Syz the moment

Targeting as much as $120,000 by the end of 2024 — almost quadruple the current price — as increasingly cash-rich miners reduce sales of the token. “Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Geoff Kendrick at Standard Chartered wrote Monday.

Since Israel tragic event, Gold has surged >5pct, while bitcoin has dropped alongside the spike of the VIX. In the short-run, Bitcoin is highly sensitive to liquidity. Source: Lawrence McDonald, Bloomberg

For the most prominent cryptocurrency, the chaos of the 2020-2022 era seems long gone. Bitcoin, which was often criticized for being too volatile, hasn’t seen a daily gain or loss of more than 10% this year. That's in stark contrast to 2022 and 2021 when it swung outside this range 9 and 11 times, respectively. All told, the price of Bitcoin has risen more than 60% this year, despite the continued crackdown on major exchanges such as Binance and Coinbase. But, even though Bitcoin is looking a little bit more stable, enthusiasm for the sector more broadly looks to have vanished, with venture capital funding for crypto companies and projects falling to a 3-year low.

420,000,000,000,000,000,000x per second Source: Documenting bitcoin

>>> In recent months, the US had helped fill a void left in the market, routinely sending more than 4 million barrels every day to sate global appetite. Between overseas shipments and strong domestic demand, stockpiles quickly declined in the US. As oil stockpiles are running out in the US, they’re also running out in Europe, because it relies on US exports. As supplies collapse, cargoes of WTI Midland crude for January delivery to Asia are being offered for sale at premiums of $9 a barrel above benchmark Dubai oil, the highest premium seen this year, data compiled by Bloomberg show. In the futures market, the tightness in US supplies narrowed the gap between US crude and international benchmark Brent to under $3 a barrel, the smallest since May last year. Meanwhile, the spread between Brent and Middle East’s Dubai marker — also known as Brent-Dubai EFS — has skyrocketed (See below). Source: www.zerohedge.com

Specifically, $MSTR took on a total of $2.2 billion in debt to purchase its BTC, the earliest of which matures at the end of 2025. This debt has a blended interest rate of only 1.6%. The markets in 2021 were distorted, and $MSTR capitalized by offering $1.05 billion in convertible debt with a 2027 maturity at 0%, which it used to buy $BTC. In other words, MSTR was able to borrow $1.05 billion until 2027 at 0% interest! This $2.2 billion of debt finances a $BTC position with a current market value of $4.3 billion. Source: Mark Harvey

The ETF currently holds 35,890 BTC, and is the oldest and largest fund in the space. How much Bitcoin does each ETFs hold? 👇 Source: Coingecko

Source: JPM, TME