TL;DR
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Coinbase’s supply of BTC just hit a 9yr low, $390B has been added to the crypto market since Weds, and the UK is getting crypto ETNs (UK’s version of an ETF).
Full Story
You might want to take a baby aspirin…
Cause we have three pieces of good news that’ll make your Apple Watch notify you of an elevated heart rate, while fully seated.
Ready? Here goes.
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Coinbase’s supply of Bitcoin just hit a 9 year low!
All of that Bitcoin selling coming from the Grayscale ETF, which we talked about yesterday?
It has been met with massive demand, with the market buying up every single BTC Grayscale has to spare (a very healthy sign!)
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$390B has been added to the crypto market since Wednesday.
And with that, comes price appreciation! Over the weekend, the market rebounded from its no-good-very-bad-week, with…
BTC reclaiming $70k (up from $60k)
ETH hitting $3.6k (from $3k), and…
SOL reaching $194 (up from $162) -
The UK is getting crypto ETNs (aka the UK version of an ETF)!
Grey cloud: these ETNs will only be available to ‘Professional Investors’ (aka folks with a net worth of 2M EUR or more).
Silver lining: smaller investors don’t really need ETNs, because they don’t have mandates restricting them from buying crypto directly.
Blinding sunlight: Both Bitcoin and Ethereum ETNs are on the books, and due to launch as soon as May 28th.
Here’s the math on that:
More ways for ‘big dog’ investors to buy BTC/ETH = the potential for more investment (and increased prices) over time.
This — and we cannot stress it enough — we love to see.
