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:

• Grayscale reports Bitcoin in mid-bull run,

• BitGo CEO anticipates potential 600% Bitcoin surge,

• BlackRock CEO bullish on Bitcoin's future,

• And everything else you need to know.

—Jordan

BULLISH MOMENTUM

Grayscale: Navigating the Mid-Phase of Bitcoin's Bull Run

Bull Run in Progress: Grayscale's report claims that Bitcoin is currently in the middle of a bull run. Their conclusion is based on a mix of strong fundamental and technical factors.

Market Dynamics: The report highlights three unique catalysts distinguishing this cycle:

1. Substantial spot Bitcoin ETF inflows,

2. Positive stablecoin inflows,

3. A decreasing BTC balance on exchanges.

These factors are contributing to upward pressure on Bitcoin's price and a potential supply squeeze.

Investor Sentiment: Despite rising prices and positive on-chain metrics, Grayscale claims that retail investor interest remains lower than during the 2021 bull market. However, market sentiment indicators suggest retail investors are making their way back, which Grayscale claims could drive prices much higher. Grayscale advises monitoring spot Bitcoin ETF flows and macroeconomic factors for market shifts.

WHAT WE’RE WATCHING

📈 BlackRock CEO Larry Fink is bullish on Bitcoin, citing IBIT's record performance and significant retail interest. Bitcoin's appeal as a store of value and hedge against economic uncertainties signals a shift in investor sentiment towards Bitcoin as a legitimate savings avenue.

🔍 An unknown individual or entity consolidated 2,000 bitcoins mined in 2010 into a single wallet. At current prices, that wallet is now valued at nearly $140 million. The transaction moved 40 sets of mining rewards, each 50 bitcoins. The original value of the coins when mined was around $600 USD.

📈 BitGo CEO Mike Belshe warns that investors are unprepared for a potential 600% surge in Bitcoin. His claim is driven by increasing institutional interest and the approval of Bitcoin ETFs. He anticipates a rise in demand from hedge funds, pension funds, and endowments, with expectations for Bitcoin to reach $80K by May.

📈 Goldman Sachs reports increasing interest in Bitcoin from clients ahead of the halving event. They’ve begin expanding their services geared towards Bitcoin.

📈 BlackRock's IBIT spot Bitcoin ETF surpassed 250,000 BTC ($17.7 billion) in assets under management (AUM) just 11 weeks after launch. Fidelity's FBTC exceeded $10 billion AUM, while Ark Invest 21Shares' ARKB saw its highest daily inflows. Net inflows into spot Bitcoin ETFs rebounded, with IBIT leading. Grayscale's GBTC continued to experience outflows. View all US ETF holdings.

🔍 Bitfinex's report highlights the changing landscape of Bitcoin mining. Unsurprisingly, corporate miners are gaining dominance due to Wall Street funding and the upcoming halving. Independent miners face challenges from regulatory shifts and the need for innovation to remain viable. The industry's growth and changes raises concerns about the decentralization of Bitcoin.

📈 Asset manager Hashdex launched its new spot Bitcoin ETF, DEFI, in the US. Hashdex converted its previous futures ETF to hold spot Bitcoin. DEFI will invest at least 95% of its assets in spot Bitcoin and up to 5% in Bitcoin futures contracts and cash equivalents. The ETF aims to make digital assets more accessible and charges a 0.90% annual management fee.

🚫 South American gold miner Nilam Resources is NOT buying $1.70 billion in Bitcoin. The news, initially detailing an acquisition of MindWave with 24,800 BTC, was labeled a "stunt" by analyst Tuur Demeester and a "pump and dump" by Max Keiser.

BITCOIN UNLEASHED

Google Integrates Bitcoin Blockchain Data in Search

Bitcoin Address Data in Google Search: Google now indexes Bitcoin blockchain data. This allows users to view address balances and transactions in search results.

Google's Evolving Relationship with Bitcoin: After initially banning Bitcoin-related ads in 2018, Google reversed its policy in January 2024, allowing Bitcoin ETF ads. Displaying Bitcoin data in search results further signals Google's warming stance towards the cryptocurrency.

Privacy Concerns and Adoption: While the integration enhances accessibility, privacy-focused Bitcoin advocates express concerns about the potential implications of Google indexing all Bitcoin transaction activity. Nonetheless, many in the Bitcoin community welcome this incremental integration as a move towards broader on-chain literacy.

POLL

TUESDAY’S POLL RESULTS

Will the halving affect Bitcoin miners, or are they already prepared?

👍 Miners are already prepared - 57.9%

👎 It will negatively affect miners - 42.1%

👎 It will negatively affect miners - “Smaller mining operations will be forced to shut down or will be merged with larger ones.” - Greg

👎 It will negatively affect miners - “I think the halving of profits will negatively affect miners.” - Joey

👎 It will negatively affect miners - “It always does. It brutally eliminates the miners that are on the edge of being unprofitable, and the ones that are already unprofitable but hanging on for dear life. Such is the course of bitcoin...always inflicting maximum damage. That's how we roll when destroying the legacy financial system. Only the strong survive, on both sides.” - Nathan

IN THE LOOP

🏛️ A U.S. Federal Judge in Manhattan has allowed the SEC's lawsuit against Coinbase to proceed, alleging it operated as an unregistered securities broker and exchange. The judge dismissed one claim but found the SEC's case plausible, setting a deadline for a case scheduling plan by April 19.

⚡️ Neutronpay, a Bitcoin Lightning Network company, has raised $1.5 million in bridge funding led by Axiom Capital. The funds will be used to expand instant and cost-effective payment solutions in Southeast Asia. The investment will support Neutronpay's growth in the region, leveraging the Lightning Network to enhance transactions and align with cultural and economic needs.

🔍 Binance executive Nadeem Anjarwalla has escaped custody in Nigeria. This happened as the Nigerian government filed new tax evasion charges against the cryptocurrency exchange. The charges include non-payment of VAT and income tax, failure to submit tax returns, and aiding customers in tax evasion. The escape has prompted talks with Interpol for an international arrest warrant.

VIDEO

In a tweet by Bitcoin News, Congressman Brad Sherman condones the US government's money printing while criticizing wealth generation practices of individual traders.

“Maybe we do make money out of thin air - but we're the US government.”

CHARTS & DATA

22 - 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.

Mining hash rate has slowed, and the date estimate is now pushed back from April 18 until April 19.

If things stay slow, the halving may happen even later.

-0.98% - Bitcoin’s difficulty dropped from 83.95 trillion to 83.13 trillion in this morning’s difficulty adjustment.

83.95 trillion was an all-time high for Bitcoin’s difficulty.

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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.