First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Today we’re covering:

• Bitcoin supply at 4-year low,

• "37X" whale moves $6 billion in BTC,

• US government spending doubles tax revenue,

• And everything else you need to know.

—Jordan

WHALE UNMASKED

Unveiling the Bitcoin Giant Known as Mr. 100

Whale Doxxed: Investigations by Arkham Intelligence identified "Mr. 100" as an Upbit cold wallet. This debunks theories of it being a single entity or sovereign wealth fund.

Mr. 100's Accumulation: The Bitcoin whale "Mr. 100," holding over 52,996 BTC, has aggressively accumulated Bitcoin since the FTX collapse, enhancing holdings by at least 100 BTC daily since mid-February 2023.

Strategic Movements: "Mr. 100" outdid itself on March 15, acquiring at least 1,000 BTC and seizing 52% of total buys by the top 10 spot Bitcoin exchange-traded funds (ETFs).

WHAT WE’RE WATCHING

🐋 The fifth-largest Bitcoin whale, known as "37X," moved over $6 billion worth of BTC to three new addresses for the first time since 2019. The transfer coincided with increased institutional interest in Bitcoin ahead of the upcoming halving.

📉 Bitcoin reserves on exchanges reached a three-year low of 1.92 million BTC on March 25, according to CryptoQuant. Supply on exchanges are now at historic lows as demand from ETFs are sucking up all of the bitcoins for sale.

📈 Spot Bitcoin ETFs saw $15.4 million in inflows on Monday, ending a five-day outflow streak. Fidelity's FBTC led with $261.8 million in inflows. Some analysts expect stronger quarter-end inflows. Grayscale's GBTC continued to experience outflows, losing over $350 million USD in BTC from its fund.

🇮🇸 Iceland shifts focus away from Bitcoin mining, prioritizing food security and energy sustainability. The Prime Minister of Iceland raisds concerns over the sustainability of energy consumption by Bitcoin mining. He claims the energy being used for mining is impacting other sectors like agriculture.

🚫 The EU is not banning self-custodial crypto transactions or wallets. Misinterpretations of comments about the Anti Money Laundering Regulation led to false reports. The regulation applies to CASPs, requiring KYC/AML procedures, but excludes self-custody wallets and P2P transfers. It reiterates existing rules with adjustments for transactions and payments.

🌍 Over 6,000 outdated Bitcoin miners in the US are being refurbished for global resale. These miners will be sold in regions with lower electricity costs ahead of the Bitcoin halving. Led by SunnySide Digital, these machines aim to capitalize on profitability in cheaper regions like Africa and South America.

⏰ As the April Bitcoin halving approaches, the future remains uncertain in regards to the halving’s potential impacts on price and network security. The halving will reduce mining rewards by half, which could make it harder for miners to operate. Previous halvings have led to significant price increases, but the outcome of the 2024 halving is unpredictable. Analysts speculate prices could range from $75,000 to over $250,000 within a year of the halving.

SECURITY ALERT

Apple Chip Flaw Endangers Bitcoin Wallet Security

M1 Chip Vulnerability: Apple's M1, M2, and M3 series chips have a flaw that may allow hackers to steal cryptographic keys. This includes those protecting software Bitcoin wallets on Apple devices.

GoFetch Exploit: The "GoFetch exploit" targets the CPU cache through Data Memory-Dependent Prefetchers (DMPs) in the chips, allowing attackers to access sensitive information.

Apple's Response: Apple acknowledged the issue but offered a workaround that could slow down application performance. Wallet makers are being urged to implement a patch to protect against the exploit.

POLL

TUESDAY’S POLL RESULTS

Will the Fed lower interest rates at some point in 2024?

👍 Yes - 82.8%

👎 No - 17.2%

👍 Yes - “They will but they will swear that it’s not political” - Leo

👎 No - “Nothing economically has changed to support a rate cut.” - Nick

IN THE LOOP

📉 Recent data reveals that federal government spending in the US has far exceeded tax revenue. Just last month, expenditures were double the $271 billion collected. Interest payments on the federal debt now consume two-thirds of individual income tax revenue. The February deficit reached nearly $300 billion, setting a trajectory for a $2 trillion deficit for the year, amidst a backdrop of declining federal tax receipts and a 50% surge in spending since COVID-19.

🌐 Bitcoin Magazine explores the challenges governments might face with taxation in a world where Bitcoin is widely used. They suggest that governments may need to adopt a more decentralized, customer service model, where they are funded voluntarily by citizens.

🇬🇧 A UK court has granted Julian Assange the right to appeal his extradition to the US. The court requires the US to assure Assange's rights will be respected. The final decision on the appeal is adjourned until May 20.

🛢️ U.S. crude oil exports reached a record high of 4 million BPD in 2023, transforming the U.S. from a net importer to a major supplier, especially to Europe and Asia. This surge follows the 2015 lifting of the export ban, with exports steadily increasing since then. The Netherlands, China, and South Korea are top destinations, with European demand rising due to geopolitical tensions and sanctions on Russian oil. The U.S. is now a dominant force in global energy markets, with profound implications for international relations and energy diplomacy. The affect on the Bitcoin mining industry remains to be seen.

VIDEO

The documentary, "Bitcoiners," offers a profound and intimate look into the lives of individuals deeply immersed in the Bitcoin lifestyle.

CHARTS & DATA

23 - The number of estimated days left until the 2024 Bitcoin halving. The Bitcoin block reward will drop from 6.25 to 3.125 BTC per block. Bitcoin’s inflation rate will drop below that of gold.

7 - The number of months in a row that Bitcoin’s price has gone up.

MORE FROM OUR COMPANY

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Bitbo Dashboard: View live price action, monitor on-chain data, and track key economic indicators - all for free.

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Bitbo News: Bitcoin-only news. No spam or fluff. Just need-to-know Bitcoin news.

Halving Clock: Track the countdown to the Bitcoin halving with our Bitcoin halving clock.

Bitcoin Treasuries: Track all companies/ETFs/countries holding Bitcoin on their balance sheets.

Bitcoin Calendar: A calendar for Bitcoin and other important economic dates.