Bullish on Bitcoin, ETFs buy 10X more BTC than is mined, CZ sentencing postponed

The spot Bitcoin ETFs are sucking up More than 10 times the amount of daily Mined Bitcoin good morning you're listening to The ryen crypto podcast by coin Telegraph with me Robert bags stirring You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curbing Crypto you better click that follow Button okay grab yourself a coffee let's Get into It oh it's a good episode for you today So here is what we're going to discuss First up we're going to take a pretty Deep look at Bitcoin trading above $50,000 and in contrast to yesterday why You should be bullish about it as well As cautious then we'll look at what Crypto caves are and how they're helping Argentine's counter inflation we spoke To crypto.com about their Flagship Partnerships with the F1 and UFC and the Sentencing date of binance's CZ has been Moved right let's start today's episode How I started yesterday's Bitcoin when The crypto Market is up the community is A light with stories charts and Predictions honestly after a long and Debilitating crypto winter it's Refreshing to see but you don't need to Know most of it that said there were two Connected and positive stories that I Believe you should know in yesterday's

Episode although it had been a great Weekend for crypto I discussed how Analysts are warning that 95% of all Bitcoin held is now in profits which in The past has been an indicator of the Top today there are warnings that the Crypto fear and greed index has Market Sentiment at its highest level of greed 79 since mid November 2021 so there are Some red flags but let's talk about some Green ones the first story is by Tom Mitchell Hill and it's called Bitcoin Trades above $50,000 again but it's very Different this time so the last time Bitcoin was north of $50,000 was in December 2021 some were shouting that The drop from $69,000 was just a Correction but in fact we were dangling Our legs off of the precipice and crack Were forming in the ground around us Tom Wrote unbeknownst to the majority of Investors crypto was just about to Crumble into an enduring bare Market Marked by 11 consecutive interest rate Hikes in the United States the collapse Of several high-profile crypto Institutions and an exodus of retail Investors from crypto that saw Bitcoin Crashing to $15,800 so why is it different this time The $50,000 price tag of 2021 came with A lot of chaos we had FTX death marching To one of the most damaging collapses in Crypto's history we had as Tom said

Constant interest rate hikes which make Risk assets far less desirable we had The terraluna disaster and then on the Surface too there was just so much Window dressing there was so much Postulating and signaling and naivity in Short it felt like it lacked substance There could of course be more lurking Disasters around the corner but this Time does feel different it's quieter More stable the E Toro Market analyst Josh Gilbert told coin Telegraph we've Got four or five cuts lined up from the Federal Reserve in 2024 the fourth Bitcoin harving that will enhance the Asset scarcity and further inflows to Bitcoin ETFs after already seeing Billions of dollars flow in just weeks After launch ironically the low retail Interest compared to 2021 could be Indicative of a more stable foundation Too in December 2021 Google Trends had The term Bitcoin at a score of 39 Whereas now it's 19 that is people Aren't searching the term Bitcoin Anywhere near as much the price is Increasing rapidly and yet the world Isn't playing Hungry Hungry Hippos for The coins well there aren't as many Retail hippos but those spot Bitcoin ETFs are the hungriest of hippos if you Don't know what the children's game Hungry Hippos is I have just been Speaking gibberish for 30 seconds anyway

The Second Story which is closely tied To this one is about these ETFs and the Upcoming harving event Martin Young Wrote a brilliant piece yesterday Observing the demand of the spot Bitcoin ETFs So Yesterday according to Blockchain.com 1,00 59 Bitcoin was mined However according to preliminary figures 10,280 Bitcoin flowed into the spot Bitcoin ETFs yesterday that is the spot Bitcoin ETFs are sucking up over 10 Times more Bitcoin than miners can Produce and yesterday was not an anomaly On Friday the 9th of February 12,700 Bitcoin flowed into the spot Bitcoin ETFs and only 980 was mind there are a Few details that add an even spicier Twist to this supply and demand Inbalance firstly figure suggest that Around 80% of the total supply has not Moved in over 6 months people be hodling And the second detail you can likely Guess the harving event in April the Rewards for miners will be cut in half Now I think it's not unlikely that the Spot Bitcoin ETFs are gobbling up so Much Bitcoin in part because of the Haring event lurking and the high demand That they are catering for will taper Off nevertheless major trading firms are Still doing due diligence on the spot Bitcoin ETFs and that might cause Another spike in inflows and thus demand So there are reasons to be cautious but

