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28th February 2024 > > ETFs & a ridiculous scam.


tl;dr

It’s all about the ETFs, innit. I feel sorry for the incompetence of these scammers.


Market Snap








Market Wrap

The nine newborn spot BTC ETFs now own 300,000 coins, and, oh look, the price is higher again. Who’d have guessed.


Meanwhile, many of the leveraged longs took the CCC’s advice from yesterday as evidenced by that drop in the perpetual futures funding rate, though the futures market is still skewed to the long side.


Curious Cryptos’ Commentary – ETFs

The Milk Road sourced this explanation for the recent price action by Matt Hougan, CIO at Bitwise:


"Previously, only a fraction of the world’s investors could access Bitcoin—mostly self-directed retail investors and technologists. That group drove the price above $40,000. Now, thanks to the ETFs, every investor in the world—financial advisors, family offices, institutions, endowments, and others—can access Bitcoin. It’s like we went from 10 normal people bidding on a house to 100 very wealthy people bidding on a house, overnight. Not surprisingly, the price is going higher.


How big a deal is this?


Globally, asset and wealth managers control $115 trillion of capital, according to PWC. Almost none of this money could access Bitcoin in 2023. Today it can. If we see a 1% allocation to Bitcoin, that’s more than $1 trillion of buying … a figure that exceeds Bitcoin’s current market capitalization.


To put it differently, it’s like Bitcoin had its initial public offering and the market is now finding its true price.”



Curious Cryptos’ Commentary – The most hilarious scam ever

It started with a kiss. No, it started with this:







The $name and $invoice_no are the 2nd and 3rd most obvious flags after the glaring discrepancy between the sender’s purported name and the email address it came from.


You want to see the attachment? Go on, I know you do. It just gets better:














There are so many grammatical and formatting errors in that attachment I don’t know where to start.


Tell you what, let’s have a competition. 50,000 Satoshis (current value nearly $30 but soon to be worth much more) to the first person to spot more than the 22 mistakes that I see. Send me your marked up copy of the screen grab above and your public BTC address to enter the comp.


My reply was simple:







Sometimes I forget this is a family friendly publication. I also forgot to add the adjective “feral” but I promise that won’t happen again.

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