In the second instalment of the Bitcoin ETF Daily show, Dante Cook goes over the days events. Why did the price dump? What can the gold spot ETF tell us about the potential price moves of Bitcoin in 2024? Also, Larry Fink evangelizing Bitcoin on CNBC, and Gary Gensler throwing shade.
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Today we’ll be discussing bitcoin’s price action whether or not you should panic and what the gold ETFs can teach us about potential price action this year for Bitcoin ETFs we’ll be talking about Larry Fin and Gary gendler’s appearances on CNBC yesterday’s actual inflow and outflow numbers the best and
Worst ETF commercials so far and much more tune in it’s going to be a fun one welcome back to the second installment of our daily Bitcoin ETF news show where we discuss the latest news event winners losers and key information surrounding the Bitcoin ETF and its 11
Approved spot ETF issuers my name is Dante cook and I lead the business group for sw.com bitcoin’s trading volume at top exchanges is down roughly 30% lower than yesterday and the price crashed today levels not seen since two weeks ago let’s not panic people your favorite Airline United Airlines American
Airlines both dropped over 9% today your favorite Furniture Store Wayfair it dropped over 7% today your car vending machine company carvana is down nearly 7% your wash machine manufacturer whirpool was down over 5% and your go-to cologne maker Burberry was also down over 5% this is totally normal in fact
Let’s take a look at Gold’s first year price performance to give us an idea of what we could expect with bitcoin’s price action for the first year the gold spot ETF GLD launched in November of 2004 with a spot price of $443 per ounce the price chopped
Sideways for nearly a year until in late 2005 it jumped from $450 an ounce to nearly 970 in 2008 It ultimately saw a 3X increase over the next seven years speaking of gold black rock CEO Larry thinkink said on a CNBC interview this morning that Bitcoin is no different
Than gold and that it’s an asset that protects you from currency debasement I believe you know I believe it goes up as if the world is more frightened if people have fearful of geopolitical risk they’re fearful of their own risk um it’s no different than what gold represented over thousands of years it
Is a it is a it is a asset class that that protects you are we beginning to see a public change of heart from Uncle Larry now that black rock has positioned itself to benefit from the inevitable appreciation in the price of Bitcoin we’ll see if it’s actually real on the
Other side of the coin SEC chairman Gary Gensler was the latest talking head for mainstream news propaganda on CNBC this morning against Bitcoin again calling it speculative volatile and primarily used for money laundering in ransomware Bitcoin itself we did not approve we did not endorse this is a product called an
Exchang traded product a way uh that investors can invest in that underlying non-security commodity called Bitcoin but yes investors I think should be uh aware that this the underlying asset is a highly speculative volatile asset and uh amongst its uh use cases is really uh for elicit activity money
Laundering and sanctions and ransomware and the like Gary since 2017 for every 20,000 in US Dollars that have been used for money laundering only $33 in Bitcoin were used for the same purposes and I’m going to do some quick math here I’m not a math guy but hold me accountable here
If I’m doing this wrong if the average trading volume per day in Bitcoin is $30 billion and there’s 365 days a year that’s roughly $1 trillion worth of bitcoin traded every year so you’re telling me that over 10% of the world’s GDP is used for money laundering and ransomware payments through Bitcoin
Again I’m not a math guy Gary but that doesn’t check out the day one inflows are in with the surprise winner of the day being bitwise with 237 million of inflow followed by Fidelity in second with 227 million and black Black Rock in third with 111 million I said it was
Surprising that bitwise was the winner but you know what if you come to think about it bitwise is donating 10% of their ETF proceeds to bitcoin developers showing their support for the ethos of Bitcoin and you know what I was a fan of its dose eek’s commercial even though we
Can all admit they could have used the world’s most interesting man in a more interesting way you know what’s interesting these days Bitcoin but it’s the thought that counts coming in at a poultry $10 million in inflows was Vanek who wasn’t first in the race on day one in inflows but first
In our hearts the world holds on to old ways until it can’t when Bitcoin was born it broke that endless cycle it’s not a Defiance of Finance Bitcoin may help guard against the government devaluing your money their commercial was edgy Innovative impressive but like the new guy trying