There are plenty of reasons to be Bullish toward the end of 2023 I covered Several stories involving Argentina a Common Thread is Javier M the country's President and a strong proponent of Bitcoin and digital assets but sadly the More prominent discussion is the Country's brutal inflation however Citizens have been using crypto caves to Weather the storm before I get into what They are here's a quick backstory in 2023 Argentina's inflation rate hit a 32-year high of 21.4% this time last year1 us got you 191 Argentine pesos but now $1 gets you 831 pesos I discussed in an episode late Last year just how damaging the Inflation has been to the country and How many citizens would get their Paycheck and immediately look to put it Into a stable coin just to combat the Change in its value Romero raposo the Vice president president at crypto Payroll firm bitwage told coin Telegraph Having the ability to save in digital Dollars allows argentinians to save Money in the long run as the local Currency loses value the problem has Been that the country has had strict Currency controls and getting stable Coins and at a fair rate has just not Been easy so this is where crypto caves Emerged crypto caves are underground Peer-to-peer exchanges that operate out

Of the public eye crypto Market Strategic alliances manager GMO ES dero Told cointelegraph it is not a normal Commercial place with public attention They are hidden places where one goes With prior confirmation to meat and can Change their local Fiat money against Cryptocurrencies mostly usdt usdt is of Course tether and a call back to a Previous story they use it mostly on the Tron blockchain although crypto caves Sound shady and black market esque and They have been investigated and raided By authorities they're not seen as such By locals according to escad if anything They are something of a safe Haven escad Said this is a result of having a Government that arbitrarily prohibits Access to a money exchange Market that Should be free as it is in the rest of The world melee is expected to remove The currency controls as president and He already moved to legalize Bitcoin as A payment method for contracts though Locals shy away from Bitcoin as a result Of its volatility which is why they go For stable coins like tether the Virgo CEO Rich Kane put a brilliant post on X That I want to end this segment on he Wrote I lived in our Argentina from 2014 To 2017 where I had to go to a cave each Month to illegally sell my pesos to buy USD just so I could guarantee a flight Home each year anyone who doesn't

Understand why crypto and defi is Revolutionary is living under a Rock cointelegraph recently did a broad Interview with Eric anzani the president And Chief Operating Officer of Crypto.com crypto.com is an increasingly Popular exchange and anzani opened up About a lot one topic he discussed was Crypto.com aggressive advertising Strategy and how it has panned out for Them I have good friends that work in Advertising and I've asked them a few Times how on Earth you know if the Sponsorship of a stadium or a Time Square billboard is converting Particularly when you have so many Different advertising funnels needless To say they do have their ways and also Rather unsurprisingly the big ticket ads Are often highly effective now I don't Know about you but to me it feels as if Crypto.com is everywhere I look at the Moment particularly in sports and xani Told us we've been fortunate to find These amazing Partners F1 the UFC Working in LA with crypto.com Arena and AEG the reach of these Partnerships is Truly astonishing in 2022 the f1's race Calendar attracted over 1 billion Viewers in total and crypto.com Banners Are everywhere they're on signs over the Track they're on the barriers and They're on most digital media when it Comes to the UFC the crypto.com logo is

Huge on the Octagon floor on the k Padding and then on banners while the UFC doesn't pull F1 numbers per se as Gareth jenkinson pointed out in the Article the khabib nor mammadov versus Conor McGregor fight sold 2.4 million Pay-per-view tickets the question is how Much does this translate to new Customers anzani said we've have also Seen a lot of activations with those Brands being integrated being relevant To the fans and the participants it has Been tremendous in terms of being able To bring people into the space through These Partnerships in fact previous Estimates had the crypto.com user Numbers at around 80 million in 2023 but Anzani told coin Telegraph that the Exchange is actually approaching 100 Million users this Year and the final story is a quick Update on the binance founder and former CEO Chang pangao CZ after pleading Guilty to those money laundering charges CZ was due to be sentenced on February The 23rd yesterday a notice of Rescheduled hearing was filed in a Seattle federal court and CZ sentencing Date has now been pushed back to the 30th of April CZ is still not allowed to Leave the United States and that Includes going back to his home in the United Arab Emirates he is expected to Receive a 12 to 18month custodial

Sentence in a minimum security prison But remember that in November the Prosecution said the defense claims that Mr Z faces merely a brief sentence and Has no incentive to flee the reality is The top end of the guidelines range may Be as high as 18 months and the United States is free to argue for any sentence Up to the statutory maximum of 10 Years that was so much ground we covered Today I thought I better check the Bitcoin price before I publish to make Sure there's been no major swings but we Are indeed still around the $50,000 Mark Remember as I said in yesterday's Episode we do have a big week for us Macroeconomics data but right now it's All looking bullish that is it for today Though so consider yourself informed Thank you for listening to the ryzen Crypto podcast by coin Telegraph if you Are enjoying these daily updates please Make sure you let us know by following Subscribing or leaving a review have a Great day let's do this again [Music] Tomorrow