Subscribe | Specs Chat | Sponsor Specs

⌐◪-◪ → BlackRock’s spot Bitcoin ETF just broke $1B in daily net inflows for the first time, bringing their total AUM to over $15B.

This is also the first time BlackRock’s daily inflows overtook Grayscale’s outflows. No wonder Grayscale is launching a low-fee “mini” Bitcoin trust, they are desperate to stop the bleeding.

The demand for spot Bitcoin ETFs is absolutely incredible. In just two months after their introduction, they’ve captured 90% of the daily trading volume for ETFs that offer Bitcoin exposure, leaving futures ETFs in the dust at 10% market share.

There is no denying the incredible product-market fit of these Bitcoin ETFs. I’m excited to see how the market reacts when other countries’ pending spot Bitcoin ETFs come online. Things have never been more bullish.

⌐◪-◪ → Bitcoin just established a new all-time high of $73,704, and investors are showing no signs of slowing down — as seen with the record spot Bitcoin ETF inflows.

We’ve all heard the saying “buy low, sell high”, and it looks like Bitcoin investors, new and old, are completely ignoring that advice.

It seems foolish, but I also can’t blame them. The FOMO is real and also, 3 of the last 4 times Bitcoin hit a new all-time high, it doubled in 18 days or less.

For this historical trend to hold, Bitcoin has to hit $140k in the next ~11 days. While that’s certainly possible, don’t forget that this cycle is a clear divergence from previous ones, given the pre-halving all-time high.

As for me, I’m going to keep dollar cost averaging and hodling to infinity and beyond.

⌐◪-◪ → Drake just posted a clip from a Michael Saylor interview to his 146M Instagram followers. Probably nothing.

This isn’t the first time Drake showed his pro-crypto side, back in 2022 he posted a picture of a diamond-encrusted Ledger hardware wallet.

The clip refutes the idea that Bitcoin needs to become a currency, with Saylor saying “Nobody’s trying to buy a cup of coffee with a fraction of their building on 5th Avenue”.

I think this a pretty powerful point, as it frames Bitcoin as what I refer to as an ‘end game’ asset, one which people strive to acquire and hold for the long term as a store of value, just like real estate.

Anyway, I’m sure we’ll see many more celebrities enter the fold now that the market’s back. Hopefully, Drake’s post wasn’t a top signal.

Let me know what you think in Specs Chat!

Join The Conversation!

Unlock Specs’ full potential by joining Specs Chat, where members chat with Valko, add context to the daily crypto news, and share a diverse set of perspectives.

Specs Chat is more than just a group chat, it’s a community designed to help you become a better crypto investor and operator.