Bitcoin plunges below 41,000 as sell the Bitcoin ETF news wins the day. Uh, large inflows in the new spot Bitcoin ETFs have been sizeably offset by outflows from not just the Gbtc, but other Global Bitcoin related Etps. So just for the point of accuracy, Bitcoin I don't want to be that guy I'm a Bitcoin investor, but in the short term it is looking a bit weak. Obviously it ripped Consolidated had the breakout in anticipation of the ETF approval, then got smacked and it got on the bottom side of its EMA Cloud not holding 48 EMA and now it's even getting below this trend line.

So in the short term things are looking a little bit bearish now. obviously. I'm not saying that in a gleeful manner. I am long on bitcoin I Would prefer that it goes up and up and up, but just to be honest about potential short-term movement, looks like the Bears might have a bit of control.

Bitcoin as of now is worth 800 billion. The overall crypto sector is worth 1.64 crypto Bulls lose 217 mli as apparent grayscale sales weigh on, Bitcoin analyst also pointed out that Gbtc shares flip to a. N% discount on Thursday amid quotequote likely selling pressure. So what's going on is we had the event of buy the rumor sell the news it got sold and then people were like somehow surprised out there would be selling and now we're seeing a bit of we'll call it shortterm capitulation spot Bitcoin ETF scoop up another 10,600 Bitcoin on day five.

so this is kind of interesting on Twitter you can follow Cc5 Capital Final Day five update for 117 of just how the flows are going. Obviously Black Rock is kind of leading the path, but I think the most interesting breakdown is actually from Eric Balunis uh who is a expert ETF dude he does commentary for Bloomberg This is interesting. The newborn 9 actually saw a 34% jump in volume today versus yesterday today. Normally with a hyped up launch you see volume steadily decrease each day.

Raider see it reverse back up. All but one saw jump to but Gbtc a change float so wasn't at volatility. We can see the overall volume and the percentage jump and whatnot. Uh but right now Ibit which is from Black Rock uh that's the Ey shares.

Then you have Fidelity at number two and then you have Arc Kathy Woods Arc and that's Arc B uh that's in position number three of. Overall so interesting that it was a high Spike then came down but kind of pulling itself out of U-t term in terms of volume. AKA Just like trading popularity volatility, that type of thing. Bitcoin instantly topped silver in ETF market and trails only gold among Commodities So when we're talking about popularity, this actually kind of tells you what's going on.

Uh, remember the spot Bitcoin ETF was approved back in ' 05. That's the only one right now that is beating out Bitcoin is the gold silver ETFs only have 11 billion while Bitcoin is almost 3 exat at 30 billion. So that kind of just gives you an idea of how much money is flowing into it and a lot of it has to do with the grayscale Bitcoin Trust that's been built up over the past couple years bringing in I think 29 billion itself. Just absolutely phenomenal now.

I Just want to give everyone a little bit of reminder of this concept. Remember the next big event in the world of Bitcoin is the having should be happening I believe on April 13th And a lot of people like to pay attention to this rough 4year cycle. So when you look at the four years, the four years, the four years like continually overlaying to four years on each other. this is a great graphic so you can kind of see what happened on the Blue Line This was uh, happening in 2015, the red line was 2018 and obviously now we are at another having of Uh 2022.

Uh, so just like obviously the start and then playing the four years out, obviously the preceding time. So just looking at the Block and whatnot and we kind of see what happens at the having of the push up for many blocks. Remember, the four years thing is just an estimate. It actually really happens every 210,000 blocks.

and it just so happens to be that roughly we're adding a new block every 10 minutes. So if you do that math out, it's about 4 years, so that's why the timing is a little bit off. But anyway, I Really love this layout of the price. action on a relative basis, a percentage basis.

Uh, into the having and what happens right after the having for another big chunk of blocks. Just something to consider. Is this a guarantee for the Future No? But I Still like the odds of Bitcoin becoming a more popular, more valuable asset as people worldwide learn more about the craziness of central banks and monetary policy and the fact that humans are fallible, while crypto is much more run by just perfect mathematical algorithms where there's no like Hing and Hauling guessing and just human error. I guess is the best way to put it, but that doesn't mean Bitcoin's going to be the only winner.

A lot of people are looking at Ether from the Ethereum network. for this particular year, Ether could soar in 2024 on the back of the Dead Enon upgrade. The Ether Bitcoin Ratio has risen to 19% in the first 3 weeks of the Year taking back part of the last year's 25% They're just talking about the difference between the two, and sometimes a lot of people like to see it's kind of an oscillator of which one's Rising Uh, and then you look for that one to drop and then for the other one to rise. So right now there was a big differential between Bitcoin and Ethereum, which is another fancy way to just say Bitcoin was Rising more rapidly than Ethereum was.

and then a lot of people in the crypto World When they see it Spike too much, they predict an offloading of money within Bitcoin to instead go to Ethereum and then that kind of closes the Gap and it just oscillates back and forth e the native token on Ethereum's blockchain underperformed Bitcoin in 2023 as the latter's new found smart contract, non-f fundable narrative and spot ETF Optimism Drew Investor Money ETF could be poised for a breakout year. Last week's Bitcoin ETF news proved to be a boon for Ethereum, which briefly peaked above 2700, reaching its highest price since May of 22, and there are reasons to be even more optimistic about its near term future. For one, several of the firms behind Bitcoin ETFs including Black Rock and Vanex are also plotting Ether-based Spot ETFs which would obviously be another exciting thing I Just want to know. As of today, there have been applications and the SEC has already kicked the can down the road and saying hey, we need more time to like make this decision here.

In addition, Ethereum's upcoming upgrade, which aims to improve the main net scalability by introducing quote unquote data blobs could Galvanize Investor interest in the cryptocurrency. The upgrade went live on Ethereum's Goral Testet earlier this week. Uh, there were some issues with it I was reading into the results, so it's not like the flip is going to be switched today. When you're watching this, a blob is a temporary transaction data memory typical related to the Layer 2 solution that can be attached to Ethereum.

Following the upgrade to the mainnet, the network will only need to confirm the correctness of The Blob data attached to the block rather than verify each transaction, helping reduce congestion and network fees. It seems like the major development goal for Ethereum right now is speed it up and make it cheaper, and that's what this is doing. Ethereum's upgrade began initial test on Wednesday and its coming months is expected to implement EIP 4844, which some Eth Watchers predict could help reduce the Network's fees by 90% or more. So this isn't just a small thing.

this is big cuz like one of the biggest issues with Ethereum, especially in a relative basis to other competitors, is the fee. The gas fees when you can reduce the fees by 90% That's obviously a narrative shifting upgrade, so just something to consider. I Myself: I Yes, I'm in Bitcoin I'm invested in Bitcoin I'm also invested in Ethereum I'm playing both of them as a long-term investment I Hope they both work out I hope at minimum, at least one works out I think there's reason to be excited about both. Obviously, those are my own thoughts and opinions on it, but hey, I would love for both of them to rip to Kingdom Come.