BTC ETFs see massive inflows, and how will the Bitcoin halving affect hash rate?

We expected the spot Bitcoin etf's Inflows to start tapering off but Somehow they're ramping Up 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 right on The Cutting Edge of crypto You better click that follow button okay Grab yourself a coffee and let's get Into It there are a lot of interesting Stories to cover today so here is what's In your debrief the Bitcoin harving Event could knock up to 20% of the hash Rate offline 25% of the supply of ether Is locked into staking contracts the Inflows into the spot Bitcoin ETF seems To be snowballing go fundme cancels the Crowdfunding campaign for tornado Cash's Defense and coinbase's Q4 earnings beat Wall Street's expectations leading to a Surge in stock Price the daily Bitcoin update is a Little less granular and a immediate Today in the past 24 hours bitcoin's Price has stayed reasonably stable and Is still around $52,000 at 7:00 a.m. Eastern this is encouraging and there Aren't really any new narratives that I Haven't already told you this week However there is something important you Need to know and it pertains to the

Harving event in April Galaxy digital Released a report using data from coin Metrics that showed an interesting Outcome of the reward harving as I'm Sure you know to mine Bitcoin computers Are used to solve complex problems what You may not know is that to do this There are several popular models of Mining rigs that have proven themselves To be effective at the end of 2023 over 70% of the Bitcoin hash rate was Produced by eight different Asic minor Models there are of course many Different models of mining rig and that Could represent a problem the analyst in Galaxy's report wrote given how Sensitive the break evens are for the Various asset models to bitcoin price And transaction fees as a percent of Rewards we estimate that between 50 to 20% of Network hash rate coming from the Asic models could come offline right now What this means is that the older mining Rigs that aren't as efficient will not Break even after the harving and will Likely be taken offline as a result so Galaxy made some predictions based on Power prices and a conservative read Shows that five models are likely to be Switched off and they represent 15% of Bitcoin's hash rate and in less Favorable conditions some other mining Rig models will also be loss making Which could mean it would be more like

20% of the hash rate being taken offline So what does this really mean for Bitcoin well the KnockOn effects of Having 15 to 20% of the hash rate going Offline are numerous and it quickly Becomes too complicated to discuss in a Short podcast though as a quick overview It could increase transaction Confirmation times and some say it could Start all the market though I don't Really see why at this point on the Other hand it would likely mean the Difficulty of mining would be reduced And miners would have less competition Which is good for them this is part of What what makes Bitcoin so impressive Its resilience is born out of the fact That it is Self-correcting between the ETFs and now The harving events Bitcoin has been the Main focus for some months now and I Haven't really had much cause to talk About ethereum but some recent findings From prant jar are reason enough the Total Stak number of eth is nearing 25% Of the total Supply a staggering amount To be locked away back in September 2022 The original proof of work etherum Merged with the more efficient proof of Stake Beacon chain the beacon chain Allowed validators validators are Essentially people or companies that Help run the network to stake eth staked Eth has an annualized reward rate of 4%

And so it acts as a sort of passive Income for the validators the beacon Chain began with only 2,063 validators but now there are well Over 900,000 after staking was first possible They were then unable to unstake and Withdraw it until the Shanghai update in April 2023 and some predicted that as Soon as that upgrade went live there Would be a mass Exodus of staked eth but Those people misread how valued staking Is after the Shanghai upgrade had been Live a week there was more newly staked Eth than withdrawn the interest in Staking eth on the beacon chain has Simply increased too between the 1st of February and yesterday the 15th of February over 600,000 ether was Deposited into ethereum 2.0 staking Contracts as of yesterday this brought The running total to 3,268 eth which is worth wait for it $85 Billion and as I say that is 25% of the Total supply of ether although most eyes Have been locked onto Bitcoin ethereum Has had a pretty solid few weeks too at 7:00 a.m. eastern on the 16th it is up 14.36% on the month and 12.9% on the Week it is nearing that $3,000 Milestone And with spot ether ETFs lurking I'm not Sure you'd bet against it speaking of Crypto ETFs the spot Bitcoin ETFs Inflows and outflows should be a boring

