#144 BTC Closes In On $69K With Huge ETF Inflows
Gold ETFs took 5 years to reach same number
GM - this is The Snapshot, edition #144.
This is what I’ve got for you this week.
This Week In Web3 - BTC Closes In On $69K With Huge ETF Inflows
Sponsored Post - Lil Nouns Fund $2500 Volleyball Court In Indonesia
Notable Sales - Beeple, Azuki, CryptoPunks, Nakamoto Card
Investment Focus - How Crypto Investing Has Changed - From Cobie
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Have a great day,
B
This Week In NFT World - BTC Closes In On $69K With Huge ETF Inflows
BTC knocks on door of $69k after huge week of ETF inflows
“Bitcoin investment vehicles globally have seen net yearly inflows of 360,000 BTC and are on track to surpass the Grayscale-led 2020 record of 373,000 BTC,” Vetle Lunde, senior analyst at crypto analytics firm K33 Research, confirmed on Oct. 18.
Total net flows of the United States spot Bitcoin exchange-traded funds (ETFs) have topped a record $20 billion, while total assets have reached a new all-time high of $65 billion.
“For context, it took gold ETFs about 5yrs to reach same number,” Eric Balchunas, a senior ETF analyst at Bloomberg, commented on the $20 billion tally.”
Kraken launches kBTC: a competitor to other wrapped BTC products like cBTC by Coinbase
"Crypto exchange Kraken announced the launch of kBTC, a cross-network compatible ERC-20 token fully backed by Bitcoin. Each kBTC token is backed by Bitcoin 1:1 managed by Kraken, and users can ensure its transparency and security through on-chain verification. kBTC brings the utility of Bitcoin to Ethereum and OP Mainnet, and plans to be compatible with more networks"
Stripe is in advanced talks to acquire stablecoin payment platform Bridge
"Payment company Stripe is in advance talks to acquire stablecoin payment platform Bridge, sources told Bloomberg. However, no final decisions have been made and either of the firms could withdraw from the deal anytime, they added. The news follows Stripe’s integration with Paxos stablecoin payments platform, revealed on October 15, designed for payment service providers (PSPs)."
From crypto news
Praxis announces $525M raise to build crypto friendly city
"Praxis, which bills itself as the world’s first “Network State,” announced it has secured $525 million to build a tech-forward city that will support the development of crypto, artificial intelligence, energy and biotech. Investors in the round include Arch Lending, GEM Digital, Manifold Trading, and angels like Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. The project has previously raised money from Paradigm, Alameda Research and Three Arrows Capital."
Sam Altman's Worldcoin rebrands to "World" with new Orb which can perform AI operations 5x faster than earlier models
"Worldcoin, the project co-founded by OpenAI CEO Sam Altman, is branding to ‘World’ and launching a new version of its controversial iris-scanning Orb.
According to Altman, the redesigned Orb has 30% fewer parts and triple the production capacity of its predecessor. Powered by NVIDIA’s Jetson, the new Orb can perform AI operations five times faster than earlier models."
Trump’s World Liberty Financial De-Fi project only raises $13M out of $300M goal
AI bot spawns viral $400M memecoin called $ GOAT
“GOAT continues the moon mission. Up 25% on the day to $350M, and about 40% above yesterday's local low”
From Tyler
Sponsored Post - Lil Nouns Fund $2500 Volleyball Court In Indonesia
Lil Nouns DAO has passed a $2500 proposal to fund the restoration of a community volleyball court in Indonesia which had fallen into disrepair.
What is the ask?
We haven't had a volleyball court for more than 3 years because one corner of the court collapsed during the rainy season in 2021. As a result, the court that is our only place to play volleyball has been abandoned for more than three years. At the end of this summer we gathered to fix the collapsed corner of the court, but we really want a proper volleyball court. This court is a public place or public goods that can be used by anyone in our neighborhood.
During the rice harvest season which is the main income from the community's farming, this volleyball court can also function as a place to dry rice before the process into rice.
However, the condition is sometimes concerning because there is often a puddle of water in the middle of the field so that sometimes it is not optimal for use.
This is another example of Lil Nouns DAO doing something great for a community in need!
How the court looked before
If you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life: check out our website.
Notable Sales - Beeple, Azuki, CryptoPunks, Nakamoto Card
Azuki, Water - 45 ETH
Beeple, Gigachad - 30 ETH
Beeple, Rebirth - 11 ETH
CrytoPunk, 6 trait - 75 ETH
Rare Pepe, Nakamoto Card - 29.99 ETH
Investment Focus - How Crypto Investing Has Changed - From Cobie
One of the greatest, most respected crypto investors of all time, Cobie, shared his thoughts on how the investing environment has changed in crypto.
He responded to this tweet, which questioned why you should hold safe assets, when many before profit on more embarassing(gly bad) assets. Particularly relevant as many believe we go into a ‘memecoin supercycle.’
the tweet
Cobie’s response:
its my personal north star and the goal is actually not returns maximisation, but "safer" wealth growth.
the logic behind it is pretty simple: crypto returns have historically been relative insane, so you just need to exposure to capturing a good chunk of those moves in assets where you get really good returns even if you dont sell the picotop.
a lot of the more "embarrassing" stuff performs top % returns every cycle, but you kind of have a 7 day window to sell it, and it kinda never comes back to life. whereas historically the less embarrassing stuff usually has pretty good returns and "settles higher" or has a second-life even if not ATHing.
unfortunately this dynamic has kind of been broken by the privatised gains / priv funding meta, because you need to buy in private mkts to deploy this strategy anymore. so really don't recommend it now (in 2017 you went to binance to be early, in 2024 when you go to binance you are late). instead of trying to be early, now you have to be patient and incisive (unless you're well connected and then you can still try to be early).
i think a revision of the strategy is: buying good stuff cheap is optimal, but if you can't buy good stuff cheap then buying embarrassing garbo cheap is perhaps better than buying anything that is priced very expensively. maybe will write more later i need the toilet.
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters