🚨 FBI ETF Warning

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’s illiquid supply reaches 74%,

• FBI warns of Bitcoin ETF scams,

• Large Swiss bank offers Bitcoin trading services,

• And everything else you need to know.

—Jordan

WHAT WE’RE WATCHING

🚨 The FBI warns that North Korean cybercriminals are using advanced social engineering tactics. Their targets include Bitcoin industry employees, particularly those connected to Bitcoin ETFs. These increasingly sophisticated scams aim to steal personal information, often through phishing attacks, as part of efforts to steal bitcoin.

💰 Senator Cynthia Lummis warns of a global "arms race" for Bitcoin, with countries like the US, China, and Russia competing for dominance. Lummis suggests Bitcoin could halve the U.S. national debt by 2045. She advocates for a strategic Bitcoin reserve, repurposing gold certificates to acquire over one million BTC.

🇻🇪 President Nicolás Maduro pushes for renewed Bitcoin adoption in Venezuela, after previous efforts were derailed by a $21 billion fraud. He blames corruption for halting initiatives like the Petro token and Sunacrip and urges the return of Bitcoin as part of a multi-currency strategy.

📉 Bitcoin’s illiquid supply has hit a record 74%, with 14.61 million BTC held by entities that rarely sell, according to ETC Group. This growing scarcity, partly driven by the Bitcoin halving, could impact future prices if demand rises.

💼 Coinbase's CFO, Alesia Haas, revealed that Kamala Harris's super PAC, Future Forward, will accept Bitcoin and crypto donations. The donations will be processed through Coinbase Commerce. This move signals a potential shift in the Democratic Party's stance on Bitcoin, as Harris explores Bitcoin legislation.

📊 Bitbo launched a new Bitcoin ETF tracker. It offers real-time data on prices, volumes, premiums, and holdings. The tracker focuses on U.S. Bitcoin ETFs. It covers major ETFs, including Fidelity, Grayscale, and Blackrock, providing users with a comprehensive market overview.

🔄 Bitcoin’s 2024 hodler net position change mirrors historical cycles, signaling potential price stability. After the April halving, long-term investors began accumulating again, driving Bitcoin’s price back toward $60,000. This behavior follows similar patterns from previous halvings in 2016 and 2020.

💰 Bitcoin trades at $56,550, 30.5% below its all-time high. Despite this dip, analysts say investors remain "relatively profitable." Short-term holders, however, are experiencing growing unrealized losses, and analysts warn of further market weakness unless Bitcoin reclaims the $62,400 short-term holder cost basis.

IN THE LOOP

• Trump-backed World Liberty Financial is prioritizing security and stablecoin adoption to uphold U.S. dollar dominance.

• The Bank of Canada cut its rate to 4.25% and signaled more cuts ahead.

• Former Mt. Gox CEO Mark Karpeles is launching EllipX, a crypto exchange focused on transparency.

• Zürcher Kantonalbank (ZKB), Switzerland's fourth-largest bank, has launched Bitcoin trading and custody services.

• The SEC delayed its decision on NYSE Arca’s eco-friendly Bitcoin ETF to November 21.

POLL

TUESDAY’S POLL RESULTS

Which asset do you think will perform better by the end of 2024: Bitcoin or gold?

🏆 Gold - 4.3%

🟠 Bitcoin - 84.8%

Both will perform similarly - 10.9%

🟠 Bitcoin - “Some unknown wealthy country from Middle East will move in on bitcoin.” - Mike

🟠 Bitcoin - “Of course, it’s Bitcoin. Gold is yesterday's news.” - Alec

🟠 Bitcoin - “Gold is up what? 22% on the year. Bitcoin is up 122%? LOL.” - John

🟠 Bitcoin- “Superior assets tend to outperform into seasonal strength.” - Chris

Both will perform similarly - “The real question is which will perform the best: BTC or Silver!” - Dean

VIDEO

In this video, Matthew Kratter breaks down Bitcoin's privacy challenges and Edward Snowden's Bitcoin privacy concerns.

CHARTS & DATA

Hash rate - Bitcoin’s hash rate is increasing fast, with the latest estimates showing above 750 EH/s.

Power Law - Bitcoin’s price at ~$56,500 is well below the projected power law price of $89,000.

MVRV-Z - According to MVRV-Z score, which tracks Bitcoin’s value against its realized value, the 2024 bull run did not see a sharpe peak like in the last two bull markets (2017 & 2021).

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