We Have Liftoff – 283

Bitcoin blasting towards the biggest Monthly gain in three years over this Past February the cryptocurrency has More room to run analyst say as well so Here's the big old Rocket taking off This is an article by coindesk Bitcoin Is poised to close February with a 44% Gain its largest monthly Advance since December of 2020 you can already see it Kind of taking off here's kind of my Thoughts behind it it's interesting that We are seeing it kind of take off and we Haven't seen that pull pull back yet That we typically see right into the Runup and of the having essentially Which is going to happen in April we got About a month left and i' I've kind of Wondered you know if that's the impact From the ETFs and driving that up and Seeing that the alts haven't quite Followed with that kind of massive gain Other than you know some outside Cryptocurrencies of course like maybe Casper or some of the meme coins it's Interesting that we're also not not Seeing a tight followup with the rest of The cryptocurrency market and that could Be due to the fact that you know ETFs Are locked into Bitcoins primarily and If we start to see you know other ETFs For things like ethereum that could Change a few things as well bitcoin's Demand via US listed spot Bitcoin ETFs Is met with constrained Supply dominated

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By long-term holders unwilling to sell Galaxy's Alex Thorne said Bitcoin is on Track to finish its strongest month Since December of 2020 even with prices Hovering near alltime records this bull Market isn't close to peaking analysts Said the largest crypto asset by market Capitalization has gained a staggering 44% in February piercing F $50,000 and $60,000 for the first time in years and Hitting a $64,000 High Wednesday the Rally followed a s the news pullback Below 4,000 following the debut of spot Bitcoin exchange traded funds in the US In late January Bitcoin is shot at H has A shot at hitting its highest month end Uh end Price ever to do so it needs to Top 61357 by midnight UTC on October 21st Which I believe it actually did and so That's pretty incredible as it were February's crypto rally was broad-based With coind desk desk 20 index advancing More than 40% decentralized exchange Unis swaps governance token uni Decentralized data storage Network file Coins Phil and proper and popular meme Token Dogecoin were the best performance Of the cd20 outperforming bitcoin's Gains one that I did want to bring up Too as it pertains to Dogecoin and Caspa Is prior to you know what we were seeing In the past or or prior to what we're Seeing now I would have expected

Dogecoin to actually be ahead of Caspa Showing very very strong you know Adoption on the Caspa side of things Which it obviously needs compared to Dogecoin because they're very very Different coins one has very quick uh Reduction in emissions while Dogecoin is A constant inflationary coin and so that Could have an impact over it but Doge Does have the name so it's interesting To see kind of the effects of that Dwindling Supply on a brand new coin Like Caspa pushing it way above and past Doge at least in my humble opinion from What I've been looking at here while Bitcoin's prices covering near its All-time high some analysts still see Future upside quote we haven't begun to Reach the heights this is likely to go And quote Alex Thorne head of firmwide Research at Galaxy said in a market Analyst posted on X Thursday he argued That the US spot Bitcoin ETFs are a game Changer providing steady and recently Accelerating demand for Bitcoin Meanwhile some 75% of Bitcoin Supply is Owned by long-term holders who have been Unwilling to sell so so far at recent Price levels onchain transaction volume On the Bitcoin Network and Retail Interestes in crypto are still far from Levels experienced during prior Peaks Into the block analyst noted and that is One thing that is a really kind of a

Game changer at the end of the day that We're seeing from the effect of ETFs Where we aren't seeing that volume of Transactions on the Bitcoin Network due To the way that ETFs work and it mainly Being paper traded meaning the funds for The ETF have purchased up all the Bitcoin and then pushing that in Separate offchain for each individual Investor and so that's going to change a Lot of the way that it affects of course The price of Bitcoin where we see large Single transactions coming in more like A store of value going into whatever the ETFs are and then individuals purchasing Through the ETFs so that really kind of Changes the dynamic of cryptocurrency in General and what we'll have to see is if Those transactions actually interpret Into You Know The Wider market and we Start to see increase of transactions on Bitcoin in conjunction with that and if That happens then really skies the limit Here at least from what I'm looking at Due to the fact that we do have you know Unwillingness to sell by large companies You know people like uh uh Michael Sailor aren't going to go ahead and sell Off their Bitcoin obviously he help Through this bare Market wasn't really Worried as much as other people and I I Have a feeling that large investors in Bitcoin aren't going to be scared off to Sell you know at any given time and I

