💸 Legendary Trader Peter Brandt Shorts Ether Futures, but There’s a Catch

🕯 Legendary trader Peter Brandt has shorted Ether futures, reiterating his bearish stance on the cryptocurrency. Brandt, an Ethereum critic, believes it is “always weakly held” and has projected ETH could fall to $600.

📊 Though this hasn’t materialized yet, Brandt has recently begun trading ETH, citing chart opportunities. His latest short position eyes further downside from ETH’s April peak above $3,500. However, Brandt uses stop losses; if his trade reverses, he plans to switch to spot ETH.

⌛️ While many follow Brandt’s trades, others remain bullish on Ether’s innovative roadmap despite his skepticism.

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👮‍♀️ What Is AML?

❓ In this edition of #Basics, we will cover one phrase you’ve undoubtedly seen many times in your crypto life while getting into the P2P market or just transferring crypto from one wallet to another.

🛡 Anti-Money Laundering refers to laws and regulations aimed at preventing the concealment of origins of illegally obtained money.

🌐 Crypto is usually susceptible to money laundering due to its pseudo-anonymous nature and difficulties tracing funds. All the CEXs implement AML compliance programs to monitor for suspicious behavior and report it to authorities.

⚠️ While enhancing transparency, AML measures can conflict with crypto’s core ethos of decentralization and privacy.

⌛️ Navigating this balance while upholding laws is an ongoing challenge for the industry. But robust AML protections are crucial for wider adoption.

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💸📉 Bitcoin Below $60K Could Trigger ‘Panic’ Selling, Crypto Analyst Says

Traders warn Bitcoin could see “panic” selling if it closes below $60,000 after remaining range-bound between $60,000 and $70,000 since March.

©️ One analyst cited miner sell-offs and regulatory fears as potential drivers of recent declines.

🕯 Meanwhile, analytics firm Ryze Labs suggests short-term BTC holders influential in past cycles could trigger price drawdowns if macroeconomic conditions weaken institutional demand.

🌐 After periods when 94% of holders were in profit, rapid sell-offs by short-term investors historically preceded four-to-six-month BTC bear markets. The current cycle’s trajectory remains uncertain.

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💸 Is Ethereum’s Gas Crisis Over?

🌐 Vitalik Buterin has unveiled a new proposal, EIP-7706, aimed at addressing Ethereum’s persistent high gas fee issues.

🖥 It introduces a separate fee market specifically for transaction call data, with distinct base fee and block gas limits. This optimizes call data size while making it more affordable on average.

ℹ️ The proposal also unifies gas handling across types for more efficient and consistent processing. Buterin’s motivation stems from tackling inefficiencies in Ethereum’s current gas model as transaction volumes increase.

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💸 State of Wisconsin Buys Nearly $100M Worth of BlackRock Spot Bitcoin ETF

💵The U.S. state of Wisconsin has purchased nearly $100 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) in Q1 2024, acquiring 94,562 shares.

🌐 This makes Wisconsin the first state to publicly disclose buying shares of a spot BTC ETF. The state’s investment board also purchased around $64 million of Grayscale’s Bitcoin Trust (GBTC). The significant investments from the $156-billion fund are seen as an encouraging sign of institutional adoption.

ℹ️ As deadlines for disclosing Q1 holdings approach, more large funds’ crypto exposure may be revealed.

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💸 Bitcoin Traders Expect Prices to Hit $74K Highs As Selling Pressure Eases

📈 Bitcoin traders expect prices could hit $74,000 highs in the coming weeks, fueled by softer U.S. inflation data and growing institutional demand for riskier assets like Bitcoin ETFs.

🔴 Major funds like Millennium and Schonfeld have invested, signaling rising interest. Meanwhile, on-chain data suggests easing selling pressure from short-term holders. QCP Capital has seen buyers targeting $100,000–$120,000 call options for December 2024 amid the bullish momentum.

ℹ️ The previous $74,000 record from March is now back in traders’ sights as market catalysts align.

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💸 Ether Could Surprise to the Upside in the Coming Months, Coinbase Says

🔗 Coinbase says Ether (ETH) could surprise to the upside in the coming months, citing lack of major supply overhangs like token unlocks or miner selling pressure.

🕯 The exchange believes ETH is unlikely to be displaced as the center of decentralized finance due to widespread Ethereum Virtual Machine and layer-2 adoption. Additionally, Coinbase thinks the market may be underestimating the potential approval timing and odds of a U.S. spot Ether ETF, leaving room for upside surprises.

📈 Overall, the exchange remains bullish on Ether’s fundamentals and technological innovations within its ecosystem.

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💸 Bitcoin Whales Almost Disappear From Network: Here’s Why

💸 Data from Santiment shows Bitcoin whale activity has dropped to 2024 lows, with 15,907 wallets holding 100+ BTC currently totaling 11.79 million BTC.

🕯 While reduced whale trading could mean less volatility. The lack of demand from these large holders raises concerns about potential selling pressure if Bitcoin remains rangebound.

Conversely, the inactivity may signal whales are content holding long-term, reflecting bullish sentiment.

⌛️ Though concerning, the implications depend on whales’ motivations—either presaging sell-offs or consolidation before the next move higher. Market dynamics remain nuanced.

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🌐 Analyzing the US Government’s Bitcoin Holdings: What You Need to Know

🛡 The U.S. government holds over 1% of the BTC supply, worth $13.16 billion, acquired through enforcement actions against illegal activities like the Silk Road darknet market and Bitfinex hack.

📈 Its substantial holdings, tripled since 2021, could significantly impact market dynamics depending on if and how this Bitcoin is liquidated or auctioned off. While providing legitimacy for institutional investors, the concentration challenges Bitcoin’s decentralization narrative.

ℹ️ Analysts warn the government’s ability to influence prices through its sizable stake poses risks to market perception. Monitoring these holdings is crucial for anticipating potential shifts.

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🚀 What Are Web3 Wallets?

❗️ Web3 wallets are essential gateways for navigating decentralized finance, enabling users to securely manage cryptocurrencies and NFTs and interact with blockchain networks and DApps.

👕 They provide autonomy through noncustodial control of private keys, while custodial options offer third-party management convenience. Smart contract wallets introduce programmable functionalities and heightened security.

✔️ Key features include multi-asset/chain support, DeFi interoperability, peer-to-peer transactions, robust security via encryption, and user pseudonymity.

📌 Popular examples are MetaMask, Binance Web3 Wallet, and Trust Wallet.

💻 As vital access points to the Web3 ecosystem, these wallets empower individuals in the shift toward decentralized digital ownership and financial services.

#Basics

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💸 Legendary Trader Peter Brandt Reveals What’s Behind the ‘Bitcoin Is Dead’ Claim of Peter Schiff

📣 Peter Brandt responded to Peter Schiff’s recent claim that “Bitcoin is dead,” suggesting Schiff exaggerates to attract attention despite understanding crypto’s value.

💬 Schiff had dismissed Bitcoin’s 9.3% weekly rise, arguing silver’s 21% gain since April proved superior returns. Brandt accused Schiff of promoting his long-standing silver preferences over providing honest Bitcoin analysis. Schiff doubled down, warning of high risks in the “imaginary” Bitcoin versus traditional assets.

ℹ️ Overall, this public disagreement highlights ongoing debate around cryptocurrency’s future trajectory versus conventional investments.

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