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13th March 2024 > > ATH, fiat, & Dencun.


Another ATH, a headline I expect to have to keep writing. More funds come on board every day. A brief description why fiat is set for further devaluation. The Dencun upgrade will empower the L2s.

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Another new ATH at $73.6k just now. This is uncharted price discovery territory with consistent and large daily demand which just keeps growing.

For example, Patient Capital Management with $1.7bn assets has filed an amendment to its Opportunity Trust Fund to add BTC ETFs up to … 15% of its total assets.

And you all thought that my estimate of 5% was too high.

Not a game-changer in isolation, but we are seeing more and more traditional funds wanting to add BTC exposure via the ETFs. That is a trend that is only going to accelerate, in my opinion.

Curious Cryptos’ Commentary – Want another reason why BTC will appreciate vs fiat?

Curious Cryptos’ Commentary – Dencun goes live today

The latest stage of Ethereum’s evolution lands today with the launch of the Dencun upgrade.

To recap the CCC as of 1st February:

“Dencun will make Layer 2 transactions cheaper still by enabling “data availability”.

In essence this means that Layer 2 solutions can prove records of transactions on the Layer 1 blockchain without downloading them, or even – to a large extent – knowing what those transactions are. Pretty clever and beyond our ken. What is clear is that transporting less data around makes transactions cheaper, though that is merely a side effect.”

These are the estimates of the impact of fees across L1 and L2:

Max Wadington, research analyst at Fidelity Digital Assets puts a more fundamental spin on things:

"This upgrade signifies a shift in Ethereum's focus. The network is moving from directly servicing users to empowering other blockchains."

If you want to get a little more technical on this topic, Max has written a fine piece:

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