Bitcoin just recaptured $40,000 So I want to give you a quick little tit chat on why it went down and maybe we bounce back from here. But the tldr on why the excitement after the pop Bitcoin ETF didn't really play out and why really the value of Bitcoin got hit. it's actually because of FTX and I Know that might sound a little bit crazy. You're like dude.

Wait I thought we were done with FTX I thought that guy was in jail. What's going on? Well remember that they're still in bankruptcy and they have certain assets that they're selling off to try to pay back creditors. and they've been selling their holding of Gbtc a lot and rapidly. So obviously when there's a lot more selling aggression than there is buying aggression, price goes down FTX Sold about $1 billion worth of Grayscales bitcoin ETF Explaining much of the outflow Simon Dixon was actually calling it out.

He had a hypothesis: FTX Sold 22 million shares worth $900 Million worth of Grayscales. uh Bitcoin ETF FTX sold 22.3 million 600 million back in October good for FTX credit creditors bad for the shortterm of Bitcoin price and Gbtc good for those who buy the dips and value their weth. So in the short term a little bit of pressure longterm I'm still a happy happy bull Bitcoin Currently trading just above 40,000 Recapturing that the market cap 785 Billy For those of you who care about the technicals, there were weeks where it rip, rip rip, consolidation, breakout, and excitement for the spot Bitcoin ETF Then right after that it became a buy the rumor sell the news got hit. Unfortunately, this consolidation back in mid January could not hold the EMA cloud or the 48 EMA and then it even broke below the trend line.

If you haven't been catching my recent videos, I was pointing out uh-oh if this breaks down, we're going to go lower and that's exactly what happened: 41 flushed all the way to 38 I Still think that there's a chance we're touch somewhere between 38 and 36 down here, but obviously if it recaptures this, Chen run and then especially if it recaptures this overall EMA cloud in the short term I would be bullish, but long term I'm obviously bullish bu and I'm not the only one who is bullish. You got to listen to this from Kathy Wood of Ark Invest. Is this a sell the news Dynamic is something else at play here. How do you think about that now that we actually have these instruments in the market to track SP Bitcoin in a more material way? Yes, Um, Well, we're very excited that Bitcoin uh uh now is in the ETF wrapper and therefore very accessible at very low prices.

Um, what we do have and you know there was speculation beforehand. Will this be a sell on the news? Uh, we said yes. And then we were hearing that so much that we thought, well, maybe not. Well, it turns out that uh FTX is I.

Guess it's nearly a billion dollars in Gbtc has been sold as this uh Bitcoin uh as the Bitcoin ETF has come out and uh I think that's been part of the pressure I Do think there's sell on the news because I thought I think some people expected it to hold a a little more than it has uh, but this has not Disturbed our point of view at all. We think this is one of the most important Investments uh of our lifetimes. This is uh, this is a a global rules-based monetary system and uh, it's a very big idea. Uh, and we think it's the biggest of all of the crypto ideas out there.

So we're we're very happy to be uh, a part of this movement. Okay, providing more access to Bitcoin. This is the financial Super Highway uh, a public good and therefore we have priced it accordingly. Uh, but we're very excited about the prospects.

Our price Target as you know uh is quite high if you give us a Time Horizon to 2030, their price Target is base case is 600,000 and their bull case is actually all all the way up to a million. And a lot of the thesis of why Arc invest in Kathy Wood who personally has I think 20 to 30% of her own wealth in Bitcoin is because the amount of anticipated inflow. So I know right now we're talking about FTX and Gbtc and in the short term there's outflows. But in the long term this could be a multi- trillion dollar asset class.

and this is a 30C visual of all the money actually coming into the world of spot. Bitcoin ETFs Bitcoin ETF Uh, B TC Holdings Um, and then excluding Gbtc and we're seeing that black Rock ibit quickly shot up. So this is all just from the approval to really just recent history of where the money is flowing into. Look at: Fidelity where a lot of people have their retirement accounts Black Rock Just kind of the big kid on the Block so that was a popular one, but the classic retirement account firm Fidelity Look at how much they're buying because money's flowing into this I Just thought it was cool.

Wanted to share that with all of you. but overall, short term feels like there's a little bit of downward pressure. but I Don't think that's going to personally dissuade me or many other people from the long-term vision of what Bitcoin is and really what it's worth.