January 2024 - Market Overview - Ethereum has awoken. Why early 2024 is for ETH to surge & Altcoins to Pump

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Before we crack into the fleshy parts of this week’s newsletter…

Ethereum looms ominous as Bitcoin limps into the halving. The big two are poised to dominate 2024

A quick brief -

This newsletter provides insights into the state of Bitcoin and Ethereum revitalised    

• Bulls need to be patient with the Bitcoin ETF 

• Bitcoin’s short-term BEARISH forecast

• Global Liquidity is moving higher + the halving event, make 2024 a tantalising investment proposition for Crypto.

• Ethereum. The trade of 2024 and the reasons behind this hypothesis

I also cover

• Rate Cuts, Gold and the conundrum for BTC

• Long Term Holders are selling according to Glassnode

• Total Altcoin Market Cap (TOTAL 3) tells me....we should see short term opportunity before long term delight.

Let’s crack in!

Bitcoin’s GROUNDBREAKING ETF…

has laid the plumbing for the insatiable demand that will send it to new highs in 2024/25


The GOOD NEWS


Eric Balchunas from Bloomberg says that the average daily volume of BlackRock’s Bitcoin ETF is more than ALL 500 new ETFs introduced in 2023 - COMBINED! 

Further, BlackRock’s (iBIT) alone has taken a whopping 11,500 BTC off the market and in total, BTC ETFs have traded over $10 Billion in volume in just a few days!

Not insignificant, and these figures will be drawing eyeballs.

While volume doesn’t automatically translate to new rusted-on holders, so far the data is promising. See tweet below.

Additionally, if we understand that 900 BTC are mined each day (soon to be cut in half with the April halving) - the new demand is driving Bitcoin into a supply shock.

Here comes the BUT.

Now that the hype has fizzled, there is a speed bump… 

The NOT SO GOOD NEWS


Grayscale Bitcoin Trust (GBTC) ETF, continues to haemorrhage investors due to its staggeringly high 1.5% management fee

In comparison, BlackRock (iBIT) is charging just 0.25%...

Data thanks to Blockworks. ETF Tracker https://blockworks.co/bitcoin-etf

This is a problem for short-term price

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