Don't even think that they'll play the Market as much as they have previously Meaning I don't think that we'll see Them selling at the top of the market Near as much which means we might start To see stabilization of Bitcoin of Course for me if I'm looking at it Breaking out of the having cycle what I'm waiting for is for those transaction Fees to meet the block reward and seeing That we're seeing the price of Bitcoin Skyrocket but we're not seeing Transactions on the network Skyrocket That's still a few years out meaning I Still think we have two to three Cycles Before we start to see equilibrium Between transaction fees and block Reward and that means that we probably Will still have a few more four-year Cycles where we see a huge bump up Usually about 3x of whatever the Previous all-time high was back down to The previous all-time high meaning you Know sometime between 2025 and 2026 we See a Skyrocket up to about $200,000 for Bitcoin and then we see it come back and Settle down between the 50 and $60,000 Range that would be what I expect However this is you know outside of what The norm typically would be for the Market and we're starting to see more And more adoption it's really going to Come down to I think also what the Transactions on the network start to

Show crypto analytics from Swiss block Predicted that bitcoin's current uptrend Is just the start for what is to come I Tend to agree sustained buying pressure And strong bullish signals from both Oscillators and moving averages suggest That Bitcoin is poised for continued Upward momentum Swiss block analyst said In a Thursday report however they urged Caution against rushing into the market Just now instead of chasing the market At these elevated levels a more prudent Approach may be to wait for short term Term pullbacks for buying opportunities Now I'm going to say it a lot of people Won't say this to you but playing Short-term games in cryptocurrency is The fastest way to lose your ass and so I don't agree with this I would play the Long-term game put in what you are Willing to lose right and then go from There obviously as a minor I'm not even Going to suggest that you purchase Bitcoin in the first place I'm going to Suggest that you mine it and then that Way you actually have Hardware assets That are appreciating in value along With generating Revenue off of the Blockchain and this is where I differ From a lot of different a lot of other Crypto channels out I get the point you Know there are a lot of people that say Well if you would have bought instead of Mine you would have been up this much

Yes but if the price goes down not Necessarily true and they rarely take Into account the appreciation of the Value of the equipment you've been Purchasing already if you've been Purchasing like I have s9s below $500 For the bare Market you're already up on Appreciation of value of the hardware Alone plus you get to capitalize on the Actual Revenue coming from those Machines so it's kind of a win-win Overall it's a little bit more secure at Least how I feel about it in your Investment strategies now crypto miners Though are selling their Bitcoin as Reward having looms this is nothing new And I I think that it's interesting to Watch what you know outside analysts see From from Bitcoin Miners and say like oh This is abnormal or that this is you Know you know not the not what we would Expect from Bitcoin miners however if You guys have been around for a few Cycles you're fully prepared for crypto Miners to be selling off that that Prehab Bitcoin so that they can increase The amount of hash rate they have on the Network so therefore they have basically A better chance at surviving the having Which is a reduction in the re reward They'll be receiving from their Miners And that is just a typical strategy That's why people have been kind of Talking about this pullback right like

Are we going to see a pullback in Bitcoin the the wrench that was thrown Into the gears was the ETF approvals Which has really changed you know what People are expecting from it in general And I think that it's kind of funny to See it bounce back and forth and they're Like well you know the the ETF is what's Affecting it but also you know we were Expecting miners to hold I wasn't really Expecting miners to hold were you small Miners sure I get at home at home miners That are you know paying for their power Or whatever but for the most part home Miners aren't going to have a huge Effect on the price of Bitcoin in General either but the number of Bitcoin Held in wallets tied to miners has Dropped to the lowest since mid 2021 Which is actually fantastic news this Means that miners are able to sell off Still maintain their profitability and Revenue and Market doesn't actually tank Because the demand for Bitcoin is going Up obviously this is good news across The board and for miners like our like Myself and like a lot of you guys Watching the channel this is fantastic News as well it means that you can sell And actually pay your power bill without Freaking out and thinking you're going To impact the market negatively which is Really what it's supposed to be at the From the very get-go Bitcoin miners

