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today we'll be discussing bitcoin's price action whether or not you should panic and what the gold ETFs can teach us about potential price action this year for Bitcoin ETFs we'll be talking about Larry Fin and Gary gendler's appearances on CNBC yesterday's actual inflow and outflow numbers the best and worst ETF commercials so far and much more tune in it's going to be a fun one welcome back to the second installment of our daily Bitcoin ETF news show where we discuss the latest news event winners losers and key information surrounding the Bitcoin ETF and its 11 approved spot ETF issuers my name is Dante cook and I lead the business group for sw.com bitcoin's trading volume at top exchanges is down roughly 30% lower than yesterday and the price crashed today levels not seen since two weeks ago let's not panic people your favorite Airline United Airlines American Airlines both dropped over 9% today your favorite Furniture Store Wayfair it dropped over 7% today your car vending machine company carvana is down nearly 7% your wash machine manufacturer whirpool was down over 5% and your go-to cologne maker Burberry was also down over 5% this is totally normal in fact let's take a look at Gold's first year price performance to give us an idea of what we could expect with bitcoin's price action for the first year the gold spot ETF GLD launched in November of 2004 with a spot price of $443 per ounce the price chopped sideways for nearly a year until in late 2005 it jumped from $450 an ounce to nearly 970 in 2008 It ultimately saw a 3X increase over the next seven years speaking of gold black rock CEO Larry thinkink said on a CNBC interview this morning that Bitcoin is no different than gold and that it's an asset that protects you from currency debasement I believe you know I believe it goes up as if the world is more frightened if people have fearful of geopolitical risk they're fearful of their own risk um it's no different than what gold represented over thousands of years it is a it is a it is a asset class that that protects you are we beginning to see a public change of heart from Uncle Larry now that black rock has positioned itself to benefit from the inevitable appreciation in the price of Bitcoin we'll see if it's actually real on the other side of the coin SEC chairman Gary Gensler was the latest talking head for mainstream news propaganda on CNBC this morning against Bitcoin again calling it speculative volatile and primarily used for money laundering in ransomware Bitcoin itself we did not approve we did not endorse this is a product called an exchang traded product a way uh that investors can invest in that underlying non-security commodity called Bitcoin but yes investors I think should be uh aware that this the underlying asset is a highly speculative volatile asset and uh amongst its uh use cases is really uh for elicit activity money laundering and sanctions and ransomware and the like Gary since 2017 for every 20,000 in US Dollars that have been used for money laundering only $33 in Bitcoin were used for the same purposes and I'm going to do some quick math here I'm not a math guy but hold me accountable here if I'm doing this wrong if the average trading volume per day in Bitcoin is $30 billion and there's 365 days a year that's roughly $1 trillion worth of bitcoin traded every year so you're telling me that over 10% of the world's GDP is used for money laundering and ransomware payments through Bitcoin again I'm not a math guy Gary but that doesn't check out the day one inflows are in with the surprise winner of the day being bitwise with 237 million of inflow followed by Fidelity in second with 227 million and black Black Rock in third with 111 million I said it was surprising that bitwise was the winner but you know what if you come to think about it bitwise is donating 10% of their ETF proceeds to bitcoin developers showing their support for the ethos of Bitcoin and you know what I was a fan of its dose eek's commercial even though we can all admit they could have used the world's most interesting man in a more interesting way you know what's interesting these days Bitcoin but it's the thought that counts coming in at a poultry $10 million in inflows was Vanek who wasn't first in the race on day one in inflows but first in our hearts the world holds on to old ways until it can't when Bitcoin was born it broke that endless cycle it's not a Defiance of Finance Bitcoin may help guard against the government devaluing your money their commercial was edgy Innovative impressive but like the new guy trying too hard to fit in they definitely missed search the ticker H odl in your stock trading app today it's pronounced hle not Hodel while gbtc did see outflows as was expected it was not as drastic given the 2 billion of volume yesterday that we saw only 95 million dollar of capital exited the fund the outflows could be explained by their 1.5% fee scarce from all their current lawsuits or their terrible commercial who in the Microsoft Office approved that commercial to be released into the real world on to today's volume winners gbtc was today's clear volume winner with $1.8 billion in trading volume followed by Black Rock with 551 million and Fidelity with 429 million but remember it's ultimately inflows that matter in terms of how many Bitcoin will be bought and held by these issuers affecting the price which we'll have more information on next week it's important to remember that ETFs have a gap between the trades we place and the actual Bitcoin trades being settled with the custodian some ETF issuers have settlement gaps at a trade day plus two meaning some of these ETF trade days from the first day of trading with MLK being a holiday on Monday won't actually be finalized until Tuesday when the Market opens again this will most likely result in a lag on the impact of bitcoin's price caused by these daily ETF flows but let me highlight one other thing you know why you won't see the price of your Bitcoin ETF move this weekend well it's because it's not real Bitcoin it's a security representing Bitcoin with real Bitcoin that you can directly own through places like swan.
comom you have access to your freedom money 247365 checking the price of your spot Bitcoin ETF over the weekend will be like going to Chick-fil-A on a Sunday or your local bank on a Saturday if you get as mad as I do when you do that don't directly own actual Bitcoin with that I'm signing off for the weekend thanks for tuning in into the second installment of the daily Bitcoin ETF news I'm Dante cook with swan. comom happy stacking
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