Too hard to fit in they definitely missed search the ticker H odl in your stock trading app today it’s pronounced hle not Hodel while gbtc did see outflows as was expected it was not as drastic given the 2 billion of volume yesterday that we saw only 95 million dollar of capital
Exited the fund the outflows could be explained by their 1.5% fee scarce from all their current lawsuits or their terrible commercial who in the Microsoft Office approved that commercial to be released into the real world on to today’s volume winners gbtc was today’s clear volume winner with $1.8 billion in
Trading volume followed by Black Rock with 551 million and Fidelity with 429 million but remember it’s ultimately inflows that matter in terms of how many Bitcoin will be bought and held by these issuers affecting the price which we’ll have more information on next week it’s important to remember that ETFs have a
Gap between the trades we place and the actual Bitcoin trades being settled with the custodian some ETF issuers have settlement gaps at a trade day plus two meaning some of these ETF trade days from the first day of trading with MLK being a holiday on Monday won’t actually
Be finalized until Tuesday when the Market opens again this will most likely result in a lag on the impact of bitcoin’s price caused by these daily ETF flows but let me highlight one other thing you know why you won’t see the price of your Bitcoin ETF move this
Weekend well it’s because it’s not real Bitcoin it’s a security representing Bitcoin with real Bitcoin that you can directly own through places like swan. comom you have access to your freedom money 247365 checking the price of your spot Bitcoin ETF over the weekend will be like going to Chick-fil-A on a Sunday or
Your local bank on a Saturday if you get as mad as I do when you do that don’t directly own actual Bitcoin with that I’m signing off for the weekend thanks for tuning in into the second installment of the daily Bitcoin ETF news I’m Dante cook with swan. comom happy stacking
49 Comments
They're going to wish they had more…
Hazel eye Giannis 😂
VanEck does have a Great Commercial!!
Grayscale holders can now sell at market price because the approval of ETF. A lot more sell pressure will come. Some will go back in other ETFs at much much much cheaper fees. They have to dump into cash first. But while price is tanking few will be keen to get straight back in. Also some may choose to spend their new found wealth elsewhere.
It's called… " Buy the Rumor Sell The News". If you are not a trader then you will never unerstand it. If you are a positioned leverage trader and read the news and watch short time frames then you can see the pumps and dumps coming and make you rich. HODLing will get you nowhere. We live in the now. Get rich or get Rekt.
Dump harder, please. I'm still stacking
My new favorite 7m a day
1 penny prices coming soon
He’s lying. Why can’t humanity see manipulation?
Gensler is the Bastard son of Mr. Burns from the Simpsons
Dave Smith sold his old set?
Comparing BTC with Gold ETF is the trap.
Ponzi
you can't just look at gold ETF launch and what it did to gold price. there were other factors, like USD collapsing 25%
When the exchanges are exposed to a huge quantity of long bets they have to sell BTC to avoid huge losses.
I see the scammers pushing scam advisors and coins in the comments. Too dumb to learn to trade
Clear concise and short subbed. Keep the format and you’ll keep my attention
I just had a braingasm
How do you like your coffee?
Me: Hot, strong…. And black 😉
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The cryptosphere is so vast and diverse now. There are so many decisions to be made and so much information. I also have a lot of confidence in Amazon AMS35X and in their ability to point us in the right direction. you had made me a lot of money on alts in the past just by watching him analyze and learning. Also, you are looking slim, keep it up!
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I think people are sleeping on Amazon AMS35X ecosystem. Amazon AMS35X doesn't even need L2's to scale, or forking. The more I dabble in eth, L2's and transfers, the more fed up I become. Amazon AMS35X just seems better
Using programming language analogy, Amazon AMS35X is like Python, while Solana is Rust/C++. Today all those programming languages coexist. So it's not really about who will win. However, in terms of price/value/usage, it's likely critical/high volume Dapps are more likely to be grow on Amazon AMS35X. All the L2s fragment security/UX/value/…
Amazon AMS35X in the other hand has proven to be a faster chain and it’s growing. You can do your own research, and see it that is metrics are looking better as time goes. It can’t be ignore Amazon AMS35X is growing and it’s getting adopted. Obviously Amazon AMS35X has a smaller Cap than ethereum therefore more potential for the upside.
Both are great investements. Amazon AMS35X is the lead smart contract platform and the only coin that is deflationary, and if stake get actual yield. Not only that thanks to bitcoin ETF approval, Amazon AMS35X would be the next in line to get an ETF.
