Bitcoin Hodlers Can’t Believe This is Happening…

Bitcoin Hodlers Can’t Believe This is Happening…

that’s right I mean Bitcoin still I we think early in an upcycle so the idea that it could get to like 150,000 this year is still you know with within our base case fund Strat globals Tom Lee doubling down that $150,000 per Bitcoin is still his base case this year 150,000 in 2024 that’s your base case okay all right go on and with Bitcoin making history having officially processed over 1 billion transactions all time what is the reasoning that Bitcoin could still hit these levels go on Tom all right go on I did uh and you know go on go on yeah go on uh don’t stop don’t stop and watch today’s whole video there’s a Bitcoin chart you need to see as well as top altcoins making news but where does Bitcoin stand today one of the most interesting data points is that gbtc the world’s largest Bitcoin fund saw 78 straight days of outflows once the EFS got approved on Friday it had the first day of inflows about $63 million and that’s true as we explained in yesterday’s video grayscales Bitcoin ETF is no longer selling they’re buying at least for one day meaning that for the first time all year every single spot Bitcoin ETF had inflows last Friday grayscale even ranked number two behind Fidelity and what that means according according to Bloomberg’s senior ETF analyst Eric btunes not going to spike the football like some did during the outflow period but we’ll point out that this means over 95% of the ETF investors huddled during what was a pretty nasty and persistent downturn meaning the institutions were not scared they chose to huddle and even accumulate during the dip and so that doesn’t mean that all of the selling is gone but for 78 straight days people were taking money out of that fund and on Friday decid to start putting it back we see the price R what do you think that says about the overall scheme with with Bitcoin and more importantly the ETF world will the same happen next time who knows but track record says it will be pretty high percent again of course as we’ve said outflows will happen so will inflows but over time two things tend to be true for ETFs net growth and relatively strong hands yeah so whenever you see the ETFs get approved right I think everyone was like oh these institutions are just waiting to pour capital in it takes time they’ve got to go to their investment committees they got to talk to their clients they’ve got to go through their processes and you know fortunately or unfor fortunately some of them are bureaucratic and it’s going to take some time and so now we’re starting to see these flows that are persistent that I think people are really excited about another data point that’s really important is that Bitcoin although it is volatile day-to-day the 200 day moving average just hit an all-time high just crossed over $50,000 for the first time and so over the long run Bitcoin continues to kind of trend upwards so moving averages are good for spotting Trends in the market typically in Bull markets we write above the 200 Ma and in the bare markets we drop below get rejected off of meaning that for the first time since 2022 bitcoin’s 200 day moving average has hit an all-time high and that means dayto day yes we go up and down but as long as we’re above $50,000 this 200 ma we are still in a bull market I.E any dips are made to be bought um I think it does help that the FED is reiterating that its view on the inflation and and it’s being relatively doish is is more doish than where the market is so I think that’s the process of why markets are recovering now let’s talk altcoin news but I do have to show you this probably the most reliable indicator that we’ve seen to spot local Bitcoin lows throughout this cycle and this is bitcoin’s short-term holder sopra sop which is a Bitcoin indicator tracked by glass node which takes into account only spent outputs younger than 155 days meaning new bitcoiners and whether they’re still huddling or they’ve sold out this serves as an indicator to assess the behavior of short-term investors because we know what long-term investors tend to do long-term investors tend to hold but short-term investors they can get scared out of the market quicker so in this last price dip what happened well short term holders essentially capitulated and took significant losses during the last Bitcoin dip this tends to be a Fairly reliable signal for a short-term tactical bottom in fact last time we saw short-term hodlers act like this was back in March of 2023 Bitcoin virtually only went up since March of last year yet in this breaking news the SEC is still cracking down on crypto Robin Hood crypto gets a Wells notice from the US a Wells notice typically comes before a fullon lawsuit and it received this enforcement action notice from the ussc on May 4th so they got this a few days ago over crypto tokens traded on their platform so just because they list cryptos they give their users access to crypto the SEC is coming after them meaning the SEC is now suing Kraken coinbase Unis Swap metamask and now Robin Hood for the crime of helping regular Americans access crypto and ask yourself this why is the SEC suing everyone alive for the exact same unproven legal Theory they haven’t won a single case why not wait to win a case instead of launching five at once because winning a case isn’t the point Gary wins by creating a chilling effect in the US for crypto and even with just ethereum and the SEC many investors don’t have answers um they’re going to play us out but real quick ethereum this lawsuit that effectively accuses the SEC of considering a security and then sort of B switching everybody what do you think of that and what do you think long-term means the United States of America has an amazing court system and we’ve seen over and over again the SEC and multiple players go to court they argue it out sometimes the SEC wins sometimes they don’t I think the judges will figure it out that’s very political not giving us a side here I don’t know what the answer is I don’t think most people do um thank you Anthony yet looking at what investors are doing eth scarcity is intensifying ethereum held on centralized exchanges is increasingly getting scarcer than Bitcoin so ethereum is being pulled off of exchanges eth held on Sexes like binance or coinbase has drastically dropped from about 16% in March of 2023 to 10.66% by May 24 in comparison btc’s reduction is less St still moving down but moving from around 133% to now 11.85% in the same period so it’s assumed that if you’re taking your coins off of exchanges you’re not interested in selling you’re interested in hotling you would put them onto exchanges if you’re interested in selling we also have breaking news from s s outperforms Solana in transactions while offering lower fees so great little advertisement but to me the point is transactions per dayu is now passing Solana meaning more transactions are happening onu and growth Milestone announcement for ZK link this is an aggregated rollup unifying all of ethereum’s l2s and the news today is this proud to announce that ZK link Nova has achieved a new Milestone of over $500 million in tvl across $436,000 unique wallet ad addresses meaning people are using this this is now the largest aggregated L3 Network and you can Bridge funds now into the largest aggregated L3 Network that Aggregates liquidity from any eth L2 and earns Nova points the proof is in the pudding and I do want to update you on a gaming project that I am invested in it’s a collectible card game set in a dystopian Clash of Worlds your playing cards are Collectibles and available in both digital and physical forms use these cards to play our trading card game and defend your dungeon in our action and why this originally interested me is because this crypto game is based on seven fantasy and sifi novels can humankind collaborate to survive this question inspired a collective of seven authors to write an epic sci-fi fantasy story a Saga in seven volumes written over seven years and I loved this little hype video that is not all what have crossed the agents turned gaming upside down and changed your point of [Music] view become a responsible owner of artill protect your lands and contribute to saving this virtual universe as well as our own this is possible thanks to cross the ages real world investment in the renewable energy transition Bridging the Gap between virtual and real through a more responsible gaming ecosystem so very interesting to see built-in audiences in the web two World bring their audience into web 3 and if you’re interested in making money in cryptocurrency Click subscribe we drop one video per day keeping you informed like always see you tomorrow

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TimeStamps:
00:00 Intro
00:52 What’s Next for Bitcoin?
03:42 MAJOR Bitcoin Indicator Flashes BUY
04:50 SEC Issues Robinhood Crypto a Wells Notice
05:54 What’s Next for Ethereum (vs SEC)?
07:19 Latest Altcoin News: SUI, Solana, ZKLink
08:16 Next Big Crypto Game (Based on 7 Fantasy Novels)

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