Provide a service that service is to Generate bit Bitcoin and sell it to the Public for investment purposes your job As a Bitcoin miner is not to also be an Investor from that perspective in General you're supposed to provide a Service to where you're churning and Burning and that is really what the Strategy is supposed to be it's healthy For the ecosystem as a whole impending Reward having and the dry season in China might explain why miners are Running down their coin stashes the Number of Bitcoin held by crypto miners Has dropped to the lowest level since July 2021 as they run down their coin Stashes ahead of the programmed Havoc data tracked by glass node shows The estimated number of Bitcoin held in Wallets tied to minor fell by 8,426 Bitcoin which is equal to 530 Million us since the start of the year To 1,812 482,000 bitcoin the decline began In the second half of October when Miners held over 1.83 million Bitcoin Miners created valid blocks adding Transaction records to the public Ledger Or the blockchain new coins emitted with Each block are given to miners as a r Reward for the work we already talked About this currently the miners receive 6.25 Bitcoin per block the H the having A quad quadrennial event due in April

Will reduce that figure to 3.125 bitcoin Cutting per block reward Revenue by 50% To improve profitability miners may be Using their stored Bitcoin to buy more Efficient equipment so that running Costs drop said the front Financial the Crypto platform based in Toronto which Is exactly what they're doing that's What I was saying they're doing and this Isn't outside of the norm this is Actually par for the course miners may Also be inclined to sell in order to be To better position ahead of the having Front Financial said in a Tuesday Newsletter this may involve purchasing More efficient mining equipment due to New economics that H that the having Will bring Also you got to get in you know all of The Power all of the you know other Infrastructure that you need to stay Profitable and that is something that Need requires large Investments to Expect miners to just hold well then They're just investors at that point and Then their mining operation will go Under if you're not turning that Revenue To increase your mining capacity then You're going to fail and that is one Thing I think especially in the GPU Mining community that gets overlooked a Lot right where it's like well I'm just Going to mine and I'm going to hold this And if you don't hold well you're a bad

Person because you're negatively Impacting the the market no you're not If if the demand for the cryptocurrency You're mining isn't able to handle the Newly minted crypto that you're adding Into the market then that cryptocurrency In particular isn't going to survive Anyways and that is really the the end Of story as far as that's concerned Concerned you're providing a service That is actually supposed To generate transactions on the network And actually prove that that particular Cryptocurrency is viable and has demand For it the prolonged dry season in the Southwest of China which typically Extends from October to March and April Could be another reason for the decline In the minor Bitcoin balances China Accounts for roughly 20% of the total Computing power on the Bitcoin Network Miners in some Chinese regions are known To bring online additional Hardware During the wet season when Hydro power Becomes abundant conceivably miners may Sell during the dry season to counteract The inactivity of mining Hardware front Financial set and I think that's a very Important point right now I have a sweat Shirt there's a sticker if you'd rather Have a sticker t-shirt premium shirt all That cool cool stuff um really like the New shirt I ordered a few for myself and I just had that design finished this

Week eventually it'll be under on the YouTube Channel but that takes a little Bit of time so just give it some time uh Proceeds of course go to supporting me In the channel so there you go and I Thought uh we put some work into it and I thought you guys might enjoy it thanks For watching this clip from the crypto Mining show you can check out the full Episode here and don't forget to Subscribe down here as well you can also Check out my crypto mining ecourse at Sun of.com where you can get a free Month of supporter status with a Purchase at sonof tech. locals.com Also don't forget to check out my merch Underneath the video or at shop.of Attack.com I'll see you next Tuesday

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