9th March 2024 > > Another ATH!

tl;dr

Another ATH for BTC. Jim Cramer calls the top, guaranteeing it isn’t. BlackRock is adding spot BTC ETFs to their other funds, following in Fidelity’s footsteps. A satirical look at how the SEC operates.

Market Snap

Market Wrap

During the day we saw another all-time high!

It was only yesterday that the CCC said “I guess we are waiting until next week for the fireworks.”

Shortly after that comment (who could have guessed the timing) we had a new ATH. With perpetual futures funding rates at around 6bps at the time, it was seemingly easy pickings for the short sellers to cause a long squeeze.

May I also remind you that three days ago, the CCC commented “The shorts might play sell the ATH game a few times, but each time they play, they will have less and less support.”

Well, this time the sell-off enthusiasm didn’t even muster enough muscle to get to even a $3k down wick. The rebound from buyers was impressive.

The short sellers – regardless of the long leverage that is out there – are now too scared to play that game again. There is just too little support for their shenanigans, and they know it.

Onwards and upwards!

Curious Cryptos’ Commentary – Oh yes!

Jim Cramer has called the top:

Truly, there is no limit as to how high we can now go.

Curious Cryptos’ Commentary – Now its BlackRock’s turn

On 29th February 2024 the CCC reported that Fidelity is adding BTC exposure to its own funds from between 1% and 5%.

BlackRock has amended the terms of its Global Allocation Fund to include BTC ETFs:

“The fund may acquire shares in ETPs that seek to reflect generally the performance of the price of Bitcoin by directly holding bitcoin — ‘Bitcoin ETPs’ — including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock.”

This is an unstoppable trend, bringing yet more demand into the market for spot BTC ETFs which now own 4% of the total supply of BTC.

Estimates of the amount of BTC lost range up to 20%. Long-term holders account for 75%. The free float of coins is rapidly running out.

Curious Cryptos’ Commentary – Hester Peirce

SEC Commissioner and crypto mum Hester is critical of her own agency’s actions towards cryptos: