The Bitcoin Briefing, 21 June 2024

Screenshot 2024-06-21 094555Following last week’s BTC Prague conference (catch up on days one and two), your regular Bitcoin Briefing is back! With the price of Bitcoin slightly stalling over the past week, we look at the market factors and trends driving net outflows.

Bitcoin Market News

MicroStrategy Expands Bitcoin Holdings with $786M Purchase

MicroStrategy, under the leadership of Executive Chairman Michael Saylor, has acquired an additional 11,931 bitcoins for $786 million. This brings the company's total bitcoin holdings to 226,331 BTC, valued at nearly $15 billion (Coindesk).

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‘Insane amount’ of Bitcoin Shorters Hoping Price Won’t Go To $70K

Bitcoin short sellers are probably crossing their fingers in hopes that the asset won’t return to $70,000 in the near term, with a huge amount of liquidation at risk if it does, according to CoinGlass data. It shows that a staggering $1.67 billion of short positions will be liquidated if Bitcoin returns to that level — a price grade it has been trading under since 8 June (CoinGlass).

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Bitcoin, Crypto-Related Stocks Are Ripe for Institutional Adoption

A report by cryptocurrency broker Bernstein said crypto markets are on the cusp of further institutional adoption. The report noted that major wirehouses and large private bank platforms will approve spot bitcoin ETFs in the third and fourth quarters. Bernstein predicts that Bitcoin will reach a cycle high of $200,000 in 2025, $500,000 by 2029 and $1 million by 2033 (Coindesk).

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Bitcoin Price Uptrend ‘Intact’ with Hodlers 120% in Profit

Bitcoin hodlers face “boredom and apathy” but are not engaging in mass distribution—even as the BTC price dip erodes unrealised profits. Analytics firm Glassnode dispelled myths about investors’ unrealised losses. Summarising current BTC price behaviour as “establishing equilibrium,” they pointed to multiple on-chain metrics showing Bitcoin in a period of consolidation—not capitulation (Glassnode).

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Bitcoin Trends

Core Scientific Declines $1 Billion Buyout Offer From CoreWeave

CoreWeave Inc., a privately held cloud computing provider, has proposed to acquire Bitcoin miner Core Scientific Inc. for $5.75 per share, according to a source familiar with the matter  (No Bullshit Bitcoin).

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US Spot Bitcoin ETFs See $152 million in Net Outflows

US spot bitcoin ETFs recorded $152.42 million in net outflows, for a fourth consecutive day. CryptoQuant analysts said that Bitcoin has fallen through a key price support level that could decrease to $60,000.

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German Government Agency Moves $425M Bitcoin

A German government agency appears to have transferred $425 million in Bitcoin to another wallet, returning some to the original wallet and sending a portion to crypto exchange deposit wallets. Transactional data shows deposits worth $32 million each to Kraken and Bitstamp, which may indicate intentions to sell (Coindesk).

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Trump Advocates for USA Leadership in Bitcoin to Stay Competitive

Former President Donald Trump is reinforcing his pro-Bitcoin stance, asserting that the USA must lead in Bitcoin to avoid falling behind globally. Campaigning for the 2024 election, Trump has become a prominent Bitcoin advocate, emphasising the need for America to stay at the forefront of Bitcoin and crypto innovation (Bitbo).

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Bit of Bitcoin fun

Michael Saylor - 21 Rules of Bitcoin

Check out Michael Saylor’s full keynote (40 mins) at this year’s BTC Prague, entitled 21 Rules of Bitcoin. If you don’t have time, read our condensed 5-point version instead (YouTube).

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