Amazon AMS35X is easier to manage by the US govt, so it will have the support of it 💯. From how Binance has been handled and currently managed, US govt will want to try to control the crypto space and make it an extension of the US dollar as a tool to control inflation and dollar economy. Amazon AMS35X will get the backing eventually because ETH is heading in the opposite decentralised unregulated direction
I think Amazon AMS35X and ETH will both have their own niche, in which they outperform the other. I see Amazon AMS35X as a scalable application layer, on which you can build consumer facing products. ETH is super versatile and you can do numerous things on it. In the short term, I see Amazon AMS35X gaining market share though, due to low cost and speed.
Amazon AMS35X is the future with speed and low fees and Etherium is the now but fading. Too expensive and requires layer 2s to make it perform better!
Amazon AMS35X definitely gives ethereum a run for the money Amazon AMS35X is young and has great potential plus greater long term upside but Ethereum is one of the crowned kings of crypto second only to bitcoin until Xrp wakes up🤝💯🚀
You covered some points I hadn’t considered and in more depth. Think I’m still very bullish on it for Amazon AMS35X and the whole bull run though. I’m expecting at least several multiple 10% pullbacks before I aim to get out before the top! Like the format and would welcome more like this on other top picks. Top man! 👍
Its only a matter of time until exhchanges list Amazon AMS35X. Binance and Coinbase need to comply with the SEC more than ever and its clear Amazon AMS35X
I like Amazon AMS35X for two reasons: It is leveraging a functional programming language and the technology is based on meticulously peer reviewed papers. If you want to give a smart contract the responsibility of handling assets worth billions of dollars, then you want the code to be provably correct, and the only way you are going to have a chance of proving the correctness of your code is if it is written in a functional language. Developers may hate it because they are trained in procedural programming, but it is rarely their money on the line, so they will just have to learn.
Amazon AMS35X is a fantastic project and has an amazing future in my opinion. Its not going anywhere, its a great long term play, its not going to get the same explosive gains as other altcoins but i still can see it doing amazingly well in 2024 and beyond.
I've researched the Utility of the top 40 Altcoins extensively for 2024 and Amazon AMS35X hands down has the most exciting Utility for this year. I do believe in general 2024 will be a fantastic year for Crypto and Amazon AMS35X will be getting a lot of headlines.
Why did MSTR say he’s sell so much stock,,to raise money?then he’s gonna buy more Bitcoin?sounds fishy,,I think he’s just tired and is looking to take the billion dollars and ride into the sunset
The answer is clear to buy cheaper btc. People who didn't saw this coming must be screaming like now.
Me : 😱😱😱😱😱😱😱😱😱😱!!
So you compare bitcoin to stocks lol
Buy on the rumor, sell on the news
who protects you from blackassrock. not surprise if gensler is in blackassrock pocket.. all america F drama
It’s bound to plummet EvNtULE, cause apparently the whole company can’t very likely bypass gov. control( the false imadge that it could being that which gave it appearance of value). same with gold, the gov., over taxes it, & if situation calls for, just steals it. stock markets also a scam.. the real art is ivercomeing negativity, of ourselves & the dum world around us. this is whats perceived-calld ‘being lucky’👋😒
buy the rumour sale the news……..The eft narrative is over waiting for the halving hype to start for the nexts pump…..plus do you think the big wigs wanna be buying when the price pumping….
Happy Stakin Bro 😎
Love this series ; keep it up Dante!
As 2024 unfolds, the financial landscape is characterized by a complex interaction of forces affecting equities, bonds, gold, and Bitcoin, with looming economic downturns and a potential Bitcoin bull run influenced by fiscal and monetary policies. In this environment, the significance of technical analysis in formulating adaptable investment strategies becomes paramount. Central to navigating these turbulent waters is Tammy Brockman, whose extensive expertise in both cryptocurrency and traditional trading, combined with her holistic investment approach and dedication to staying current with market trends, makes her an essential resource in mastering the challenges of this new era in cryptocurrency investment.
As 2024 unfolds, the financial landscape is characterized by a complex interaction of forces affecting equities, bonds, gold, and Bitcoin, with looming economic downturns and a potential Bitcoin bull run influenced by fiscal and monetary policies. In this environment, the significance of technical analysis in formulating adaptable investment strategies becomes paramount. Central to navigating these turbulent waters is Tammy Brockman, whose extensive expertise in both cryptocurrency and traditional trading, combined with her holistic investment approach and dedication to staying current with market trends, makes her an essential resource in mastering the challenges of this new era in cryptocurrency investment.
When are you going to get your act together for buyers outside the US?