TL; DR
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Coinbase’s BTC supply just hit a nine-year low, $390 billion has been added to the crypto market since Wednesday, and the UK is getting crypto ETNs (the UK’s version of an ETF).
Full story
You might want to take a baby aspirin…
Because we have three good news that will make your Apple Watch notify you of an increased heart rate while you are fully seated.
Finished? Here goes.
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Coinbase’s Bitcoin Supply Just Hit a 9-Year Low!
All those Bitcoin sales coming from the Grayscale ETF we talked about yesterday?
It has been satisfied enormous demand, with the market buying up every BTC Grayscale that is left (a very healthy sign!)
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Since Wednesday, $390 billion has been added to the crypto market.
And with that comes the price increase! Over the weekend the market recovered from the not-good-very-bad week, with…
BTC claims $70,000 back (was $60,000)
ETH reaches $3.6k (from $3k), and…
SOL reaches $194 (was $162) -
The UK is getting crypto ETNs (aka the UK version of an ETF)!
Gray cloud: these ETNs will only be available to ‘professional investors’ (aka people with a net worth of 2 million euros or more).
Silver lining: smaller investors don’t Real need ETNs because they don’t have mandates restricting them from purchasing crypto directly.
Blinding Sunlight: Both Bitcoin and Ethereum ETNs are on the books and set to launch as early as May 28.
Here’s the math on that:
More ways for “big dog” investors to buy BTC/ETH = the potential for more investments (and higher prices) over time.
This – and we cannot emphasize it enough – we’d love to see it.