What Recent Shifts Mean for Bitcoin Investors
In this edition, we explore significant moves in the Bitcoin market as MicroStrategy and Marathon Digital ramp up their holdings. Also, learn about the recent dip in Bitcoin reserves on exchanges and Russia's new crypto legislation.
💵 Welcome to BTC Insights, the Bitcoin newsletter for investors.
📈 Bitcoin Price - 3 Months
🌡️ Bitcoin Temperature
The latest Bitcoin Temperature is now available on my website. It is updated every Wednesday.
Be greedy when there is fear in the market and fearful when there is greed.
🔍 Insights
- Historically, the third quarter has been a slower period for Bitcoin. However, years with halvings (like 2024) often see a strong fourth-quarter performance.
- Given this seasonal pattern and the upcoming unpredictable U.S. election cycle, we're entering the final stages of price consolidation.
- We've witnessed a healthy reset in both on-chain metrics and derivatives markets, suggesting a thorough market cleanse.
📣 Announcements
You can join my BTC Community for free and ask me questions directly.
Sandeep Goenka
🚦Market Signals
🥊 Bitcoin Vs Other Assets
The below performance is based on the 6-month average price of the asset, which is a better indicator of the asset's performance rather than taking the spot prices on a given day.
🌊 ETF Flows
ETF flows are stagnant since the last 3 weeks.
🗞️ Bitcoin Bytes
- MicroStrategy is set to raise $2 billion to increase its Bitcoin holdings, currently at 226,500 BTC; read more here.
- Marathon Digital is set to raise $250 million through a debt offering to expand its Bitcoin holdings, read more here.
- Bitcoin reserves on centralized exchanges have plunged to a six-year low, indicating a significant shift by investors towards self-custody. Read more here.
🕊️ Bitcoin Buzz
- $10 Trillion BlackRock CEO Larry Fink says he was wrong about Bitcoin.
- 404,448 Bitcoin has moved to permanent holder addresses over the past 30 days, and it's accumulation.
I'm pretty sure something is happening behind the scenes.
— Ki Young Ju (@ki_young_ju) August 6, 2024
404,448 #Bitcoin have moved to permanent holder addresses over the past 30 days, and it's clearly accumulation.
We'll know within a year. https://t.co/Ip0jow2pGN pic.twitter.com/OOxuWcyxJu
- Putin signs a law legalizing Bitcoin and crypto mining in Russia.
BREAKING: 🇷🇺 President Putin signs law legalizing #Bitcoin and crypto mining in Russia. pic.twitter.com/uVYaQI49mI
— Bitcoin Archive (@BTC_Archive) August 8, 2024
- Four years ago today, MicroStrategy adopted #Bitcoin as its primary treasury reserve asset; since then, MSTR has outperformed 499 of 500 stocks in the S&P 500.
Four years ago today, MicroStrategy adopted #Bitcoin as its primary treasury reserve asset; since then $MSTR has outperformed 499 of 500 stocks in the S&P 500. pic.twitter.com/Db7GVeyc9a
— Michael Saylor⚡️ (@saylor) August 11, 2024
- U.S. Chapter 11 bankruptcies are SOARING.
🚨U.S. Chapter 11 bankruptcies are SOARING:
— Genevieve Roch-Decter, CFA (@GRDecter) August 12, 2024
- Total filings +34% YoY in first half of 2024
- Small business filings up +61% YoY
- June saw the highest corporate bankruptcies since 2020
Small and mid-sized businesses, especially in consumer discretionary sectors like clothing… pic.twitter.com/lm194RzIuq
📊 Today's Poll
Are you planning to increase your Bitcoin investments next month?
Last week's result: Is the Bitcoin crash over?
💬 Was It Useful?
With your feedback, I can improve this newsletter. Click on a link to vote:
👍 That helped me. Thanks - 😐 Meh - was ok. - 👎 Not interesting to me.
| Share your unique link | |||
| 1 Referral 10% Discount Bronze Bonus | 5 Referrals 50% Discount Silver Bonus | 10 Referrals Free Access Gold Bonus | |
| Share on social | |||
    | |||
See you in the next block.
Sandeep Goenka
Comments ()