Plunging US Supply sends oil prices around the world soaring
>>> 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
MicroStrategy has been able to outperform the underlying Bitcoin price mostly because of its use of leverage
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
ProShares Bitcoin Strategy ETF was the first Bitcoin ETF to trade on a major exchange in the US, launched Q4 2021 at the height of the last bull market
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
Flows are still not coming into publicly-listed bitcoin funds (including etfs)
Source: JPM, TME
Money sent on the bitcoin blockchain this year has surpassed PayPal and is nearing Visa
Source: Documenting Bitcoin
Yes I know it is an easy one...
Source: coingecjo, TeongH_SR
Templeton just filed application for a Bitcoin spot ETF
Here's the list of Institutions which have filed for a bitcoin spot ETF (assets under management in brackets) -> Total assets managed is $17.7 trillion - BlackRock ($10T) - Fidelity ($4.5T) - Franklin Templeton ($1.5T) - Invesco Galaxy ($1.5T) - WisdomTree ($87B) - VanEck ($61B) - GlobalX ($40B) - ARK Invest ($14B) - Bitwise ($1B) - Valkyrie ($1B) Asset manager Franklin Templeton applied with the United States Securities and Exchange Commission on Sept. 12 to launch a spot Bitcoin exchange-traded fund (ETF).
Cryptocurrencies were again under pressure today with bitcoin testing $25k
There are fears that altcoins face significant downside as FTX potentially seeks to dump its $3.4BN digital asset holdings. This is happening as BTC is close to a 'death cross' - 50DMA dropping below 200DMA... Source: Bloomberg, www.zerohege.com
