Breakout or fakeout?

The two biggest crypto currencies by market cap, Bitcoin and Ethereum, say nice gain over the past few days. BTC went well over US$40k and ETH hit as high as US$2.6k. These gains could have been due to the good news earlier in the week, but there has been some retracement with BTC and ETH trading at around US$38k and US$2.3k respectively. Is this a breakout or a fakeout? Tesla announced that it will resume accepting bitcoin as payment when miners eventually use more clean energy. Well played Elon, bitcoiners will take any good news during this deep dip. At least there are some whales capitalizing the dip with millionaire wallets increasing their holdings by about 90,000 bitcoins. Buying the dip could be the definition of smart money.

Paul Tudor Jones has reiterated that he would go all in on inflation trades depending on the Federal Reserves policy. The veteran trader who called the 1987 market crash has said he wants to buy 5% each in gold, crypto, cash and commodities. Who are we to call his bluff? Hedge funds are also agreeing to to increased exposure to crypto with many expecting to increase their crypto holding to as much as over 10%. This is a clear confidence boost for the asset class in the coming future. All the more reason to hodl.

A wise man once said that bitcoin is gold for nerds. Invest wisely, avoid leverage and stay safe.


Musk says Tesla will accept bitcoin again as crypto miners use more clean energy

Tesla CEO Elon Musk on Sunday said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions.”

Musk was reacting to comments from Magda Wierzycka, CEO of South African asset manager Sygnia, who said that Musk’s tweets on bitcoin prices were “market manipulation” and would have triggered an investigation by the U.S. Securities and Exchange Commission if they had been about a publicly listed company.

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‘Millionaire’ whales gobble up 90,000 Bitcoin over the past 25 days

Whales appear to be accumulating in anticipation of higher prices, with “millionaire” wallets increasing their holdings by 90,000 BTC in just 25 days.

Bitcoin (BTC) whales are stocking up, with “millionaire” addresses accumulating around 90,000 Bitcoin worth $367 billion over the past 25 days.

The accumulation was identified by crypto market data aggregator Santiment, which identified that wallets holding between 100 and 10,000 BTC — described by the company as “millionaire tier” addresses — are now the largest segment of Bitcoin hodlers and currently account for 48.7% of Bitcoin’s supply.

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Paul Tudor Jones says ‘go all in on the inflation trades’ if Fed keeps ignoring higher prices

Billionaire hedge fund manager Paul Tudor Jones told CNBC on Monday he’s paying close attention to this week’s Federal Reserve policy meeting in light of recent economic data showing higher consumer prices.

“If they treat these numbers — which were material events, they were very material — if they treat them with nonchalance, I think it’s just a green light to bet heavily on every inflation trade,” Jones said on “Squawk Box.”

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Within five years, US hedge funds expect to hold 10.6% of assets in crypto

A new survey of 100 chief financial officers at hedge funds worldwide has indicated that the sector is planning a significant increase in its exposure to crypto assets in the near term.

The survey, conducted by Intertrust, suggests that if the respondents’ forecasts were broadly mirrored across the sector, assets in crypto held by global hedge funds could hit $312 billion. United States-based funds were most bullish about the new asset class, expecting to raise their portfolio exposure to crypto to 10.6% on average within five years.

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