OVERVIEW

Bulls Ain't Shook Out Yet

This is either the precursor to Bitcoin's first explosive move post new ATHs, or it's an early warning sign of some congestion and consolidation. 🗜️

Today's Litepaper is different than our Tuesday and Wednesday Litepaper, which are big on the charts. Today's all about the news.

You're busy—you've got school or a job, a spouse, and/or kids—and you don't have time to scour the internet for every crypto story. Hell, I work here, and my job is crypto, and I don't have time to find all the news. 

So this LP is for you.

Here's how the market looked at the end of the trading day:  

NEWS
BlackRock's BTC ETF Eats GBTC's Lunch And Steals Its Homework

BlackRock's spot $BTC ETF, IBIT, just casually gained a cool $788 million in a single day. 🪨

While the rest of us debated whether to splurge on $SHIB or $FLOKI, $IBIT was busy breaking records. With a casual $12.2 trillion in its war chest, the world's heavyweight asset manager, BlackRock, has decided Bitcoin is the new black.

Meanwhile, Grayscale's $GBTC is watching its throne get snatched, bleeding out $10 billion until IBIT swept in, Cinderella-style, taking the crown and the entire kingdom by storm, slippers, pumpkin carriage, and all. 👠

STOCKTWITS CONTENT
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Stocktwits co-founder Howard Lindzon chops it up with pals JC Parets and Phil Pearlman every Thursday on "Trends With Friends."

In this week's episode, the friends discuss:

• Crypto: Exploring the growth drivers, risks, and behavior of Bitcoin’s historic rally ₿

• Behavior: Michael Saylor’s all-in strategy and Bitcoin as an on-ramp to the degenerate economy 🤑

• Markets: Deteriorating breadth and the “Magnificent 7” turning into the “Malevolent 7” 💔

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Watch it now on YouTube and Spotify, and subscribe to catch each episode when it goes live!

NEWS
BlockFi Customers Rejoice!

BlockFi's customers might finally feature a financial comeback, thanks to a deal with FTX and Alameda Research. 😍

How much? Up to $874 million, contingent on court approval. This settlement could be the lifeline for customers left adrift after the 2022 crypto upheaval.

At the heart of this financial rescue mission is an initial $250 million from FTX, part of a broader $874 million pact aimed at mending the fallout from assets and loans entangled between BlockFi and the two firms. 

FTX is (or did) liquidating assets like its stake in AI company Anthropic, which is expected to rake in about $1 billion. This is a breath of fresh air for BlockFi's clientele and a possible endgame to their financial fiasco. 🙅‍♂️

NEWS
Crypto News In 3 Sentences - March 07, 2024

🔮 "Rich Dad Poor Dad" author Robert Kiyosaki forecasts Bitcoin hitting $300K by 2024: Citing the cryptocurrency's rally past $69,000 following the introduction of spot Bitcoin ETFs and despite the recent 10% dip, Kiyosaki remains steadfast, advocating for investment in Bitcoin and praising its performance against the US dollar. Kiyosaki highlights its role against central banks and its potential to bring integrity back to money. Read it at Benzinga

🚫 Warren Buffett reaffirms his critical view of cryptocurrency, dubbing Bitcoin "rat poison squared": The grumpy old man also said he wouldn’t spend $25 for all the Bitcoin in the world. Despite Bitcoin's increasing acceptance, Buffett's stance has been unwavering, viewing cryptocurrency as speculative and without tangible value. Yahoo! News has more

🎭 SEC Commissioners Hester Peirce and Mark Uyeda satirically challenge the agency's vague regulatory stance with a mock dialogue in the ShapeShift settlement: Criticizing the "come in and register" approach, their satirical exchange underscores the confusion and regulatory ambiguity crypto firms face, especially in distinguishing securities within the crypto space. More from The Bitcoinist

📉 This moron economist in Russia, Alexander Razuvaev predicts Bitcoin's decline with the advent of digital rubles: Oh, it's not just Bitcoin he says will die, its other major CBDCs, claiming crypto markets are "overheated" and may face a downturn post-April. He asserts that while Bitcoin will not disappear, it will become a "marginal phenomenon" compared to traditional financial assets. Read it at CryptoNews

💰 Pantera Capital aims to raise $250 million to purchase Solana tokens from the bankrupt FTX: Seeking to buy at a significant discount, the fund targets a portion of FTX’s SOL holdings, with plans for a four-year vesting period for investors, charging a 0.75% management fee and a 10% performance fee. This move could help FTX liquidators repay investors as FTX finalizes its bankruptcy process and seeks to repay billions to customers. Cointelegraph has more

🕵️‍♂️ Arkham Intelligence uncovers Tesla and SpaceX's Bitcoin strategies, revealing the companies' significant holdings managed by Coinbase Prime: 11,509 BTC for Tesla and 8,285 BTC for SpaceX. Amid volatile market conditions, Tesla capitalized on Bitcoin's price fluctuations, selling off $272 million in Q1 2021 for a $128 million profit and further liquidating $936 million in Q2 2022, gaining another $64 million. More from Protos

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TECHNICALS
What Has Been Will Be Again

I wanted to add this to yesterday's Litepaper, but there wasn't enough room. 🪗

There's a lot of folks on social talking about the monthly RSI and how it's above the default overbought level of 70. That's happened before. 

The chart above is the monthly chart for the Total Cryptocurrency Market Cap. I've highlighted two similar price action and RSI zones to show that price has hit the default overbought level on the RSI post-bear market before, and the trend has continued pushing higher despite the RSI turning lower. 

There are two schools of thought: past performance isn't indicative of future results, and the other: patterns repeat. Which is right? I have no idea, but this is the first time the technicals have reached these levels with such powerful, bullish fundamentals behind them. 

And that can be a double-edged sword. Enough juice and joy, and things keep going up. But it's also an opportunity for the 'big boys' to enact their shenanigans and trap bulls. Either way, be careful. ⚠️

LET’S GET SOCIAL
Follow Stocktwits Crypto

Crypto-hodlers rejoice. We created a crypto-specific Stocktwits account to stay up to date with the latest developments in the space. Be sure to follow us at StocktwitsCrypto.

Links That Don’t Suck

🪙 ‘Joining Forces’: Genesis and Gemini discussed merger before collapse

🏦 NYCB stocks flip wildly as banks brace for end to fed-bail outs

🙄 Peter Schiff wants crypto investors to exchange their 'Overpriced Bitcoin' for his exclusive 'Ordinals' collection

🕵️ Fed chair Powell confirms regulator has no plans to recommend, adopt CBDCs

🎂 Major NFT collections register a drop in ETH floor prices, but there’s a catch

Get In Touch

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