Topic at this point I'm sure to some of You they already are but if you're Interested in Bitcoin they really aren't Dull at all particularly as they just Keep throwing us curveballs most people Have been expecting the spot Bitcoin ETFs to begin tapering off now as the Hype is fading there has been a count to Point to that that we've discussed which Is the due diligence of major trading Firms taking around 3 months that's not Over yet so when it is we could see more Inflows but you could be fed into Thinking it's already happening According to data from the Bitcoin Tracking platform Apollo the inflows are Ramping up not winding down Thomas farra Co-founder of Apollo wrote on X we're Witnessing total acceleration of Bitcoin ETF inflows in the first 20 days of Trading there were 42,000 Bitcoin in Inflows in the last 4 days of trading There have been 43,000 of Bitcoin Inflows I'm no ETF expert but this Really does seem absurd in the past 4 Days the 10 spot Bitcoin ETFs have seen $2.3 billion in inflows the strong Performance can be seen in assets under Management too of course Black Rock and Fidelity have multiple billions and then Last week Arc 21 shares passed the $1 Billion threshold too but now so has Bitwise it's particularly pleasing to See bitwise do it as they donate 10% of

Their profits to developers and you Might remember from a past episode that They have made all of their holding Wallets public Nate gachi the president Of ETF store labeled bitwise as the most Impressive as it is the only Crypton Native investment fund among the top Providers so we have yet more evidence That the spot Bitcoin ETFs have not been Remotely underwhelming as some have Claimed and if this pacing continues the Harving event is going to be all the More interesting as I covered recently At the spot Bitcoin ETFs are scooping up Over 10 times the amount of Bitcoin Mined most days and that's preh Haring I have mentioned crypto mixers Like tornado cash a few times in recent Months and have alluded to the legal Strife the people behind it are in United States authorities are charging The co-founder Roman storm and its Developer Alexi perv with conspiracy to Commit money laundering conspiracy to Commit sanctions violations and Conspiracies to operate an unlicensed Money transmitting business it goes Without saying the severity of these Allegations and the pair maintain their Not- guilty stance on all charges but Now the task is for them to prove it in January storm uploaded a video to X that Outlined how his home was raided early One morning and he was arrested in front

Of his three-year-old daughter storm Then goes on to put out a plea for help With funding his legal defense both from The angle of helping him and his family And as he says in the defense of privacy And stopping a precedent from being set The American PR funding platform GoFundMe was set up to receive donations For the legal defense and was up to $30,000 before GoFundMe cancelled the Fundraiser and returned the funds GoFundMe cited a breach of their terms One donor Ryan Adams of bankless Ventures had $10,000 returned but said Good thing we have an uncensorable money System so we can still fund civil Liberties like the right to a fair trial Now the duo behind tornado cash are Using the crypto funding platform juice Boox and have received received 36.75 ether at the time of Recording The Exchange coinbase hasn't Posted a positive income quarter since The fourth quarter of 2021 in quarter 3 Of 2023 coinbase posted a net loss of $2 Million and yet over the last 8 Days Coinbase's stock had surged 41.2% this is because some investors Have been betting on strong performance In quarter 4 of 2023 that report was Released yesterday and coinbase's Performance exceeded even those Expectations coinbase's net revenue in The fourth quarter of 2023 reached $95

Million which is a 45.2% increase from quarter three this Also marked the first positive income Quarter since that 2021 Report with a Net income of $273 million the majority Of coinbase's Revenue was transaction Revenue which made up $529.99 Second best earner is maybe the more Interesting of the two $493 million came From consumer crypto trading which Nearly doubled from quarter three and Interestingly institutional transaction Revenue more than doubled to 36.7 Million as Braden lindrea pointed out Another interesting takeaway is that Over $29 billion in trading volume was Processed from consumers which marked a Massive 164% quarteron quarter increase The market reaction to this impressive Q4 earnings report was that coinbase's Stock coin spiked 12.7% after hours and at around 700 a.m. Eastern coinbase's stock is up 23.75 on the Month I did tell you we had a lot of Ground to cover but that is you caught Up today and that also marks the end of Another week and a good week it has been I will keep my eyes peeled for you this Weekend and give you a full update on Monday but that is it for today 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 and Leaving a review if you have some Thoughts and opinions on any of today's Topics make sure you hit us up on X on At coin Telegraph and at ARK bags right Have a great weekend let's do this again [Music] Monday [Music]