right now, very little of that is actually available for sale on public exchanges.

There’s about 1.8M BTC (~$122B) on exchanges as of this writing (which doesn’t guarantee they’re up for sale — it just means they can be sold).

So at first glance, that $7.4B investment into a $1.3T asset is…what? A purchase of 0.56% of the total supply? That’s not enough to move the needle.

But the thing is — the price doesn’t react to the percentage of total supply being bought, but available supply.

The $7.4B invested by the BTC ETFs over Jan/Feb, makes up ~6% of the current available supply, and has helped push the price from $44k to $67k.

Now, here’s the kicker!

If the ETFs continue to buy at a similar rate for the remaining 10 months of 2024, that’d lead to 60% of the current available supply being gone by the end of the year.

(And supply crunches = price run ups).

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🔪 Let's dissect this:

DeFi: Whatever Doesn’t Kill You, Only Makes You Stronger

In one sentence: DeFi is back — out of the top 10 revenue-generating crypto protocols, 6 of them are in the DeFi niche!

Some short, sweet n’ to-the-point news for you today: 

DeFi is looking capital G-O-O-D, Good.

Why, you say? And where is this coming from? 

Well, after the last cycle, DeFi came crashing down hard (think: Terra Luna circa May 2022.).

Terra promised high yields, basically running strictly off of inflation. They quickly crashed, bringing trust down with them and proving these old methods weren’t sustainable. 

Which brings us up to speed for todays news:

Analysts are pumped to see DeFi back in action and bringing in returns that are real. Out of the top 10 revenue-generating crypto protocols, 6 of them are in the DeFi niche. 

And a rising tide floats all ships.

Take Uniswap’s recent fee update, for instance.

Since the update, the $UNI token not only allows holders to vote on changes to the platform, but gives them a cut of the transaction fees collected by the Uniswap exchange.

The more DeFi platforms (like Uniswap) that find success with these profit sharing models → the more competing platforms will likely follow → the more user owned/operated financial platforms will exist in the world.

We love to see it!

What is DeFi?