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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:
US ETFs hold over 850,000 BTC,
FIT21 Bill aims to solidify Bitcoin regulations,
Trump accepts Bitcoin donations,
And everything else you need to know.
—Jordan
ETF HOLDINGS
US ETFs Now Hold Record High 850,000 BTC
ETF Milestone: U.S.-listed spot bitcoin exchange-traded funds (ETFs) have reached a new high, holding over 850,000 BTC. This surpasses the previous record set in early April.
Leading Funds: Grayscale’s GBTC remains the largest fund with 289,300 BTC valued at over $20 billion. BlackRock's IBIT follows closely with 283,200 BTC worth $19.6 billion. Hashdex Bitcoin ETF is the smallest holder, with $12 million in bitcoin.
Recent Inflows: The ETFs experienced their eighth consecutive day of net inflows, accumulating over 24,500 BTC during this period. This marks a significant shift from recent weeks, which saw zero or negative inflows for some of the largest ETFs.
Bitbo’s site, Bitcoin Treasuries, tracks the holdings of US Bitcoin ETFs.
WHAT WE’RE WATCHING
🇺🇸 Donald Trump's 2024 campaign is accepting Bitcoin donations, a first for major party candidates. His campaign aims to build a "crypto army" in response to Senator Elizabeth Warren's "anti-crypto army." Bitcoin's growing significance is influencing Democratic strategies, with House leadership not discouraging support for a Bitcoin policy bill.
🇵🇾 Paraguay proposes severe penalties and equipment seizures to combat illegal Bitcoin mining. The bill aims to amend Article 173 of the Penal Code, with prison sentences of up to 10 years for energy theft. The initiative seeks to protect the National Electricity Administration (ANDE) and ensure fair competition in the energy sector.
📈 WisdomTree's Bitcoin and Ethereum ETPs gain FCA approval for listing on the London Stock Exchange, starting May 28. This allows professional investors regulated access to Bitcoin investments.
🏛️ The Biden administration is working with Congress on the FIT 21 bill to create a regulatory framework for digital assets. While supportive of the bill's intent, the White House seeks stronger consumer and investor protections. This shift comes as Donald Trump embraces Bitcoin donations for his 2024 campaign.
⚠️ Bitcoin surged 7.8%, breaking $70,000, but John Bollinger warns of a potential short-term pullback. Despite bullish momentum, he points to patterns suggesting possible consolidation. Bollinger’s caution is based on technical indicators, emphasizing increased market volatility and potential short-term corrections.
REGULATION
White House to Collaborate with Congress on Crypto Framework Bill
Collaborative Effort: The Biden administration is eager to work with Congress on the Financial Innovation and Technology Act of 2021 (FIT 21). This bill aims to set clear guidelines for Bitcoin and other digital assets.
Industry Concerns: The Chamber of Digital Commerce criticizes the current U.S. regulatory environment. They say it creates uncertainty, drives businesses overseas, and stifles innovation. FIT 21 is expected to provide clarity and foster consumer protection.
Legislative Progress: FIT 21 is likely to pass the House today. Unlike previous crypto-related bills, it isn't expected to face a veto threat. The next step is a Senate vote.
Administration's Position: The Biden administration supports the bill's intent but wants stronger consumer and investor protections. They emphasize responsible digital asset development to keep U.S. leadership in the global financial system.
Political Dynamics: The administration's stance might be influenced by political factors. Former President Trump has recently shown support for Bitcoin and started to accept it for campaign donations.
POLL
Is Trump accepting Bitcoin donations part of a larger pro-Bitcoin policy coming? |
TUESDAY’S POLL RESULTS
Why was the Bitcoin price up yesterday and this morning?
Russia Seizing Western Bank assets - 11.4%
Lack of Bitcoin supply post-halving - 20%
Spot ETF buying surge- 60%
Other - 8.6%
Spot ETF buying surge - “Hype over an unregistered security potentially becoming an ETF” - Chris
IN THE LOOP
💡 Spiral awarded a grant to Sean Gilligan and donated to the Bitcoin Design Foundation. Gilligan is developing a FOSS Validating Lightning Signer for Secure Enclave. The Bitcoin Design Foundation, which supports Bitcoin design and user experience, expressed gratitude for the donation and plans to independently issue grants for design and user research.
🏦 The Bitcoin Policy Institute (BPI) launched the Peer-to-Peer Rights Fund to protect non-custodial tools from regulatory overreach. The fund will support legal cases, provide regulatory guidance, and defend developers like those behind Samourai Wallet against charges of money laundering and operating an unlicensed money services business.
⚖️ SEC Chair Gary Gensler opposes new crypto legislation, arguing existing laws suffice. His views go against the White House's eagerness to work with Congress on a regulatory framework. Gensler's stance conflicts with other agencies, like the CFTC, and the administration's push for comprehensive digital asset policies to enhance investor protection.
🌍 China aims to reduce reliance on the US dollar amid trade tensions. In the process, China sold a record $53.3 billion in US bonds in Q1 2024. Belgium, often seen as a proxy for China's holdings, sold $22 billion in Treasuries. Concurrently, China increased its gold reserves to 4.9%, the highest since 2015.
VIDEO
Documentary: Revolution
CHARTS & DATA
Bollinger Bands - A clear look at Bitcoin’s price hitting the top of the Bollinger Bands (pink line). John Bollinger, creator of the Bollinger Bands indicator, cautions a pullback.
Bitcoin RSI - Bitcoin’s monthly RSI stands at 71, putting it a middle zone.
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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.