I want to give you a little bit of an update, Ethereum just hit a major milestone Cardano is being listed and there’s someone that took a massive position in Bitcoin recently. So I want to cover all that, I will cover a couple smaller cap cryptos too. The whole cryptocurrency market is kind of sideways a little bit negative over the last 7 days. You can see a couple cryptos are actually down a decent amount with Cardano at 165 down about 7% and Solana down about %9. So if you’ve been waiting to pick up some might not be a terrible time.
So firstly, I want to mention the Bitcoin news so Morgan Stanley funds add more than 2.64 million shares of GBTC in q3 so this is about 120 million dollars worth and this is just a massive bank taking out larger and larger positions. We know that the SEC and some other entities are looking at how banks can get exposure to Bitcoin. Actually holding it and using it and other cryptocurrencies too, but right now Morgan Stanley says basically we are not willing to wait. We need a position in Bitcoin right now which is why they have 300 million dollars worth of GBTC right now from there.
We should probably talk about the massive burn the massive milestone in Ethereum so they reached over one million ETH burned almost one million five thousand each burned that’s over 4.28 billion dollars
When you think about that, that’s about 1% of the entire market cap, that’s an insane amount, this is going to continue on this is only about three and a half months in that. We have seen this much burn and this is without without the new coinbase NFT platform that doesn’t have a layer too.
So I can only imagine that this is going to go up exponentially when we do see that come out overall the net reduction is 67% over the last one month 96% and then over the last couple days. it’s been around 110 so it’s just an insane amount of burning going on on Ethereum and it’s just making it more and more scarce.
We saw a ton of Ethereum come off exchanges about 2 million just a few days ago and I think it’s going to hit that supply shock level here soon and Ethereum should actually become deflationary when it moves over to Ethereum 2.0.
So, there will actually be less all the time and that doesn’t even account for people buying it and holding it and just staking it and all this other kind of stuff that they can do with it but the supply of Ethereum is going to decline at 2% annually. That’s the rough estimate as of about a month ago
So think about that everyone moving over to the Ethereum ecosystem ETH 2.0 comes out. It’s very efficient there still needs to be some Ethereum that’s used for gas and for other reasons to buy NFTs and stuff like that and it’s becoming deflationary over time so much adoption and it’s deflationary at the same time.
We could see a massive explosion now the question is whether they will actually push back the date for Ethereum 2.0 or keep it at the same time that they’re expecting it. Some news for Cardano I did a Cardano post before, mentioned about whether it was dead and some people gave me a hard time saying that was clickbait but that’s what a lot of people are asking? So I answered it I basically said they got de-listed from eToro but I still think overall that makes sense to hold them. They’re not the fastest mover they could keep on falling down because they’re in a bare trend but over the long-term I think it is, I think it does make sense to hold them for diversification and something that wasn’t out when I made the post is that they got listed on Bitstamps so this is actually a larger exchange in terms of cryptocurrency than eToro so this is actually not positive but Charles said that he didn’t really know that they’re going to be delisted from eToro they didn’t get told that and it’s the Cardano foundation that deals with most of that but there was really no heads up.
So that’s just something to pay attention to I think overall though Cardano is going to continue to grow once they have a Dex that’s going to be really important and from there. I think they are going to do well and they are one of the most beaten down cryptos definitely in the top 50 over the last couple months.