The Crypto Compass Issue #61

Hello readers,

Bitcoin's journey has hit a new milestone, soaring to an all-time high of $72,000, an event that underscores the cryptocurrency's unwavering ascent in the financial world. This latest peak not only exemplifies Bitcoin's growing acceptance among investors but also reflects the broader market's optimism towards digital assets. As Bitcoin continues to break barriers, its remarkable growth is not just reshaping investment portfolios but also challenging traditional views on currency and value storage. This issue, we will delve into the some of the recent news driving Bitcoin's unprecedented rally.

Bitcoin Surpasses Silver in Market Cap, Becomes Eighth Largest Asset

Bitcoin's recent price surge to $71,698.96 has catapulted its market capitalization above that of silver, positioning it as the eighth largest asset in the world with a market cap of $1.4 trillion. This milestone surpasses silver's $1.3 trillion market cap, situating Bitcoin just behind Alphabet's $1.6 trillion. Despite this remarkable achievement, gold continues to lead globally with a market cap of $14.66 trillion. The rise in Bitcoin's value, increasing by about 2.4% in the last 24 hours, coincides with a significant week for spot bitcoin ETFs, highlighting a growing investor confidence in digital assets. Leading the charge, BlackRock’s iShares Bitcoin Trust (IBIT) achieved record daily inflows, underlining Bitcoin's burgeoning status in the financial ecosystem.

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MicroStrategy Expands Bitcoin Holdings, Surpasses BlackRock's ETF

MicroStrategy has bolstered its Bitcoin portfolio by purchasing an additional 12,000 bitcoins for $821.7 million, increasing its total holdings to 205,000 BTC and overtaking BlackRock's spot bitcoin ETF. The acquisition, made between February 26 and March 10, 2024, at an average price of $68,477 per bitcoin, was financed through a convertible senior notes offering and excess cash. This investment raises MicroStrategy's total Bitcoin expenditure to $6.91 billion, with the current value of its holdings now exceeding $14.7 billion as Bitcoin's price hit a new all-time high of around $72,000. MicroStrategy's aggressive Bitcoin strategy reflects its long-term confidence in the digital asset.

U.S. Spot Bitcoin ETFs Command 4% of Total BTC Supply Amid Record Inflows

U.S. spot bitcoin ETFs now control approximately 4% of Bitcoin's total supply, with a notable $472.6 million in net inflows recorded recently. Fidelity's FBTC ETF saw unprecedented inflows of $473.4 million in a single day, while Grayscale's GBTC experienced significant outflows. The total value of assets held by these ETFs has exceeded $54 billion, with inflows surpassing $9.37 billion. These developments highlight the escalating institutional interest in Bitcoin, with the ETFs nearing the holdings of Grayscale's GBTC. Additionally, BlackRock's Global Allocation Fund plans to invest in Bitcoin ETFs, underscoring the increasing embrace of Bitcoin by traditional finance.

Happenings of the week

• Blobs go live on Gnosis Chain ahead of Ethereum’s Dencun upgrade

• Solana registers all-time high in daily new addresses

• Iconic MMORPG MapleStory moves to Web3 with Avalanche

Arizona Senate Proposes Bitcoin ETF Exploration for State Retirement Systems

The Arizona State Senate is considering a bill that encourages the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to evaluate adding Bitcoin ETFs to their portfolios. Passed in the Senate and now under House review, this initiative highlights the interest in leveraging Bitcoin ETFs for institutional investments. The proposal requires ASRS and PSPRS to analyze the feasibility and risks of Bitcoin ETF investments and report their findings to state officials, aiming to inform decisions on diversifying investment strategies with cryptocurrencies.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!

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