Bitcoin ETFs smash volume record, booming miner revenue, and will the halving boost NFTs?

In the past 24 hours bitcoin's price may Have had some stability but there are More things you need to know than when We hit the all-time High good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if you want to stay ahead of The curbing crypto make sure you click That follow button okay grab yourself a Coffee and let's get into It honestly I'm a bit shocked at how Many Bitcoin stories I have to bring to You today even one of the non-bitcoin Stories is sort of a Bitcoin story so Firstly we're going to do a Bitcoin Overview which will include the ETF Setting a record daily volume the minor Hut 8 closing its Canada site mining Revenue having the second best day in History and then a look at a potentially Unexpected effect of the Bitcoin harving Micro strategy raising even more of the Back of their stock price spike and our Salvador's president naive buelli is Back at it again with the Vindication right so the Bitcoin run Down for the past 24 hours the price Behaved itself and stayed reasonably Stable so there can't be that many Stories right wrong so first up the spot Bitcoin ETFs they are the Beating Heart

Of this bull run so far and the numbers Continue to surprise even the most Experienced of ETF experts yesterday we Got confirmation that the 5th of March Sets a new record for trading volume With a $10 billion day absolutely Obliterating the previous record of $7.7 Billion on the 28th of February this new Record was of course the day of the All-time high on it black rocks ey Shares Bitcoin trust ibit managed $3.7 Billion alone but Fidelity bitwise and Arc 21 shares also had a record day Bloomberg's ETF analyst Eric balinas Wrote on X these are banana numbers for ETFs under 2 months old and it seems That the day of the Bitcoin alltime high Was a day of Records all over the place Just two hours before Bitcoin posted its Newest all-time high spot gold posted One too with a $2,130 price tag as hogga share pit said On X it was a bad day for Fiat money as For why these all-time highs coincided We are left to speculate however stonex Global head of research Matthew Weller Told Quint Telegraph from elevated risk Appetite to Sticky inflation to record Debt levels to ongoing geopolitical Tensions in the Middle East and Eastern Europe there are plenty of reasons that Traders are seeking out alternatives to Traditional fear currencies in the Current environment now the Bitcoin

Alltime High did cause a mass sell-off Which surprised absolutely no one However data from the onchain analytics Firm glass node suggests that for the First time since the first quarter of 2023 accumulation addresses are in Decline glass node labels a wallet an Accumulation address when it has no Outgoing transactions and at least two Nust inbound transactions nust just Means an amount of tokens that is above A threshold I.E not tiny transactions of A few Satoshi since April 2022 the graph Show a clear trend of accumulating coins Usually at nice discount and then not Selling although accumulation addresses Are now declining as people are taking Profits I love the Mantra if in doubt Zoom out and William subber did exactly That in this article he wrote looking at Balances throughout bitcoin's existence A broader accumulation Trend in place Since mid 2018 remains entrenched Contrasting starkly with a huge Reduction up to that point which began In 2016 just as Bitcoin started to run To Old $20,000 all-time highs the graph To demonstrate this is really worth a Look so click the link in the Description of this episode on the Article called Bitcoin accumulation Phase ends as etf's fuel new $100,000 BTC price Target if you only want the Delivery vehicle of your information to

Be audio then here you go the graph Shows that around 2010 accumulation Wallets were on the rise until around Mid 2014 then they mostly stagnated Until mid 2017 when they began to fall Until 2019 this aligns with the brutal Downturn crypto experienced around that Period Then from early 2019 until now The line just tracks upward even through And I think this is significant to be Honest the last crypto winter including The collapses of Tera Luna and FTX so We're on a downward Trend right now but Looking at bitcoin's timeline in Totality it wouldn't make the top 20 Downturns of accumulation wallets Finally we have two stories about Bitcoin miners yep there's two more Bitcoin specific stories it is a Constant torrent of important Information on bitcoin these days so Yesterday the major Bitcoin minor Hut 8 Announced its closing its mining sites In Alberta Canada due to power Disruptions and surging energy costs Record mining difficulty which of course Requires more computing power combined With the increasing price of electricity Has meant that this facility has taken a Massive hit in profitability the Announcement said Hut 8 will maintain Its lease on the site and the option Value of re-energizing the site if Market conditions improve but for now

