Diversitas

1/5

Morning update:

The number of $BTC addresses making deposits on exchanges continues to decrease, reaching 12.8K addresses. Number not seen in years. The last time we saw something similar was in August 2015🔥

The prices may not reflect this at the moment but something big is brewing. Over the coming weeks, we could see a big supply shock as new demand enters the ETFs👀

2/5

As Bitcoin ranges tightly between $61K and $64K, large whales have made some accumulation moves over the past 24 hours. Wallets with 1K-10K $BTC have collectively accumulated ~$941M worth of coins👀

3/5

Yesterday was also the first-ever vote on a standalone crypto bill in either chamber of Congress👀

21 Democrats joined with all the Republicans (with 10 of each party not voting) to approve the repeal of SAB 121. It looks like Biden will try to veto the bill but if approved this could be huge. The bill would basically enable banks to custody and lend against Bitcoin as collateral🤔

Microstrategy will definitely use theirs to get a new loan to acquire even more $BTC 😂

4/5

Looking at the ETF flows, we can see that Hong Kong continues to slowly accumulate💪Let's hope mainland China soon joins the party 😅

5/5

In the US, most issuers saw zero flows. The only exception was Bitwise which brought in $11,5 million. This was also the net daily flow. Feels like a calm before the storm⚡

Our view has not changed and we remain more bullish than ever before. Things simply need a bit more time. Looking at the on-chain data, it looks like the whales are trying to shake off some weak hands to get more cheap coins before pushing higher🤔