Wall Street Loves Bitcoin 📈💰🚀

Valko

Wall Street Loves Bitcoin 📈💰🚀 Valko

Specs’ Insights

Over 92% of Bitcoin supply now profitable as price soars past $47,000

As Bitcoin breaches the $47,000 mark, the profit percentage of its supply offers clues to its pricing cycle.

⌐◪-◪ → Bitcoin is approaching 95% of supply in profit, which usually marks a market top, but the halving is ~64 days away (10,000 blocks).

For context: we got to 93% of total supply in profit when Bitcoin was at $49,000.

The inverse is also true, when less than 50% of supply is in profit, it usually marks a market bottom.

Here’s a nice chart visualizing this metric.

Let me know in Specs Chat!

Farcaster revenue hits $600,000 during protocol’s second wave of attention

Farcaster has overtaken FriendTech in weekly revenue as it faces its first big test in creating a sustainable system.

⌐◪-◪ → It’s starting to feel like Farcaster might actually work as the platform hits $600k in total revenue.

We’re seeing tons of die-hard crypto-twitter users abandon the legacy platform in favor of Farcaster, citing higher engagement and a better signal-to-noise ratio.

The most interesting part is Farcaster is not free to use, the protocol charges users ongoing storage fees to host the data that’s generated by daily use. Storage fees are $5/year for 5000 posts, 2500 reactions, and 2,500 follows.

The real question is, will Farcaster’s decentralized + paid model hinder mainstream adoption or will it support a healthier ecosystem with far less noise/bots?

Do yourself a favor, join me on Farcaster.

#Bitcoin ETFs are buying up 12.5x more bitcoin per day than the daily issuance - @APompliano

Number go up!

⌐◪-◪ → As the world celebrated Super Bowl Sunday, Bitcoin crossed back over the $48,000 threshold, roughly 1 month after the spot Bitcoin ETF approvals.

Wall Street doesn’t just like Bitcoin, they love Bitcoin.

Never in the history of Wall Street, with over 5,500 ETFs launched, have we seen a fund hit $3B AUM in under 30 days. BlackRock and Fidelity both just did it.

From a supply/demand perspective, the Bitcoin ETF’s net inflows are roughly $500M/day, but there are only 900 new BTC mined a day. With a value of $43M, that means there’s 12.5x more demand for Bitcoin than there is created daily.

With the halving around the corner, things are looking mega bullish.

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Everything Else

⛓️ Crypto & DeFi

Solana 2nd phone crosses 100k presales, $45M in sales
ETH validator entry queue hits 7,045, the highest since Oct 6th
Metaco’s CEO and Head of Product depart
Kraken, ETF issuers, and other crypto giants pass on Super Bowl ads
StarkNet airdrop coming on Feb 15th
Twitter founder Jack Dorsey wears “Satoshi” shirt at Super Bowl
10,000 blocks remain until the Bitcoin halving

🏦 Wallstreet & VC

Sora Ventures launches $2M Liquid Fund for BTC ordinals ecosystem

🏛️ Legal & Regulatory

FTX files to sell subsidiary acquired for $10M to CoinList for $500k
New York expands fraud case against digital currency group to $3B

🌎 Rest of the World

New Zealand central banker says BTC is not a substitute for fiat
Philippines to issue wholesale CBDC, but no retail version
Australian judge hands split decision in Block Earner case
Ethiopia’s cheap electricity is attracting Chinese BTC miners

🖼️ NFTs & Metaverse

EtherRock #76 and #46 sell for a total of 380 ETH ($945k)
Ethereum NFT volume approaches yearly high
NFT of Tom Brady sells for $40k ahead of Super Bowl
Pixels airdrop begins ahead of Ronin Games token launch
Yuga Labs “loot” mint sees high fees, community outraged
Doodles break out and hit a 3.6 ETH ($8.9k) floor

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