Perhaps in preparation for the harving This location is powering down Conversely yesterday Bitcoin miners had Their second best day of Revenue in History The Daily Bitcoin minor Revenue Reached $ 75.9 million on the 6th of March according to Julio Moreno the head Of resale at crypto Quant the only day That has ever pulled in more Revenue Than this was the 14th of April 2021 Which was only slightly higher with $ 77.3 million that said if we do want to Beat that record I would guess it will Have to be within the next month because The harving is going to make that Significantly more Difficult okay let's move away from Bitcoin well not really yesterday Ezra Regera published an interesting Interview with Zach Burks the founder of Nft marketplace minable the discussion Centered around yet another angle of the Bitcoin harving and some of the effects That may come from it the effect in Question a surge in nft volume the basis Of the argument is a pretty sound one to Me Burks told cointelegraph if the Harving also boosts user engagement it Is reasonable to expect an uptrend in Nft prices one area of nfts that Burks Believes will see traction and one that Didn't exist in the last nft Bull Run is Bitcoin ordinals I think he put across a Really good point about engagement he

Knows that many Bitcoin hodlers will not Have been able to participate in the Bitcoin ecosystem for some time and this Could be a window to do so Burks said This means there are a lot of people who Have disposable income in Bitcoin to Spend or use that haven't really had Anything to use it on until now this Multiplies as the price increases once We break $770,000 every user who has Ever bought Bitcoin will be in the green And this means there is more money to Play with this bullish sentiment toward Nfts particularly Bitcoin ordinals is Shared by the BNB chain senior solution Architect Jimmy Zhao who explained that Ordinals could help miners generate Revenue after BTC rewards hav in April According to research from grayscale Ordinals have generated upwards of $200 Million in transaction fees for miners As of February 2024 I think this is a Really interesting narrative around the Bitcoin harving because it adds an Unexpected element to the Bitcoin Ecosystem in that it is a revenue stream That the miners couldn't have factored In until recently and although I don't Think they will Factor it in it might Take the edge off of the Haring micro strategy cannot stay out of This podcast lately I spoke about them Earlier this week when they decided to Raise another $600 million to further

Bolster their already bulging pot of Bitcoin then I had cause to mention them The next day as their stock price ticker MST rocketed 20% in a single day and It's a blend of these two stories that Brings them back to the podcast for a Third time this week so yesterday micro Strategy dis close some more details on This agreement the convertible senior Notes used to raise $600 million will Bear an interest rate of just 0.625% per anom but with a conversion Price of $1,497 68 which is a 21% premium over The current trading price at the time of Recording micro strategy now expects to Raise 6843 million from the sale or 782 Million if purchasers exercise their Options meaning it's an even larger Wedge of Benjamins to swap for Satoshi So this is a brief update but a worthy One because that means yet more Demand On top of the spot Bitcoin ETFs and Their many tentacles fishing for Bitcoin In every corner of crypto suddenly that 21 million supply of Bitcoin does indeed Feel Light this final story might feel a bit Like groundhog day but the president of El Salvador naib buelli has taken to x With words of vindication again this Time with 43% more Vindication in the Episode of the 28th of December 2023 I

Covered buell's post on X as El Salvador's Bitcoin Holdings turned green And he wanted to let loose on the Journalists and critics who slammed that Investment as well as ask those Journalists to write articles with the New reality then last week as El Salvador's profit Rose to over 40% Buelli wrote on X when bitcoin's market Price was low they wrote literally Thousands of articles about our supposed Losses now that bitcoin's market price Is way up if we were to sell we would Make profit of over 40% just from the Market purchases and our main source of Bitcoin is now our citizenship program We won't sell of course at the end 1 BTC Equals 1 BTC this was true when the Market price was low and it's true now But it's very telling that the authors Of those hit pieces the analysts the Experts the journalists are totally Silent now remember this next time they Spill lies again about El Salvador I'll Be honest I do love these posts and we May well get a third outpouring of Vindication soon as El Salvador's Holding is now 164 million which is $53 Million in profit the president Announced back in November 2022 that the Country would be buying one Bitcoin per Day and at present they hold Approximately 2,380

Bitcoin Bitcoin Bitcoin Bitcoin it is Absurd how many things are happening Every single day in the Bitcoin Ecosystem at the moment but that is it For today it's so consider yourself Informed thank you for listening to the Ryzen crypto podcast by coin Telegraph If you're enjoying these daily updates Please make sure you let us know by Following subscribing or leaving a Review if you're not enjoying these Daily updates let me know why on RK bags On X have a great day let's do this Again [Music] Tomorrow